Updated Quadplex With Tuck-Under
For Sale
$640,000
1529 E 5th St, Duluth, MN 55812
Four-unit building with private storage, dedicated parking, and upgraded mechanical systems.
Property Size3,050 SF
Price / SF$209.84
Days on Market23
Property Features for 1529 E 5th St
General Information
Standard status
Active
Size
3,050 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,392
Listing Agency:
RE/MAX Results Duluth
(218) 343-6636
Listed By:
Reisa Varin · License #40249362
(218) 343-6636
Source:
Exprealty
Added: Jul 20
Changed: Aug 9
Last Checked: Aug 11 at 12:54PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Results Duluth
Investment Insights
Based on property information with market context.
Located at 1529 E 5th St in Duluth, MN, this 3,050-square-foot quadplex contains four matching units with refinished hardwood flooring and preserved wood detailing. Each residence has two exits, while the lower level includes a tuck-under garage with two dedicated parking stalls per unit and individual openers.
Common-area amenities include coin-operated laundry positioned beside four private storage rooms. Building improvements include updated electrical and plumbing systems, conversion from fuel oil to natural gas, a repaired eyebrow roof accent, seamless gutters, and a brick exterior. The roof has been updated with a faux clay finish, combining contemporary maintenance work with the building’s existing architectural details.
Common-area amenities include coin-operated laundry positioned beside four private storage rooms. Building improvements include updated electrical and plumbing systems, conversion from fuel oil to natural gas, a repaired eyebrow roof accent, seamless gutters, and a brick exterior. The roof has been updated with a faux clay finish, combining contemporary maintenance work with the building’s existing architectural details.
Key Highlights
- Four‑unit multifamily property totaling 3,050 square feet
- Two dedicated parking stalls per unit in the tuck‑under garage
- Four private storage rooms and shared coin‑operated laundry
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,180
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.25%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$543,600
$543.6K
Cap Rate 7%
$388,286
$388.3K
Cap Rate 9%
$302,000
$302.0K
Market Conditions
NOI Build-Up for 3,050 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$41.2K $13.50/SF
− Vacancy
−$2.3K −$0.77/SF
EGI
$38.8K $12.73/SF
− OpEx
−$11.6K −$3.82/SF
NOI
$27.2K $8.91/SF
Area
St. Louis County, MN
Vacancy
5.70%
Lease Rate
$13.50 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$543,600
Cap Rate 7%
$388,286
Cap Rate 9%
$302,000
Alternative Uses
Best Use
Multifamily LT 5
$388.3K
$339.8K – $453.0K
NOI $27,180 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$356.8K
$312.2K – $416.3K
NOI $24,977 @ 7.0% cap · market cap 3.90%
Theoretical Best
Specialty Retail
$1.18M
$1.04M – $1.38M
NOI $82,820 @ 7.0% cap · market cap 12.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
916
Businesses Nearby
Explore this area
Business Placement
Demographics for 55812, MN
10,571
Population
3,954
Households
2.7
Avg Household Size
27
Median Age
60%
College-Educated
98%
High-School Grad
1.9 sq mi
ZIP Area
5,564
Density / Sq Mi
$66,961
Median Household Income
$16,485
Median Earnings
$1,216
Median Rent
$301,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit building with private storage, dedicated parking, and upgraded mechanical systems.
Where is this quadplex located?
The property is located at 1529 E 5th St Duluth, MN.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Four‑unit multifamily property totaling 3,050 square feet; Two dedicated parking stalls per unit in the tuck‑under garage; Four private storage rooms and shared coin‑operated laundry
