Multifamily Property
1607 3rd Ave E, Hibbing, MN 55746
For Sale
$600,000
The properties are currently rented and span Hibbing and Chisholm, Minnesota.
Property Size2,016 SF
Price / SF$297.62
Days on Market8
Property Features for 1607 3rd Ave E
General Information
Standard status
Size
Property subtype
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Listing Agency:
Village Realty
(218) 263-8877
Listed By:
Chad Baucom · License #40098236
(218) 966-0783
Source:
Exprealty
Added: Oct 30
Changed: Nov 5
Last Checked: Nov 6 at 3:07PM
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 Village Realty
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Investment Insights
Based on property information with market context.
This multifamily portfolio combines properties in Hibbing and Chisholm, Minnesota. The Hibbing group includes 2518 4th Ave W, 3016 2nd Ave E, 2211 2nd Ave E, 1607 3rd Ave E, and 2147 2nd Ave W. The Chisholm properties are at 219 3rd St NW and 217 2nd St NW.
The 1607 3rd Ave E property is identified as a duplex, while 2147 2nd Ave W is a fourplex. All units are currently rented.
The 1607 3rd Ave E property is identified as a duplex, while 2147 2nd Ave W is a fourplex. All units are currently rented.
Key Highlights
- All units are currently rented
- Portfolio includes properties in Hibbing and Chisholm, Minnesota
- Hibbing addresses: 2518 4th Ave W, 3016 2nd Ave E, 2211 2nd Ave E, 1607 3rd Ave E, and 2147 2nd Ave W
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,965
Cap Rate
2.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$359,300
$359.3K
Cap Rate 7%
$256,643
$256.6K
Cap Rate 9%
$199,611
$199.6K
Market Conditions
NOI Build-Up for 2,016 SF
Gross rent
$27.2K $13.50/SF
− Vacancy
−$1.6K −$0.77/SF
EGI
$25.7K $12.73/SF
− OpEx
−$7.7K −$3.82/SF
NOI
$18.0K $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 Rate 5%
$359,300
Cap Rate 7%
$256,643
Cap Rate 9%
$199,611
Alternative Uses
Best Use
Multifamily LT 5
$256.6K
$224.6K – $299.4K
NOI $17,965 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$235.9K
$206.4K – $275.2K
NOI $16,510 @ 7.0% cap · market cap 2.75%
Theoretical Best
Specialty Retail
$782.0K
$684.3K – $912.4K
NOI $54,743 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
569
Businesses Nearby
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Business Placement
Demographics for 55746, MN
17,071
Population
8,999
Households
1.9
Avg Household Size
43
Median Age
19%
College-Educated
93%
High-School Grad
347.0 sq mi
ZIP Area
49
Density / Sq Mi
$55,694
Median Household Income
$38,268
Median Earnings
$739
Median Rent
$127,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Multifamily properties in St. Louis County, MN
Properties on Market for Multifamily properties in St. Louis County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Multifamily property - The properties are currently rented and span Hibbing and Chisholm, Minnesota.
Where is this multifamily property located?
The property is located at 1607 3rd Ave E Hibbing, MN.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: All units are currently rented; Portfolio includes properties in Hibbing and Chisholm, Minnesota; Hibbing addresses: 2518 4th Ave W, 3016 2nd Ave E, 2211 2nd Ave E, 1607 3rd Ave E, and 2147 2nd Ave W
