Multifamily Rental Property
New
For Sale
$600,000
1607 E 3rd, Hibbing, MN 55746
MULTI FAMILY, Hibbing, MN
Property Size2,016 SF
Price / SF$297.62
Days on Market2
Property Features for 1607 E 3rd
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Res
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 4, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 3
Parking features
Garage, Offsite
Patio and Porch features
Deck
Exterior features
Deck
Elementary school district
Hibbing
Middle school district
Hibbing
High school district
Hibbing
Subdivision
Hibbing
Standard status
Active
Size
2,016 SF
Additional Details
Tenant in Place
Yes
Utilities
Heating system
Natural Gas, Hot Water(Heating)
Building Details
Year built
1920
Number of units
2
Building materials
Wood Frame
Roof type
Asphalt
Listing Agency:
Village Realty
(218) 263-8877
Listed By:
Chad Baucom · License #40098236
(218) 966-0783
Added: Oct 30
Last Checked: Oct 31 at 1:06AM
MLS# 150894
Copyright © 2026 Range Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This multifamily portfolio includes seven property addresses: five in Hibbing and two in Chisholm, Minnesota. The properties are currently rented, and the portfolio is offered as a bundle.
The Hibbing addresses are 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 Hibbing addresses are 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.
Key Highlights
- Seven properties offered together across Hibbing and Chisholm, Minnesota
- All units are currently rented
- Five property addresses in Hibbing and two in Chisholm
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
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
148
Businesses Nearby
Explore this area
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Multifamily property - Seven rental-property addresses span Hibbing and Chisholm, Minnesota, with all units currently occupied by tenants.
Where is this multifamily property located?
The property is located at 1607 E 3rd 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: Seven properties offered together across Hibbing and Chisholm, Minnesota; All units are currently rented; Five property addresses in Hibbing and two in Chisholm
