Three-Unit Historic
For Sale
$339,900
1625 E 1st St, Duluth, MN 55812
Three residential units are leased through 2027, with a rental license in place.
Property Size1,984 SF
Price / SF$171.32
Days on Market11
Property Features for 1625 E 1st St
General Information
Standard status
Active
Size
1,984 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$37,020
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$5,334
Amenities
hardwood floors
tall windows with decorative transoms
original trim
fireplace mantel
updated white kitchen
covered porch
boiler heat
full basement
Building Details
Year Built
1891
Listing Agency:
RE/MAX Results
(218) 722-2811
Listed By:
Jordan DeCaro · License #40286367|WI79981-94
(218) 428-0861
Source:
Exprealty
Added: Oct 14
Changed: Oct 23
Last Checked: Oct 24 at 6:46PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The 1,984-square-foot property contains three apartments: a two-bedroom, one-bath unit on the main floor and two one-bedroom, one-bath units above. Built in 1891, it retains hardwood flooring, tall windows with transoms, original interior trim and a fireplace mantel; the kitchen has been updated with white finishes. A covered porch, boiler heat and full basement complete the building.
A rental license is in place, and all three tenancies continue through 2027. The owner covers water, sewer and gas; residents are responsible for electricity and trash. The property is at 1625 E 1st St in Duluth’s Endion neighborhood.
A rental license is in place, and all three tenancies continue through 2027. The owner covers water, sewer and gas; residents are responsible for electricity and trash. The property is at 1625 E 1st St in Duluth’s Endion neighborhood.
Key Highlights
- 1,984‑square‑foot triplex with three apartments
- Main‑level unit has 2 bedrooms and 1 bath; two upper units each have 1 bedroom and 1 bath
- All three tenancies run through 2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,680
Cap Rate
5.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$353,600
$353.6K
Cap Rate 7%
$252,571
$252.6K
Cap Rate 9%
$196,444
$196.4K
Market Conditions
NOI Build-Up for 1,984 SF
Gross rent
$26.8K $13.50/SF
− Vacancy
−$1.5K −$0.77/SF
EGI
$25.3K $12.73/SF
− OpEx
−$7.6K −$3.82/SF
NOI
$17.7K $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%
$353,600
Cap Rate 7%
$252,571
Cap Rate 9%
$196,444
Alternative Uses
Best Use
Multifamily LT 5
$252.6K
$221.0K – $294.7K
NOI $17,680 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$232.1K
$203.1K – $270.8K
NOI $16,248 @ 7.0% cap · market cap 4.78%
Theoretical Best
Specialty Retail
$769.6K
$673.4K – $897.9K
NOI $53,874 @ 7.0% cap · market cap 15.85%
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
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,654
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
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?
Triplex - Three residential units are leased through 2027, with a rental license in place.
Where is this triplex located?
The property is located at 1625 E 1st St Duluth, MN.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 1,984‑square‑foot triplex with three apartments; Main‑level unit has 2 bedrooms and 1 bath; two upper units each have 1 bedroom and 1 bath; All three tenancies run through 2027
