Four-Unit Apartment
New
For Sale
$285,000
1811 W 1st St, Duluth, MN 55806
A varied one-, two-, and three-bedroom mix is paired with off-street parking and a detached garage.
Property Size2,870 SF
Lot Size0.24 Acres
Price / SF$99.30
Days on Market4
Property Features for 1811 W 1st St
General Information
Standard status
Active
Size
2,870 SF
Total Parking Spaces
8
Lot size
0.24 Acres
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR, 1 x 2BR, 2 x 1BR
Multifamily Units
4
Additional Details
Gross Income
$41,100
Taxes and HOA fees
Annual Taxes
$3,946
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 16
Last Checked: Oct 16 at 2:11PM
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
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Investment Insights
Based on property information with market context.
This 2,870-square-foot fourplex contains four apartments: one three-bedroom unit, one two-bedroom unit, and two one-bedroom units. Three apartments are leased through 2027. The property includes a full stone basement, a current rental license, six off-street parking spaces, and a detached garage with two stalls. The lot measures 0.24 acres.
At 1811 W 1st St in Duluth’s Lincoln Park neighborhood, the property is near Superior Street and the Craft District. Tenants pay their own electric, trash, and fuel costs; the owner covers water and sewer.
At 1811 W 1st St in Duluth’s Lincoln Park neighborhood, the property is near Superior Street and the Craft District. Tenants pay their own electric, trash, and fuel costs; the owner covers water and sewer.
Key Highlights
- Four apartments: one 3BR, one 2BR, and two 1BR units
- Three units leased through 2027
- 2,870 square feet on a 0.24‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,576
Cap Rate
8.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$511,520
$511.5K
Cap Rate 7%
$365,371
$365.4K
Cap Rate 9%
$284,178
$284.2K
Market Conditions
NOI Build-Up for 2,870 SF
Gross rent
$38.7K $13.50/SF
− Vacancy
−$2.2K −$0.77/SF
EGI
$36.5K $12.73/SF
− OpEx
−$11.0K −$3.82/SF
NOI
$25.6K $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%
$511,520
Cap Rate 7%
$365,371
Cap Rate 9%
$284,178
Alternative Uses
Best Use
Multifamily LT 5
$365.4K
$319.7K – $426.3K
NOI $25,576 @ 7.0% cap · market cap 8.97%
Second Best
Apartment 5plus
$335.8K
$293.8K – $391.7K
NOI $23,503 @ 7.0% cap · market cap 8.25%
Theoretical Best
Specialty Retail
$1.11M
$974.2K – $1.30M
NOI $77,932 @ 7.0% cap · market cap 27.34%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
545
Businesses Nearby
Explore this area
Business Placement
Demographics for 55806, MN
9,761
Population
4,848
Households
2
Avg Household Size
34
Median Age
28%
College-Educated
93%
High-School Grad
3.4 sq mi
ZIP Area
2,871
Density / Sq Mi
$44,962
Median Household Income
$33,868
Median Earnings
$910
Median Rent
$156,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - A varied one-, two-, and three-bedroom mix is paired with off-street parking and a detached garage.
Where is this quadplex located?
The property is located at 1811 W 1st St Duluth, MN.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Four apartments: one 3BR, one 2BR, and two 1BR units; Three units leased through 2027; 2,870 square feet on a 0.24‑acre lot
