Four-Unit Multifamily
New
For Sale
$649,900
1875 Minnehaha Avenue W, Saint Paul, MN 55104
Residential Income, Saint Paul, MN
Property Size3,224 SF
Lot Size0.13 Acres
Price / SF$201.58
Days on Market3
Property Features for 1875 Minnehaha Avenue W
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Laundry Room, Bedroom 8, Basement, Bedroom 2, Bedroom 6, Bedroom 7, Bathroom 3, Bathroom 4, Bedroom 4, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 5
Parking features
Parking Lot
Subdivision
Midway Heights
Lot features
Public Transit (w/in 6 blks)
High school district
St. Paul
Directions
Minnehaha Ave between Prior & Fairview
Standard status
Active
APN
282923340177
Size
3,224 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
12801
Utilities
Heating system
Oil
Building Details
Year built
1959
Building materials
Block
Listing Agency:
RE/MAX Results · RE/MAX International
(651) 735-1350
Listed By:
Christopher J Micko · License #20143843
(952) 829-2900
Added: Sep 29
Changed: Sep 30
Last Checked: Oct 1 at 6:06AM
MLS# 7152152
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1959, this 3,224-square-foot multifamily property contains four two-bedroom residences with hardwood floors. Updates include the roof, windows, and air-conditioning units. The basement provides separate storage for each residence, and a shed offers additional owner storage.
The property occupies 0.126 acres at 1875 Minnehaha Avenue W in Saint Paul, Minnesota. A parking lot serves the building; heating is oil-fired.
The property occupies 0.126 acres at 1875 Minnehaha Avenue W in Saint Paul, Minnesota. A parking lot serves the building; heating is oil-fired.
Key Highlights
- Four residences, each with two bedrooms
- 3,224 square feet on a 0.126‑acre parcel
- Roof, windows, and A/C units have been updated
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
$47,105
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
7.25%
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%
$942,100
$942.1K
Cap Rate 7%
$672,929
$672.9K
Cap Rate 9%
$523,389
$523.4K
Market Conditions
NOI Build-Up for 3,224 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
$71.6K $22.20/SF
− Vacancy
−$4.3K −$1.33/SF
EGI
$67.3K $20.87/SF
− OpEx
−$20.2K −$6.26/SF
NOI
$47.1K $14.61/SF
Area
Ramsey County, MN
Vacancy
5.98%
Lease Rate
$22.20 /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%
$942,100
Cap Rate 7%
$672,929
Cap Rate 9%
$523,389
Alternative Uses
Best Use
Multifamily LT 5
$672.9K
$588.8K – $785.1K
NOI $47,105 @ 7.0% cap · market cap 7.25%
Second Best
Apartment 5plus
$618.1K
$540.8K – $721.1K
NOI $43,265 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$769.2K
$673.0K – $897.4K
NOI $53,843 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,532
Businesses Nearby
Explore this area
Business Placement
Demographics for 55104, MN
45,612
Population
20,358
Households
2.2
Avg Household Size
33
Median Age
52%
College-Educated
93%
High-School Grad
6.0 sq mi
ZIP Area
7,602
Density / Sq Mi
$75,038
Median Household Income
$42,770
Median Earnings
$1,159
Median Rent
$290,900
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - All four residences have two bedrooms and hardwood flooring.
Where is this quadplex located?
The property is located at 1875 Minnehaha Avenue W Saint Paul, MN.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Four residences, each with two bedrooms; 3,224 square feet on a 0.126‑acre parcel; Roof, windows, and A/C units have been updated
