Rented Fourplex Income
For Sale
$399,900
2 and 4 S 16th Ave E, Duluth, MN 55812
MULTI_FAMILY - Duluth, MN
Property Size2,872 SF
Lot Size0.08 Acres
Price / SF$139.24
Days on Market15
Property Features for 2 and 4 S 16th Ave E
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
1
Rooms
Bedroom 1, Bedroom 4, Bedroom 2, Basement, Bedroom 3, Bedroom 5, Bathroom 1, Bedroom 6
Elementary school district
Duluth #709
Middle school district
Duluth #709
High school district
Duluth #709
Directions
from freeway go northwest on 21st ave e to left on Superior st to property on left. property is on the corner of Superior st. and s 16th ave E
Subdivision
LSAR
Standard status
Active
APN
010-1460-04500
Size
2,872 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5238
Utilities
Heating system
Forced Air
Building Details
Year built
1891
Number of units
4
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 829-2900
Listed By:
Adam Paulson
(952) 829-2900
Added: Jul 17
Changed: Jul 30
Last Checked: Jul 31 at 10:06PM
MLS# 6126831
Copyright © 2026 Lake Superior 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.
Investment Insights
Based on property information with market context.
This fully rented fourplex is offered as an income-producing residential property. The building includes coin-operated laundry, creating an additional source of revenue beyond rent. The property is described as structurally and mechanically sound, with major components already in place. While some cosmetic updates may be needed, the overall condition supports a renovation approach to improve and modernize the interiors.
The property is located at 2 and 4 S 16th Ave E in Duluth, Minnesota (St. Louis County, 55812). It is listed for sale as a turnkey, cash-flowing multi-family asset.
With four units on the property, this configuration provides an investor-oriented structure for collecting rental income from multiple tenants, supported by the on-site laundry amenity.
The property is located at 2 and 4 S 16th Ave E in Duluth, Minnesota (St. Louis County, 55812). It is listed for sale as a turnkey, cash-flowing multi-family asset.
With four units on the property, this configuration provides an investor-oriented structure for collecting rental income from multiple tenants, supported by the on-site laundry amenity.
Key Highlights
- Fully rented fourplex generating rental income
- Coin‑operated laundry on‑site for additional income
- Forced‑air heating
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $38.8k | $13.50 |
| − Vacancy | −$2.2k | −$0.77 |
| EGI | $36.6k | $12.73 |
| − OpEx | −$11.0k | −$3.82 |
| NOI | $25.6k | $8.91 |
2,872 SF · lease $13.50/SF/yr · vacancy 5.70% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$365.6K
$319.9K – $426.6K
NOI $25,593 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$336.0K
$294.0K – $392.0K
NOI $23,520 @ 7.0% cap · market cap 5.88%
Theoretical Best
Specialty Retail
$1.11M
$974.8K – $1.30M
NOI $77,987 @ 7.0% cap · market cap 19.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,658
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
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 - Fully rented fourplex includes coin-operated laundry for added on-site income.
Where is this quadplex located?
The property is located at 2 and 4 S 16th Ave E Duluth, MN.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Fully rented fourplex generating rental income; Coin‑operated laundry on‑site for additional income; Forced‑air heating
