Four-Unit Multifamily
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 Market51
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 3, Bedroom 1, Bedroom 2, Basement, Bedroom 5, Bedroom 4, Bedroom 6, Bathroom 1
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
Amenities
coin operated laundry
Building Details
Year built
1891
Number of units
4
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 829-2900
Listed By:
Adam Paulson
(218) 626-5913
Added: Jul 17
Changed: Sep 5
Last Checked: Sep 5 at 5:06AM
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 fourplex contains 2,872 square feet on a 0.08-acre parcel and is currently fully rented. The property includes coin-operated laundry, forced-air heating, and a basement. Built in 1891, the building has six bedrooms identified in the property information and requires cosmetic updating, while its major components are reported to be in place.
The property is located at 2 and 4 S 16th Ave E in Duluth, Minnesota, within St. Louis County. Its four-unit configuration and existing rental occupancy provide a defined multifamily format for continued operation, subject to verification of unit layouts, leases, and property condition.
The property is located at 2 and 4 S 16th Ave E in Duluth, Minnesota, within St. Louis County. Its four-unit configuration and existing rental occupancy provide a defined multifamily format for continued operation, subject to verification of unit layouts, leases, and property condition.
Key Highlights
- Four‑unit multifamily property that is fully rented
- 2,872 square feet on a 0.08‑acre lot
- Coin‑operated laundry provides an on‑site amenity
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
$25,593
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
6.40%
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%
$511,860
$511.9K
Cap Rate 7%
$365,614
$365.6K
Cap Rate 9%
$284,367
$284.4K
Market Conditions
NOI Build-Up for 2,872 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
$38.8K $13.50/SF
− Vacancy
−$2.2K −$0.77/SF
EGI
$36.6K $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 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%
$511,860
Cap Rate 7%
$365,614
Cap Rate 9%
$284,367
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully rented building with coin-operated laundry and forced-air heating.
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: Four‑unit multifamily property that is fully rented; 2,872 square feet on a 0.08‑acre lot; Coin‑operated laundry provides an on‑site amenity
