Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2 W 1St St Duluth, MN 55802

    View on Map
    New
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Restored historic building in Duluth's historic district.

    Property size:
    14,275 SF

    Property Features for 2 W 1St St

    General Information

    Standard status
    Active
    Size
    14,275 SF

    Building Details

    Year built
    1912

    We can help!

    Listing Contact
    Greg Follmer
    Greg Follmer
    Source: Crexi

    Listing Agency: Follmer Commercial Real Estate Listing Agent: Greg Follmer

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Historic Spina Building For Sale

    The Spina building, located at the intersection of Lake Ave and 1st Street, has been thoughtfully restored. Originally constructed in 1912, it initially housed the Boston Music Company, with Coffin’s Dancing Academy on the upper level. Over time, the building experienced disrepair under various owners. However, a complete renovation between 1999 and 2000 revitalized this historic structure in Duluth's historic district, encouraging further investment in the area. The property has a size of 14275 square feet.
    Location Intelligence

    Current Use by Public Records

    US Bank Mortgage Loan Service DSGW Architecture Architecture Firm Gardner Builders Duluth Construction Company

    Suggested Use

    Real Estate Agency Restaurant Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy Auto Repair Shop Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Duluth
    County
    St. Louis
    State
    Minnesota
    Longitude
    -92.2173696
    Latitude
    46.7427232

    Nearby Similar for Sale

    • $524,900
      1,400 SF

      Renovated Retail Building in Duluth

      Turnkey retail property in Duluth's Lakeside neighborhood.
      4501 E Superior St, Duluth, MN 55804
      View Details
    • $499,900
      8,000 SF

      Downtown Duluth Mixed-Use Building

      Character-filled commercial building with storefronts and event venue.
      21 N Lake Ave, Duluth, MN 55802
      View Details
    • $535,000
      2,172 SF

      Profitable Commercial Space in Duluth

      Turnkey business opportunity with salon and shake shop.
      222 N Central Ave, Duluth, MN 55807
      View Details
    • New
      $500,000
      2,912 SF

      Spacious Duplex with Income Potential

      High-capacity duplex with excellent income potential in Duluth, Minnesota.
      2417 Vermilion Rd, Duluth, MN 55803
      View Details
    • $350,000
      3,091 SF

      Duluth Triplex with Park View

      Centrally located triplex in Duluth with recent updates.
      1023 E 5Th St, Duluth, MN 55805
      View Details
    • New
      $349,900
      2,588 SF

      Duluth Triplex with Income Potential

      Triplex near Lakewalk with updated units and income potential.
      1509 Jefferson St, Duluth, MN 55812
      View Details
    • $399,900
      3,590 SF

      East Hillside Duplex Opportunity

      Two side-by-side duplexes near the lake, schools, and downtown.
      10-12 S 16Th Ave E, Duluth, MN 55812
      View Details
    • $450,000
      2,080 SF

      Mixed-Use Building in Chester Park

      Mixed-use investment in Duluth's Chester Park neighborhood.
      1231 E 9Th St, Duluth, MN 55805
      View Details
    • $289,900
      2,920 SF

      Corner Lot Mixed-Use Opportunity

      Value-add property with income potential in a strategic location.
      2502 W 3Rd St, Duluth, MN 55806
      View Details
    • New
      $250,000
      1,895 SF

      Duluth Duplex Near Chester Park

      Well-located Duluth duplex, ideal for investors or owner-occupants.
      902 N 11Th Ave E, Duluth, MN 55805
      View Details
    • $179,900
      1,610 SF

      Duluth Duplex with Income Potential

      Charming Duluth duplex with income potential in a convenient location.
      620 N 57Th Ave W, Duluth, MN 55807
      View Details
    • New
      $214,900
      1,204 SF

      Duluth Duplex with Lake Views

      Well-maintained duplex in Duluth with remodeled units and lake views.
      326 N 19Th Ave W, Duluth, MN 55806
      View Details

    FAQs

    What type of property is this?
    Office building - Restored historic building in Duluth's historic district.
    Where is this office building located?
    The property is located at 2 W 1St St Duluth, MN.
    What are key features of this property?
    This property features: - Completely renovated historic building (1999-2000) in Duluth's historic district; - Originally constructed in 1912; - Located at the intersection of Lake Ave and 1st Street
    (218) 310-0013
    Request Owner's contact information
    2 W 1St St Duluth, MN 55802
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2 W 1St St
    Duluth, MN 55802
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2 W 1St St Duluth, MN 55802
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Greg Follmer
    Greg Follmer
    Real Estate License ID: 27078
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!