Building Details

Building Size 4,492 SF

Year Built 1962

Units 6

Tenancy Multi

Listing Agency: COLDWELL BANKER NORTHWOODS

Listed By: Up North Team Show Phone

Source: Getyoumoved

Added: Oct 19 Changed: Oct 23 Last Checked: Oct 23 at 2:18PM

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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 COLDWELL BANKER NORTHWOODS

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Investment Insights

Based on property information with market context.

The 4,492-square-foot apartment property contains six units on 0.51 acres and was built in 1962. All units are occupied, with several tenants in place long term; leases are month to month. An efficiency unit is part of the mix. Shared amenities include coin-operated laundry, a patio, raised garden beds, and parking with assigned spaces and electrical plug-ins. A new shingle roof and flat roofs replaced approximately two years ago are among the property’s improvements.

Located on NE Hwy 1 in Effie, the property is zoned Residential-Multi-Family. Utilities are included in rent, while tenants arrange their own TV and internet service.

Key Highlights

• Six occupied apartment units on 0.51 acres
• 4,492 square feet; built in 1962
• Residential‑Multi‑Family zoning on NE Hwy 1 in Effie

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$17,833

Cap Rate

7.89%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$356,660 $356.7K

Cap Rate 7%

$254,757 $254.8K

Cap Rate 9%

$198,144 $198.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,492 SF

Gross rent

$39.3K $8.76/SF

− Vacancy

−$6.9K −$1.54/SF

EGI

$32.4K $7.22/SF

− OpEx

−$14.6K −$3.25/SF

NOI

$17.8K $3.97/SF

Area

Itasca County, MN

Vacancy

17.60%

Lease Rate

$8.76 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$356,660

Cap Rate 7%

$254,757

Cap Rate 9%

$198,144

Alternative Uses

Best Use

Apartment 5plus

$254.8K

$222.9K – $297.2K (±1% cap)

NOI $17,833 @ 7.0% cap · market cap 7.89%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$433.1K

$378.9K – $505.3K (±1% cap)

NOI $30,315 @ 7.0% cap · market cap 13.42%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Lease Details

6

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

12

Businesses Nearby

Explore this area Business Placement

Demographics for 56639, MN

423

Population

489

Households

0.9

Avg Household Size

54

Median Age

10%

College-Educated

88%

High-School Grad

308.9 sq mi

ZIP Area

1

Density / Sq Mi

$41,417

Median Household Income

$35,417

Median Earnings

$1,268

Median Rent

$186,100

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Frequently Asked Questions

What type of property is this?

Apartment building - Occupied multifamily property with month-to-month leases, shared laundry, and designated parking spaces.

Where is this apartment building located?

The property is located at 200 NE Hwy 1 Effie, MN.

What is the asking price?

The asking price for this property is $225,900.

What are key features of this property?

This property features: Six occupied apartment units on 0.51 acres; 4,492 square feet; built in 1962; Residential‑Multi‑Family zoning on NE Hwy 1 in Effie