8-Unit Apartment
2126 3rd Ave E, Hibbing, MN 55746
For Sale
$365,000
Eight rental units feature private bathrooms, full kitchens, and individually metered service in the main building.
Property Size3,352 SF
Price / SF$108.89
Days on Market55
Property Features for 2126 3rd Ave E
General Information
Standard status
Size
Property subtype
Occupancy
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Listing Agency:
Coldwell Banker Realty
(763) 682-2882
Listed By:
Christine Kowalzek
(612) 619-1910
Source:
Exprealty
Added: Sep 14
Changed: Nov 7
Last Checked: Nov 6 at 3:06PM
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 Realty
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Investment Insights
Based on property information with market context.
This 8-unit apartment property includes private bathrooms and full kitchens in every unit. The main building has individual meters, and 7 of the 8 units are currently occupied. The property is located at 2126 3rd Ave E in Hibbing, Minnesota, with walkable access to downtown, city parks, Hibbing Community College, the library, and restaurants. The unit count, existing occupancy, and in-unit features provide a straightforward rental configuration for an apartment buyer.
Key Highlights
- 8‑unit rental property with 7 of 8 units currently occupied
- Private bathroom and full kitchen in every unit
- Individual meters in the main building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,450
Cap Rate
7.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$549,000
$549.0K
Cap Rate 7%
$392,143
$392.1K
Cap Rate 9%
$305,000
$305.0K
Market Conditions
NOI Build-Up for 3,352 SF
Gross rent
$53.1K $15.84/SF
− Vacancy
−$3.2K −$0.95/SF
EGI
$49.9K $14.89/SF
− OpEx
−$22.5K −$6.70/SF
NOI
$27.5K $8.19/SF
Area
St. Louis County, MN
Vacancy
6.00%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$549,000
Cap Rate 7%
$392,143
Cap Rate 9%
$305,000
Alternative Uses
Best Use
Apartment 5plus
$392.1K
$343.1K – $457.5K
NOI $27,450 @ 7.0% cap · market cap 7.52%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.30M
$1.14M – $1.52M
NOI $91,020 @ 7.0% cap · market cap 24.94%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
8
Residential units
87.5%
Occupancy
Location Intelligence
Trade Area within ½ mile
638
Businesses Nearby
Explore this area
Business Placement
Demographics for 55746, MN
17,071
Population
8,999
Households
1.9
Avg Household Size
43
Median Age
19%
College-Educated
93%
High-School Grad
347.0 sq mi
ZIP Area
49
Density / Sq Mi
$55,694
Median Household Income
$38,268
Median Earnings
$739
Median Rent
$127,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Eight rental units feature private bathrooms, full kitchens, and individually metered service in the main building.
Where is this apartment building located?
The property is located at 2126 3rd Ave E Hibbing, MN.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: 8‑unit rental property with 7 of 8 units currently occupied; Private bathroom and full kitchen in every unit; Individual meters in the main building
