Building Details

Year Built 1959

Construction brick

Listing Agency: RE/MAX Advantage Plus

Listed By: Mark D. Reiland · License #20282987 Show Phone

Source: Chrisfritchteam

Added: Sep 5 Changed: Oct 6 Last Checked: Oct 7 at 3:04PM

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Investment Insights

Based on property information with market context.

This 1,600-square-foot duplex at 214 1st Ave NW features an all-brick exterior and a side-by-side layout with separate entrances for each unit. Both sides provide main-level living, while the property also includes a concrete driveway and a two-car garage.

Each basement is unfinished and offers space for future completion. The building dates to 1959 and is positioned in an in-town setting in New Prague, Minnesota, with a configuration suited to separate occupancy on each side.

Key Highlights

• 1,600‑square‑foot side‑by‑side duplex
• All‑brick building constructed in 1959
• Separate entrances and main‑level living for each unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$23,377

Cap Rate

6.88%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$467,540 $467.5K

Cap Rate 7%

$333,957 $334.0K

Cap Rate 9%

$259,744 $259.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,600 SF

Gross rent

$35.5K $22.20/SF

− Vacancy

−$2.1K −$1.33/SF

EGI

$33.4K $20.87/SF

− OpEx

−$10.0K −$6.26/SF

NOI

$23.4K $14.61/SF

Area

Scott County, MN

Vacancy

5.98%

Lease Rate

$22.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$467,540

Cap Rate 7%

$333,957

Cap Rate 9%

$259,744

Alternative Uses

Best Use

Multifamily LT 5

$334.0K

$292.2K – $389.6K (±1% cap)

NOI $23,377 @ 7.0% cap · market cap 6.88%

Second Best

Apartment 5plus

$306.7K

$268.4K – $357.9K (±1% cap)

NOI $21,472 @ 7.0% cap · market cap 6.32%

Theoretical Best

Office A

$381.7K

$334.0K – $445.4K (±1% cap)

NOI $26,721 @ 7.0% cap · market cap 7.86%

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

Property Analytics

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Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

468

Businesses Nearby

Explore this area Business Placement

Demographics for 56071, MN

12,913

Population

4,773

Households

2.7

Avg Household Size

38

Median Age

33%

College-Educated

97%

High-School Grad

85.9 sq mi

ZIP Area

150

Density / Sq Mi

$109,672

Median Household Income

$54,600

Median Earnings

$1,183

Median Rent

$373,000

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?

Duplex - Two-unit property with separate entrances, main-level living, a concrete driveway, and a two-car garage.

Where is this duplex located?

The property is located at 214 1st Ave NW New Prague, MN.

What is the asking price?

The asking price for this property is $339,900.

What are key features of this property?

This property features: 1,600‑square‑foot side‑by‑side duplex; All‑brick building constructed in 1959; Separate entrances and main‑level living for each unit