Brick Duplex with
New
For Sale
$339,900
214 1st Avenue NW, New Prague, MN 56071
Residential Income, New Prague, MN
Property Size1,600 SF
Lot Size0.14 Acres
Price / SF$212.44
Days on Market5
Property Features for 214 1st Avenue NW
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Single Family
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Basement, Bedroom 2, Bathroom 2
Parking features
Garage - Detached
Exterior features
Brick/Stone
Subdivision
Philipps Add
High school district
New Prague Area Schools
Directions
MAIN ST TO 1ST AVE NW, NORTH 2 BLOCKS
Standard status
Active
APN
240030340
Size
1,600 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3674
Utilities
Heating system
Hot Water(Heating)
Building Details
Year built
1959
Listing Agency:
RE/MAX Advantage Plus · RE/MAX International
(952) 226-7700
Listed By:
Mark D. Reiland · License #20282987
(952) 994-5300
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 5 at 7:06PM
MLS# 7136740
Copyright © 2026 Northstar MLS. 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 1959 side-by-side duplex contains 1,600 square feet on a 0.14-acre lot. Each unit is arranged for main-level living and has its own entrance, while both basements are prepared for future finishing. The all-brick exterior, hot-water heating, concrete driveway, and detached two-car garage provide durable foundational features for the property.
Located in New Prague, the duplex offers an in-town setting with practical access to local services. Each side currently includes two bedrooms and one bathroom, and the existing layout may support conversion to three bedrooms and two bathrooms per unit with appropriate updates. The property can accommodate separate occupants while retaining flexibility for future improvements.
Located in New Prague, the duplex offers an in-town setting with practical access to local services. Each side currently includes two bedrooms and one bathroom, and the existing layout may support conversion to three bedrooms and two bathrooms per unit with appropriate updates. The property can accommodate separate occupants while retaining flexibility for future improvements.
Key Highlights
- Side‑by‑side duplex with 1,600 square feet of building area
- 0.14‑acre lot in New Prague, MN 56071
- All‑brick exterior with hot‑water heating
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
$23,377
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
6.88%
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%
$467,540
$467.5K
Cap Rate 7%
$333,957
$334.0K
Cap Rate 9%
$259,744
$259.7K
Market Conditions
NOI Build-Up for 1,600 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
$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 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%
$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
NOI $23,377 @ 7.0% cap · market cap 6.88%
Second Best
Apartment 5plus
$306.7K
$268.4K – $357.9K
NOI $21,472 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$381.7K
$334.0K – $445.4K
NOI $26,721 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Side-by-side units provide main-level living, separate entrances, and unfinished basements for future expansion.
Where is this duplex located?
The property is located at 214 1st Avenue 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: Side‑by‑side duplex with 1,600 square feet of building area; 0.14‑acre lot in New Prague, MN 56071; All‑brick exterior with hot‑water heating
