Multifamily Rental
2147 2nd Ave W, Hibbing, MN 55746
For Sale
$600,000
The bundled properties span Hibbing and Chisholm, with all units currently rented.
Property Size2,464 SF
Price / SF$243.51
Days on Market8
Property Features for 2147 2nd Ave W
General Information
Standard status
Size
Property subtype
Occupancy
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Listing Agency:
Village Realty
(218) 263-8877
Listed By:
Chad Baucom · License #40098236
(218) 966-0783
Source:
Exprealty
Added: Oct 30
Changed: Nov 5
Last Checked: Nov 6 at 11:47AM
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 Village Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This multifamily portfolio combines properties at several addresses in Hibbing with two additional locations in Chisholm. The identified Hibbing assets include a duplex at 1607 3rd Ave E and a fourplex at 2147 2nd Ave W. All units across the portfolio are currently rented.
Key Highlights
- All units are currently rented
- Portfolio includes properties in Hibbing and Chisholm
- Identified assets include a duplex at 1607 3rd Ave E and a fourplex at 2147 2nd Ave W
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,958
Cap Rate
3.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$439,160
$439.2K
Cap Rate 7%
$313,686
$313.7K
Cap Rate 9%
$243,978
$244.0K
Market Conditions
NOI Build-Up for 2,464 SF
Gross rent
$33.3K $13.50/SF
− Vacancy
−$1.9K −$0.77/SF
EGI
$31.4K $12.73/SF
− OpEx
−$9.4K −$3.82/SF
NOI
$22.0K $8.91/SF
Area
St. Louis County, MN
Vacancy
5.70%
Lease Rate
$13.50 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$439,160
Cap Rate 7%
$313,686
Cap Rate 9%
$243,978
Alternative Uses
Best Use
Multifamily LT 5
$313.7K
$274.5K – $366.0K
NOI $21,958 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$288.3K
$252.2K – $336.3K
NOI $20,178 @ 7.0% cap · market cap 3.36%
Theoretical Best
Specialty Retail
$955.8K
$836.4K – $1.12M
NOI $66,908 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
606
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
$127,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Multifamily properties in St. Louis County, MN
Properties on Market for Multifamily properties in St. Louis County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Multifamily property - The bundled properties span Hibbing and Chisholm, with all units currently rented.
Where is this multifamily property located?
The property is located at 2147 2nd Ave W Hibbing, MN.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: All units are currently rented; Portfolio includes properties in Hibbing and Chisholm; Identified assets include a duplex at 1607 3rd Ave E and a fourplex at 2147 2nd Ave W
