Updated Duplex With Separate
218 N 1st Ave E, Ely, MN 55731
For Sale
$198,500
Two independent residences offer distinct living areas, kitchens, bathrooms, and laundry setups within a well-maintained duplex.
Property Size1,636 SF
Price / SF$121.33
Days on Market52
Property Features for 218 N 1st Ave E
General Information
Standard status
Size
Property subtype
Additional Details
Utilities to Site
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
separate laundry setups
large mudroom
Building Details
Buildings
Listing Agency:
Bear Island Realty LLC
(218) 365-2800
Listed By:
Anna Yahnke
(218) 235-3547
Source:
Exprealty
Added: Sep 17
Changed: Oct 26
Last Checked: Nov 6 at 1:03PM
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 Bear Island Realty LLC
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Investment Insights
Based on property information with market context.
This 1,636-square-foot duplex contains two independent living spaces with separate laundry arrangements. The main-level residence includes 1+ bedrooms, an updated full bathroom, a spacious kitchen with dedicated dining space, a large mudroom, and main-floor laundry. Its single-level layout adds functional convenience.
The upper apartment has one bedroom and has been renovated with an open kitchen, dining, and living area. An oversized bathroom includes built-in laundry, giving the second residence its own dedicated utility setup. A completed, fully compliant sewer lateral is also in place. The property is located at 218 N 1st Ave E in Ely, Minnesota.
The upper apartment has one bedroom and has been renovated with an open kitchen, dining, and living area. An oversized bathroom includes built-in laundry, giving the second residence its own dedicated utility setup. A completed, fully compliant sewer lateral is also in place. The property is located at 218 N 1st Ave E in Ely, Minnesota.
Key Highlights
- 1,636‑square‑foot duplex with two independent living spaces
- Main‑level residence with 1+ bedrooms, updated full bath, mudroom, and main‑floor laundry
- Upper‑level one‑bedroom apartment with renovated open‑concept living areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,579
Cap Rate
7.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$291,580
$291.6K
Cap Rate 7%
$208,271
$208.3K
Cap Rate 9%
$161,989
$162.0K
Market Conditions
NOI Build-Up for 1,636 SF
Gross rent
$22.1K $13.50/SF
− Vacancy
−$1.3K −$0.77/SF
EGI
$20.8K $12.73/SF
− OpEx
−$6.2K −$3.82/SF
NOI
$14.6K $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%
$291,580
Cap Rate 7%
$208,271
Cap Rate 9%
$161,989
Alternative Uses
Best Use
Multifamily LT 5
$208.3K
$182.2K – $243.0K
NOI $14,579 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$191.4K
$167.5K – $223.3K
NOI $13,398 @ 7.0% cap · market cap 6.75%
Theoretical Best
Specialty Retail
$634.6K
$555.3K – $740.4K
NOI $44,424 @ 7.0% cap · market cap 22.38%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
520
Businesses Nearby
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Business Placement
Demographics for 55731, MN
5,494
Population
4,954
Households
1.1
Avg Household Size
54
Median Age
41%
College-Educated
94%
High-School Grad
1,606.7 sq mi
ZIP Area
3
Density / Sq Mi
$62,900
Median Household Income
$31,840
Median Earnings
$641
Median Rent
$202,900
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in St. Louis County, MN
Properties on Market for Duplexes in St. Louis County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two independent residences offer distinct living areas, kitchens, bathrooms, and laundry setups within a well-maintained duplex.
Where is this duplex located?
The property is located at 218 N 1st Ave E Ely, MN.
What is the asking price?
The asking price for this property is $198,500.
What are key features of this property?
This property features: 1,636‑square‑foot duplex with two independent living spaces; Main‑level residence with 1+ bedrooms, updated full bath, mudroom, and main‑floor laundry; Upper‑level one‑bedroom apartment with renovated open‑concept living areas
