Updated Duplex With Separate
New
For Sale
$198,500
218 N 1st Ave E, Ely, MN 55731
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 Market7
Property Features for 218 N 1st Ave E
General Information
Standard status
Active
Size
1,636 SF
Property subtype
Residential Income
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,195
Amenities
separate laundry setups
large mudroom
Building Details
Buildings
1
Listing Agency:
Bear Island Realty LLC
(218) 365-2800
Listed By:
Anna Yahnke
(218) 235-3547
Source:
Exprealty
Added: Sep 17
Changed: Sep 23
Last Checked: Sep 22 at 3:31PM
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
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 = 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
$14,579
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
7.34%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
520
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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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
