Quadplex Property with
New
For Sale
$800,000
220 Hallam Avenue S, Mahtomedi, MN 55115
Residential Income, Mahtomedi, MN
Property Size4,352 SF
Lot Size0.69 Acres
Price / SF$183.82
Days on Market3
Property Features for 220 Hallam Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
12
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bathroom 3, Bedroom 2, Bedroom 1, Bedroom 8, Bedroom 4, Bedroom 11, Bathroom 1, Basement, Laundry Room, Bedroom 12, Bathroom 4, Bathroom 2, Bedroom 6, Bedroom 10, Bedroom 5, Bedroom 3, Bedroom 9
Parking features
Garage
Subdivision
Mallard Shores
High school district
Mahtomedi
Directions
Highway 36 to Hilton Trail to Hallam
Standard status
Active
APN
2903021410021
Size
4,352 SF
Lot size
0.69 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7542
Utilities
Heating system
Forced Air
Building Details
Year built
1985
Listing Agency:
Keller Williams Premier Realty · Keller Williams Realty
(651) 439-4000
Listed By:
Brigg Backer
(651) 379-5252
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 18 at 10:06AM
MLS# 7145405
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.
The property includes three separate fourplex buildings totaling 4,352 square feet on 0.688 acres. Its residential layout features three-bedroom, one-bath units, with 12 bedrooms and four bathrooms identified in the room data. Three of the four units have updated kitchens and bathrooms. Tandem garage parking and a deck are provided for each unit. Forced-air heating serves the property, which was built in 1985.
Located at 220 Hallam Avenue S in Mahtomedi, the property is within the Mahtomedi School District. The setting includes green space and is described as quiet. The property has been managed by long-term owners and includes a basement and laundry room.
Located at 220 Hallam Avenue S in Mahtomedi, the property is within the Mahtomedi School District. The setting includes green space and is described as quiet. The property has been managed by long-term owners and includes a basement and laundry room.
Key Highlights
- Three separate fourplexes
- 4,352 square feet on 0.688 acres
- Three‑bedroom, one‑bath units
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
$57,001
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
7.13%
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%
$1,140,020
$1.1M
Cap Rate 7%
$814,300
$814.3K
Cap Rate 9%
$633,344
$633.3K
Market Conditions
NOI Build-Up for 4,352 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
$86.2K $19.80/SF
− Vacancy
−$4.7K −$1.09/SF
EGI
$81.4K $18.71/SF
− OpEx
−$24.4K −$5.61/SF
NOI
$57.0K $13.10/SF
Area
Washington County, MN
Vacancy
5.50%
Lease Rate
$19.80 /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%
$1,140,020
Cap Rate 7%
$814,300
Cap Rate 9%
$633,344
Alternative Uses
Best Use
Multifamily LT 5
$814.3K
$712.5K – $950.0K
NOI $57,001 @ 7.0% cap · market cap 7.13%
Second Best
Apartment 5plus
$756.2K
$661.7K – $882.3K
NOI $52,937 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,620 @ 7.0% cap · market cap 10.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
195
Businesses Nearby
Explore this area
Business Placement
Demographics for 55115, MN
8,880
Population
3,408
Households
2.6
Avg Household Size
45
Median Age
63%
College-Educated
98%
High-School Grad
6.1 sq mi
ZIP Area
1,456
Density / Sq Mi
$132,796
Median Household Income
$71,786
Median Earnings
$1,510
Median Rent
$481,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Three-bedroom, one-bath units with updated kitchens and bathrooms, tandem garage parking, and decks.
Where is this quadplex located?
The property is located at 220 Hallam Avenue S Mahtomedi, MN.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Three separate fourplexes; 4,352 square feet on 0.688 acres; Three‑bedroom, one‑bath units
