Duplex with
For Sale
$275,000
224 E 6th St, Duluth, MN 55805
MULTI_FAMILY - Duluth, MN
Property Size1,936 SF
Lot Size0.08 Acres
Price / SF$142.05
Days on Market58
Property Features for 224 E 6th St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Basement, Bathroom 2, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 3
Patio and Porch features
Porch
Exterior features
Porch
Basement
Block, Unfinished
Lot features
Tree Coverage - Light
Elementary school district
Duluth #709
Middle school district
Duluth #709
High school district
Duluth #709
Directions
From downtown Duluth, take E Superior St to N 3rd Ave E, then turn right onto E 6th St; home is on the left.
Subdivision
LSAR
Standard status
Active
APN
010127004710
Size
1,936 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2368
Utilities
Heating system
Natural Gas, Radiant, Oil
Amenities
basement laundry
Building Details
Year built
1916
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
eXp Realty, LLC- MN
(763) 443-9821
Listed By:
Jordan Kirschner
(763) 443-9821
Added: Jun 17
Changed: Aug 5
Last Checked: Aug 13 at 6:06PM
MLS# 6126139
Copyright © 2026 Lake Superior Association of REALTORS®. 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 duplex is an up/down configuration with each unit offering two bedrooms and one bathroom. The property includes a porch and a shingle roof, with radiant heating plus natural gas and oil heat sources. Basement laundry is set up for tenant independence, with a separate washer and dryer for each unit. Built in 1916, the layout includes bedrooms and bathrooms distributed between the two units and a shared basement area for laundry.
Both units are leased, providing rental income already in place. The lower unit is currently undergoing updates, including fresh paint and new stainless steel kitchen appliances.
At 0.08 acres and 1,936 SF, this property offers a straightforward duplex format with practical in-unit/tenant-facing amenities like dedicated laundry while the lower unit’s upgrades support continued leasing appeal.
Both units are leased, providing rental income already in place. The lower unit is currently undergoing updates, including fresh paint and new stainless steel kitchen appliances.
At 0.08 acres and 1,936 SF, this property offers a straightforward duplex format with practical in-unit/tenant-facing amenities like dedicated laundry while the lower unit’s upgrades support continued leasing appeal.
Key Highlights
- 0.08‑acre duplex property with 1,936 SF total building size
- Each unit is two bedrooms and one bathroom in an up/down duplex layout
- Basement laundry includes a separate washer and dryer for each unit
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
$17,252
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
6.27%
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%
$345,040
$345.0K
Cap Rate 7%
$246,457
$246.5K
Cap Rate 9%
$191,689
$191.7K
Market Conditions
NOI Build-Up for 1,936 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
$26.1K $13.50/SF
− Vacancy
−$1.5K −$0.77/SF
EGI
$24.6K $12.73/SF
− OpEx
−$7.4K −$3.82/SF
NOI
$17.3K $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%
$345,040
Cap Rate 7%
$246,457
Cap Rate 9%
$191,689
Alternative Uses
Best Use
Multifamily LT 5
$246.5K
$215.7K – $287.5K
NOI $17,252 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$226.5K
$198.2K – $264.2K
NOI $15,854 @ 7.0% cap · market cap 5.77%
Theoretical Best
Specialty Retail
$751.0K
$657.1K – $876.2K
NOI $52,570 @ 7.0% cap · market cap 19.12%
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
3,887
Businesses Nearby
Explore this area
Business Placement
Demographics for 55805, MN
9,731
Population
5,430
Households
1.8
Avg Household Size
31
Median Age
37%
College-Educated
93%
High-School Grad
1.4 sq mi
ZIP Area
6,951
Density / Sq Mi
$43,077
Median Household Income
$26,309
Median Earnings
$984
Median Rent
$171,100
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 - Two-unit up/down duplex with basement laundry and separate washer and dryer for each unit.
Where is this duplex located?
The property is located at 224 E 6th St Duluth, MN.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 0.08‑acre duplex property with 1,936 SF total building size; Each unit is two bedrooms and one bathroom in an up/down duplex layout; Basement laundry includes a separate washer and dryer for each unit
