Two-Unit Duplex With Basement
For Sale
$275,000
224 E 6th St, Duluth, MN 55805
Both residences offer two bedrooms and one bathroom in an up-and-down layout.
Property Size1,936 SF
Price / SF$142.05
Days on Market58
Property Features for 224 E 6th St
General Information
Standard status
Active
Size
1,936 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,368
Amenities
basement laundry
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
eXp Realty, LLC- MN
(320) 493-3806
Listed By:
Jordan Kirschner
(320) 493-3806
Source:
Exprealty
Added: Jun 17
Changed: Aug 10
Last Checked: Aug 13 at 11:07AM
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 eXp Realty, LLC- MN
Investment Insights
Based on property information with market context.
This 1,936-square-foot duplex is arranged as two residences, with an upper unit and a lower unit. Each apartment includes two bedrooms and one bathroom, providing consistent layouts across the property. Basement laundry serves both units, with a separate washer and dryer assigned to each residence.
The lower apartment is being refreshed with new paint and stainless steel kitchen appliances. It is leased for the next 12 months, while the upper unit is also occupied. The property is located at 224 E 6th St in Duluth, near Canal Park.
The lower apartment is being refreshed with new paint and stainless steel kitchen appliances. It is leased for the next 12 months, while the upper unit is also occupied. The property is located at 224 E 6th St in Duluth, near Canal Park.
Key Highlights
- 1,936‑square‑foot duplex at 224 E 6th St, Duluth, MN
- Two up‑and‑down units, each with 2 bedrooms and 1 bathroom
- Basement laundry with 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
100%
Occupancy
Multi-tenant
Tenancy
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 - Both residences offer two bedrooms and one bathroom in an up-and-down layout.
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: 1,936‑square‑foot duplex at 224 E 6th St, Duluth, MN; Two up‑and‑down units, each with 2 bedrooms and 1 bathroom; Basement laundry with a separate washer and dryer for each unit
