Updated Duplex Near
For Sale
$355,000
Pending
229 2nd Ave S, South Saint Paul, MN 55075
Duplex with recent roof and siding replacements near public transportation, retail, restaurants, and services in South Saint Paul.
Property Size1,802 SF
Days on Market52
Property Features for 229 2nd Ave S
General Information
Standard status
Pending
Size
1,802 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$4,492
Listing Agency:
Keller Williams Premier Realty
(651) 216-6814
Listed By:
William Schultz
(651) 216-6814
Source:
Exprealty
Added: Jun 19
Changed: Aug 3
Last Checked: Aug 9 at 10:32AM
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 Keller Williams Premier Realty
Investment Insights
Based on property information with market context.
This South Saint Paul duplex contains 1,802 square feet and has received substantial exterior work, including a replacement roof, new siding, and additional exterior improvements. The updates address key building-envelope components and provide a refreshed exterior profile.
The property is situated near Southview Boulevard and the Concord Street corridor, with public transportation, restaurants, retail, and services nearby. Regional access includes connections to downtown St. Paul and the St. Paul Downtown Airport. Its two-unit configuration and recent exterior improvements support consideration by both owner-occupants and investors.
The property is situated near Southview Boulevard and the Concord Street corridor, with public transportation, restaurants, retail, and services nearby. Regional access includes connections to downtown St. Paul and the St. Paul Downtown Airport. Its two-unit configuration and recent exterior improvements support consideration by both owner-occupants and investors.
Key Highlights
- Duplex with 1,802 square feet
- Replacement roof completed
- New siding and other exterior improvements
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
$26,328
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
7.42%
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%
$526,560
$526.6K
Cap Rate 7%
$376,114
$376.1K
Cap Rate 9%
$292,533
$292.5K
Market Conditions
NOI Build-Up for 1,802 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
$40.0K $22.20/SF
− Vacancy
−$2.4K −$1.33/SF
EGI
$37.6K $20.87/SF
− OpEx
−$11.3K −$6.26/SF
NOI
$26.3K $14.61/SF
Area
Dakota County, MN
Vacancy
5.98%
Lease Rate
$22.20 /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%
$526,560
Cap Rate 7%
$376,114
Cap Rate 9%
$292,533
Alternative Uses
Best Use
Multifamily LT 5
$376.1K
$329.1K – $438.8K
NOI $26,328 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$345.5K
$302.3K – $403.0K
NOI $24,182 @ 7.0% cap · market cap 6.81%
Theoretical Best
Healthcare Medical
$443.4K
$388.0K – $517.4K
NOI $31,041 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
583
Businesses Nearby
Explore this area
Business Placement
Demographics for 55075, MN
20,749
Population
8,460
Households
2.5
Avg Household Size
37
Median Age
31%
College-Educated
93%
High-School Grad
5.6 sq mi
ZIP Area
3,705
Density / Sq Mi
$84,573
Median Household Income
$48,724
Median Earnings
$1,128
Median Rent
$267,000
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 - Duplex with recent roof and siding replacements near public transportation, retail, restaurants, and services in South Saint Paul.
Where is this duplex located?
The property is located at 229 2nd Ave S South Saint Paul, MN.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: Duplex with 1,802 square feet; Replacement roof completed; New siding and other exterior improvements
