Duplex with Replaced Roof and
For Sale
$355,000
Pending
229 2nd Avenue S, South Saint Paul, MN 55075
MULTI_FAMILY - South Saint Paul, MN
Property Size1,802 SF
Lot Size0.23 Acres
Days on Market61
Property Features for 229 2nd Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Basement, Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 3, Bathroom 1
Exterior features
Vinyl
Fencing
Chain Link
Subdivision
Hepburn Park
High school district
South St. Paul
Directions
Hwy 52 to Southview Blvd, East to 2nd Ave, South to home.
Standard status
Pending
APN
363255015090
Size
1,802 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4492
Utilities
Heating system
Forced Air
Building Details
Year built
1917
Listing Agency:
Keller Williams Premier Realty · Keller Williams Realty
(651) 379-5252
Listed By:
William Schultz
(651) 379-5252
Added: Jun 15
Changed: Aug 13
Last Checked: Aug 14 at 11:06PM
MLS# 7094696
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.
This duplex at 229 2nd Avenue S, South Saint Paul, MN 55075 includes a vinyl exterior and forced-air heating. The property is a chain link fenced site and was built in 1917. The layout includes bedrooms and bathrooms across multiple rooms, with a basement as part of the improvements.
The duplex also has major exterior updates completed, including a replaced roof and replaced siding, along with other exterior improvements. The result is reduced near-term exterior maintenance considerations for an owner-occupant or an investor seeking a well-located duplex.
The property sits on a 0.229-acre lot with a total property size of 1,802 square feet. Buyer agent to verify all measurements.
The duplex also has major exterior updates completed, including a replaced roof and replaced siding, along with other exterior improvements. The result is reduced near-term exterior maintenance considerations for an owner-occupant or an investor seeking a well-located duplex.
The property sits on a 0.229-acre lot with a total property size of 1,802 square feet. Buyer agent to verify all measurements.
Key Highlights
- Replaced roof and replaced siding plus other exterior improvements
- Forced‑air heating and vinyl exterior
- Chain link fencing on the 0.229‑acre lot
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
Property Profile
Current Use
Lease Details
2
Residential units
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 vinyl exterior and forced-air heat on a 0.229-acre lot in South Saint Paul, MN.
Where is this duplex located?
The property is located at 229 2nd Avenue 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: Replaced roof and replaced siding plus other exterior improvements; Forced‑air heating and vinyl exterior; Chain link fencing on the 0.229‑acre lot
