Three-Fourplex Apartment
For Sale
$775,000
230 Hallam Ave S, Mahtomedi, MN 55115
Separate apartment buildings offer three-bedroom, one-bath layouts with tandem garages and private decks.
Property Size4,352 SF
Price / SF$178.08
Days on Market9
Property Features for 230 Hallam Ave S
General Information
Standard status
Active
Size
4,352 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
12
Amenities
tandem garage
decks
Building Details
Year Built
1985
Buildings
3
Listing Agency:
Keller Williams Premier Realty
Listed By:
Brigg Backer
Source:
Homesminn
Added: Sep 18
Last Checked: Sep 24 at 1:20PM
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 multifamily property consists of three separate fourplex buildings constructed in 1985. The apartments feature three-bedroom, one-bath floor plans, with a tandem garage and deck serving each unit. Recent property improvements include new air-conditioning systems, water heaters, and roofing.
The property is located in Mahtomedi within the Mahtomedi School District. The setting includes substantial green space and a quiet residential environment. The buildings have been maintained and managed by long-term ownership.
The property is located in Mahtomedi within the Mahtomedi School District. The setting includes substantial green space and a quiet residential environment. The buildings have been maintained and managed by long-term ownership.
Key Highlights
- Three separate fourplex apartment buildings
- Three‑bedroom, one‑bath apartment layouts
- Tandem garage and deck 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
$52,937
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
6.83%
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%
$1,058,740
$1.1M
Cap Rate 7%
$756,243
$756.2K
Cap Rate 9%
$588,189
$588.2K
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
$101.3K $23.28/SF
− Vacancy
−$5.1K −$1.16/SF
EGI
$96.2K $22.12/SF
− OpEx
−$43.3K −$9.95/SF
NOI
$52.9K $12.16/SF
Area
Washington County, MN
Vacancy
5.00%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,058,740
Cap Rate 7%
$756,243
Cap Rate 9%
$588,189
Alternative Uses
Best Use
Apartment 5plus
$756.2K
$661.7K – $882.3K
NOI $52,937 @ 7.0% cap · market cap 6.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,620 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
148
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Separate apartment buildings offer three-bedroom, one-bath layouts with tandem garages and private decks.
Where is this apartment building located?
The property is located at 230 Hallam Ave S Mahtomedi, MN.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Three separate fourplex apartment buildings; Three‑bedroom, one‑bath apartment layouts; Tandem garage and deck for each unit
