12-Unit Multifamily
For Sale
$800,000
Pending
240 Hallam Avenue S, Mahtomedi, MN 55115
Residential Income, Mahtomedi, MN
Property Size4,352 SF
Lot Size1.14 Acres
Days on Market31
Property Features for 240 Hallam Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
12
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 10, Bedroom 7, Bedroom 4, Bedroom 8, Basement, Bathroom 4, Bedroom 1, Bathroom 1, Bedroom 9, Bedroom 11, Bathroom 3, Bedroom 3, Laundry Room, Bedroom 5, Bedroom 12, Bathroom 2, Bedroom 6, Bedroom 2
Parking features
Garage
Subdivision
Mallard Shores
High school district
Mahtomedi
Directions
Highway 36 to Hilton Trail to Hallam Ave
Standard status
Pending
APN
2903021410023
Size
4,352 SF
Lot size
1.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7542
Utilities
Heating system
Forced Air
Amenities
tandem garage
decks
Building Details
Year built
1985
Building materials
Block
Listing Agency:
Keller Williams Premier Realty · Keller Williams Realty
(651) 439-4000
Listed By:
Brigg Backer
(651) 379-5252
Added: Sep 16
Changed: Oct 15
Last Checked: Oct 16 at 7:06PM
MLS# 7145431
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The property comprises three fourplex buildings with 12 apartments, each configured with three bedrooms and one bathroom. Decks and tandem garage parking serve each unit. The buildings were constructed in 1985, with block construction and forced-air heating. Updated kitchens and baths are present in the units described as renovated.
The 1.14-acre property is within the Mahtomedi School District. The reported property size is 4,352 square feet.
The 1.14-acre property is within the Mahtomedi School District. The reported property size is 4,352 square feet.
Key Highlights
- Three fourplex buildings totaling 12 apartments
- Each apartment has 3 bedrooms and 1 bathroom
- 1.14‑acre site; reported property size is 4,352 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,937
Cap Rate
6.62%
Suggested Prices Based on Cap Rates
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
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 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 6.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,620 @ 7.0% cap · market cap 10.58%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Multifamily property - Three-bedroom, one-bath apartments include individual decks and tandem garage parking.
Where is this multifamily property located?
The property is located at 240 Hallam Avenue S Mahtomedi, MN.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Three fourplex buildings totaling 12 apartments; Each apartment has 3 bedrooms and 1 bathroom; 1.14‑acre site; reported property size is 4,352 square feet
