Two-Duplex Rental
For Sale
$399,900
2403 & 2407 W 3rd St, Duluth, MN 55806
MULTI-FAMILY, Duluth, MN
Property Size3,830 SF
Lot Size0.21 Acres
Price / SF$104.41
Days on Market47
Property Features for 2403 & 2407 W 3rd St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
1
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Basement, Bedroom 1, Bedroom 5, Bedroom 8, Bedroom 6, Bedroom 2, Bedroom 7
Elementary school district
Duluth #709
Middle school district
Duluth #709
High school district
Duluth #709
Directions
from freeway take 27th ave w exit to right on 3rd ave w to propery on left.
Subdivision
LSAR
Standard status
Active
APN
010-1180-01580, 010-1180-01570, 010-1180-01560
Size
3,830 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5778
Utilities
Heating system
Oil
Amenities
coin-operated laundry
Building Details
Year built
1903
Floors in Building
2
Number of units
4
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 829-2900
Listed By:
Adam Paulson
(952) 829-2900
Added: Jul 17
Changed: Aug 19
Last Checked: Sep 1 at 7:06AM
MLS# 6126832
Copyright © 2026 Lake Superior Association of REALTORS®. 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 offering comprises two side-by-side duplexes totaling 3,830 square feet on a 0.21-acre parcel. Together, the buildings contain four rental units and include coin-operated laundry equipment. The properties were built in 1903 and are heated with oil. Their structural and mechanical systems are described as sound, while cosmetic improvements may be appropriate for future ownership.
Located at 2403 & 2407 W 3rd St in Duluth, Minnesota, the property provides a multi-unit residential configuration within a single offering. The four-unit layout and on-site laundry component create a straightforward rental property profile for evaluating operations and planned updates.
Located at 2403 & 2407 W 3rd St in Duluth, Minnesota, the property provides a multi-unit residential configuration within a single offering. The four-unit layout and on-site laundry component create a straightforward rental property profile for evaluating operations and planned updates.
Key Highlights
- Two side‑by‑side duplexes with four rental units
- 3,830 square feet across a 0.21‑acre parcel
- Coin‑operated laundry included
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
$34,130
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
8.53%
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%
$682,600
$682.6K
Cap Rate 7%
$487,571
$487.6K
Cap Rate 9%
$379,222
$379.2K
Market Conditions
NOI Build-Up for 3,830 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
$51.7K $13.50/SF
− Vacancy
−$2.9K −$0.77/SF
EGI
$48.8K $12.73/SF
− OpEx
−$14.6K −$3.82/SF
NOI
$34.1K $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%
$682,600
Cap Rate 7%
$487,571
Cap Rate 9%
$379,222
Alternative Uses
Best Use
Multifamily LT 5
$487.6K
$426.6K – $568.8K
NOI $34,130 @ 7.0% cap · market cap 8.53%
Second Best
Apartment 5plus
$448.1K
$392.1K – $522.8K
NOI $31,365 @ 7.0% cap · market cap 7.84%
Theoretical Best
Specialty Retail
$1.49M
$1.30M – $1.73M
NOI $104,000 @ 7.0% cap · market cap 26.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
683
Businesses Nearby
Explore this area
Business Placement
Demographics for 55806, MN
9,761
Population
4,848
Households
2
Avg Household Size
34
Median Age
28%
College-Educated
93%
High-School Grad
3.4 sq mi
ZIP Area
2,871
Density / Sq Mi
$44,962
Median Household Income
$33,868
Median Earnings
$910
Median Rent
$156,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two adjacent duplexes provide four rental units with convenient coin-operated laundry.
Where is this duplex located?
The property is located at 2403 & 2407 W 3rd St Duluth, MN.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two side‑by‑side duplexes with four rental units; 3,830 square feet across a 0.21‑acre parcel; Coin‑operated laundry included
