Triplex With Heated
For Sale
$550,000
26 21st St Sw, Rochester, MN 55902
Four-level property with multiple outdoor areas, a landscaped backyard, and a two-car garage.
Property Size2,031 SF
Price / SF$270.80
Days on Market28
Property Features for 26 21st St Sw
General Information
Standard status
Active
Size
2,031 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$2,530
Listing Agency:
Real Estate Directory
(507) 951-1285
Listed By:
Myron Lund
(507) 951-1285
Source:
Exprealty
Added: Jul 13
Changed: Aug 7
Last Checked: Aug 9 at 9:42AM
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 Real Estate Directory
Investment Insights
Based on property information with market context.
This four-level triplex includes three residential units, a basement unit used as the owner’s residence, and several recent upgrades. The lower-level space may be finished and inspected for possible addition to the rent roll. Outdoor improvements include a private in-ground heated pool, landscaped backyard, large poolside patio, two decks, and three porches. The yard is described as low maintenance. Parking includes a two-car garage, two spaces near the garage, and one to two additional spaces at the rear. Located at 26 21st St SW in Rochester, Minnesota, the property combines multifamily configuration with extensive private outdoor amenities.
Key Highlights
- Triplex arranged across four levels
- Private in‑ground heated pool with large surrounding patio
- Two decks, three porches, and landscaped backyard
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
$21,880
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
3.98%
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%
$437,600
$437.6K
Cap Rate 7%
$312,571
$312.6K
Cap Rate 9%
$243,111
$243.1K
Market Conditions
NOI Build-Up for 2,031 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
$32.9K $16.20/SF
− Vacancy
−$1.6K −$0.81/SF
EGI
$31.3K $15.39/SF
− OpEx
−$9.4K −$4.62/SF
NOI
$21.9K $10.77/SF
Area
Rochester, MN
Vacancy
5.00%
Lease Rate
$16.20 /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%
$437,600
Cap Rate 7%
$312,571
Cap Rate 9%
$243,111
Alternative Uses
Best Use
Multifamily LT 5
$312.6K
$273.5K – $364.7K
NOI $21,880 @ 7.0% cap · market cap 3.98%
Second Best
Apartment 5plus
$274.3K
$240.0K – $320.0K
NOI $19,202 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$782.2K
$684.5K – $912.6K
NOI $54,757 @ 7.0% cap · market cap 9.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
508
Businesses Nearby
Explore this area
Business Placement
Demographics for 55902, MN
25,878
Population
11,954
Households
2.2
Avg Household Size
40
Median Age
66%
College-Educated
98%
High-School Grad
41.1 sq mi
ZIP Area
630
Density / Sq Mi
$111,879
Median Household Income
$68,869
Median Earnings
$1,580
Median Rent
$430,100
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?
Triplex - Four-level property with multiple outdoor areas, a landscaped backyard, and a two-car garage.
Where is this triplex located?
The property is located at 26 21st St Sw Rochester, MN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Triplex arranged across four levels; Private in‑ground heated pool with large surrounding patio; Two decks, three porches, and landscaped backyard
