Four-Level Triplex with Heated
For Sale
$475,000
26 21st Street SW, Rochester, MN 55902
Residential Income, Rochester, MN
Property Size2,031 SF
Lot Size0.24 Acres
Price / SF$233.87
Days on Market50
Property Features for 26 21st Street SW
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4, Basement, Bathroom 3
Parking features
Driveway, Open, Garage - Attached
Exterior features
Steel Siding
Fencing
Privacy
Subdivision
Knollwood Acres
Elementary school
Ben Franklin
Middle school
Willow Creek
High school
Mayo
High school district
Rochester
Directions
Broadway Ave to West on 21st ST SW, 2nd property on the left
Standard status
Active
APN
641411019854
Size
2,031 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2530
Utilities
Heating system
Forced Air
Amenities
pool
deck
porch
patio
Building Details
Year built
1914
Building materials
Frame
Roof type
Shingle
Listing Agency:
Real Estate Directory
(507) 289-5414
Listed By:
Myron Lund
(507) 289-5414
Added: Jul 9
Changed: Aug 19
Last Checked: Aug 27 at 10:06AM
MLS# 7106679
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 four-level triplex in Rochester contains 2,031 square feet on a 0.241-acre lot. Built in 1914, the property has frame construction with steel siding, forced-air heating, a shingle roof, and three bathrooms. The basement unit is currently occupied by the owner.
Outdoor improvements include a private in-ground heated pool, landscaped backyard, large poolside patio, two decks, and three porches. Parking includes an attached two-car garage, driveway parking, and open parking areas. Privacy fencing and a low-maintenance yard complete the exterior setup.
The property is located at 26 21st Street SW in Rochester, Minnesota. Its existing multifamily layout, basement unit, garage, and extensive outdoor features provide a clearly defined triplex configuration.
Outdoor improvements include a private in-ground heated pool, landscaped backyard, large poolside patio, two decks, and three porches. Parking includes an attached two-car garage, driveway parking, and open parking areas. Privacy fencing and a low-maintenance yard complete the exterior setup.
The property is located at 26 21st Street SW in Rochester, Minnesota. Its existing multifamily layout, basement unit, garage, and extensive outdoor features provide a clearly defined triplex configuration.
Key Highlights
- Four‑level triplex with 2,031 square feet of property size
- 0.241‑acre lot in Rochester, MN
- Private in‑ground heated pool with large surrounding patio
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
4.61%
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 4.61%
Second Best
Apartment 5plus
$274.3K
$240.0K – $320.0K
NOI $19,202 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$782.2K
$684.5K – $912.6K
NOI $54,757 @ 7.0% cap · market cap 11.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
488
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Attached garage, multiple outdoor areas, and a private in-ground pool support the property’s multifamily configuration.
Where is this triplex located?
The property is located at 26 21st Street SW Rochester, MN.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Four‑level triplex with 2,031 square feet of property size; 0.241‑acre lot in Rochester, MN; Private in‑ground heated pool with large surrounding patio
