Building Details

Year Built 1900

Tenancy Multi

Listing Agency: Beycome Brokerage Realty LLC s***@beycome.com Show Phone

Listed By: Steve Koleno · License #134784

Source: Chrisfritchteam

Added: Jul 20 Changed: Aug 31 Last Checked: Aug 31 at 2:17AM

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Investment Insights

Based on property information with market context.

This up-and-down duplex in Mapleton, Minnesota, contains 2,040 square feet and was built in 1900. The lower apartment is the larger unit and includes two bedrooms, a walk-in closet, an updated kitchen with dishwasher and laundry, plus a bathroom with tiled shower. The upper apartment was remodeled in 2023 with a replacement kitchen, new flooring, and fresh paint, and it includes a private balcony.

Each apartment has its own driveway and central air conditioning. A second driveway was added in 2023, while the original dirt drive was converted to asphalt. Utilities are separately allocated between tenants, with water and trash shared. One water heater was replaced in 2025, and all three dormers received professional siding work that year. The property is located at 310 4th Ave SE in Mapleton, MN 56065.

Key Highlights

• 2,040‑square‑foot up/down duplex built in 1900
• Lower unit includes 2 bedrooms, walk‑in closet, dishwasher, laundry, and tiled shower
• Upper apartment remodeled in 2023 with new kitchen, flooring, and paint

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

$16,823

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

7.48%

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%

$336,460 $336.5K

Cap Rate 7%

$240,329 $240.3K

Cap Rate 9%

$186,922 $186.9K

Market Conditions

NOI Build-Up for 2,040 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

$25.7K $12.60/SF

− Vacancy

−$1.7K −$0.82/SF

EGI

$24.0K $11.78/SF

− OpEx

−$7.2K −$3.53/SF

NOI

$16.8K $8.25/SF

Area

Blue Earth County, MN

Vacancy

6.50%

Lease Rate

$12.60 /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%

$336,460

Cap Rate 7%

$240,329

Cap Rate 9%

$186,922

Alternative Uses

Best Use

Multifamily LT 5

$240.3K

$210.3K – $280.4K (±1% cap)

NOI $16,823 @ 7.0% cap · market cap 7.48%

Second Best

Apartment 5plus

$222.9K

$195.0K – $260.0K (±1% cap)

NOI $15,600 @ 7.0% cap · market cap 6.94%

Theoretical Best

Office A

$403.2K

$352.8K – $470.4K (±1% cap)

NOI $28,223 @ 7.0% cap · market cap 12.55%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Dental Office Grocery & Convenience Store Garden Center (Bike/Boat/Book/etc) Store Big Box & Wholesale Store Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

160

Businesses Nearby

Explore this area Business Placement

Demographics for 56065, MN

2,698

Population

1,107

Households

2.4

Avg Household Size

40

Median Age

27%

College-Educated

96%

High-School Grad

116.3 sq mi

ZIP Area

23

Density / Sq Mi

$91,587

Median Household Income

$48,047

Median Earnings

$780

Median Rent

$214,100

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Two apartments offer separate driveways, central air conditioning, and distinct interior updates.

Where is this duplex located?

The property is located at 310 4th Ave SE Mapleton, MN.

What is the asking price?

The asking price for this property is $224,900.

What are key features of this property?

This property features: 2,040‑square‑foot up/down duplex built in 1900; Lower unit includes 2 bedrooms, walk‑in closet, dishwasher, laundry, and tiled shower; Upper apartment remodeled in 2023 with new kitchen, flooring, and paint