Turnkey 4-Plex Income
For Sale
$649,900
317 14th St SW, Rochester, MN 55902
Completely remodeled, fully occupied fourplex with four 2-bedroom units and in-unit laundry, each with boiler heat and mini-split HVAC.
Property Size3,344 SF
Price / SF$194.35
Days on Market58
Property Features for 317 14th St SW
General Information
Standard status
Active
Size
3,344 SF
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
4
Building Details
Year Built
1962
Tenancy
Multi
Listing Agency:
Harbor Realty & Management Gro
Listed By:
Alex Brainard
(507) 722-2804
Source:
Tayloronken
Added: Jul 13
Changed: Sep 8
Last Checked: Sep 8 at 7:53AM
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 Harbor Realty & Management Gro
Investment Insights
Based on property information with market context.
This turnkey fourplex has been completely remodeled from top to bottom and is ready for new ownership. The property includes four fully occupied units, each featuring two bedrooms, one bathroom, and in-unit laundry. Major systems and components have been updated, including new plumbing, electrical, boiler system, water heater, kitchens, and bathrooms.
Each unit is served by efficient boiler heat and also includes a mini-split system with both air conditioning and heat pump functionality. Electric is individually metered for each apartment, supporting straightforward utility management. Renovations were completed with proper permits and received occupancy approval from the City.
The building’s current income is supported by four occupied units, and the configuration is designed for low-maintenance operation following extensive upgrades.
Each unit is served by efficient boiler heat and also includes a mini-split system with both air conditioning and heat pump functionality. Electric is individually metered for each apartment, supporting straightforward utility management. Renovations were completed with proper permits and received occupancy approval from the City.
The building’s current income is supported by four occupied units, and the configuration is designed for low-maintenance operation following extensive upgrades.
Key Highlights
- Completely remodeled 4‑plex with four fully occupied 2‑bedroom, 1‑bath units
- Renovations include new plumbing, electrical, boiler system, water heater, kitchens, and bathrooms
- Each unit has in‑unit laundry
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
$36,025
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
5.54%
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%
$720,500
$720.5K
Cap Rate 7%
$514,643
$514.6K
Cap Rate 9%
$400,278
$400.3K
Market Conditions
NOI Build-Up for 3,344 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
$54.2K $16.20/SF
− Vacancy
−$2.7K −$0.81/SF
EGI
$51.5K $15.39/SF
− OpEx
−$15.4K −$4.62/SF
NOI
$36.0K $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%
$720,500
Cap Rate 7%
$514,643
Cap Rate 9%
$400,278
Alternative Uses
Best Use
Multifamily LT 5
$514.6K
$450.3K – $600.4K
NOI $36,025 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$451.7K
$395.2K – $526.9K
NOI $31,616 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,156 @ 7.0% cap · market cap 13.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
788
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?
Quadplex - Completely remodeled, fully occupied fourplex with four 2-bedroom units and in-unit laundry, each with boiler heat and mini-split HVAC.
Where is this quadplex located?
The property is located at 317 14th St SW Rochester, MN.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Completely remodeled 4‑plex with four fully occupied 2‑bedroom, 1‑bath units; Renovations include new plumbing, electrical, boiler system, water heater, kitchens, and bathrooms; Each unit has in‑unit laundry
