Updated Duplex with Composite
3226 Vernon St, Duluth, MN 55806
For Sale
$379,900
Two independent units offer owner-occupancy potential, with no existing leases to assume.
Property Size2,020 SF
Price / SF$188.07
Days on Market13
Property Features for 3226 Vernon St
General Information
Standard status
Size
Property subtype
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Listing Agency:
RE/MAX Results
(218) 722-2811
Listed By:
Michelle Ryan
(218) 393-0289
Source:
Exprealty
Added: Oct 26
Changed: Nov 4
Last Checked: Nov 6 at 1:19PM
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 RE/MAX Results
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Investment Insights
Based on property information with market context.
This 2,020-square-foot duplex has two units, with improvements across both levels. The main floor was rebuilt down to the framing, while the upper unit received updates including a bathroom, electrical and plumbing work, flooring, and paint. The property also has two furnaces, air conditioning, replacement windows throughout—including in the basement—and new roofs on the house, balcony, porch, and garage.
Exterior features include a composite deck, updated walkways, a front porch, and a garage with matching steel siding and a new door. The basement is clean and dry, with substantial storage space. Neither unit has a lease in place, allowing a new owner to arrange occupancy or tenancy after closing.
Exterior features include a composite deck, updated walkways, a front porch, and a garage with matching steel siding and a new door. The basement is clean and dry, with substantial storage space. Neither unit has a lease in place, allowing a new owner to arrange occupancy or tenancy after closing.
Key Highlights
- 2,020‑square‑foot duplex with two units
- Main floor rebuilt to the studs; upper unit updated with a new bathroom, electrical, plumbing, flooring, and paint
- Two new furnaces, air conditioning, and replacement windows throughout, including the basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,001
Cap Rate
4.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$360,020
$360.0K
Cap Rate 7%
$257,157
$257.2K
Cap Rate 9%
$200,011
$200.0K
Market Conditions
NOI Build-Up for 2,020 SF
Gross rent
$27.3K $13.50/SF
− Vacancy
−$1.6K −$0.77/SF
EGI
$25.7K $12.73/SF
− OpEx
−$7.7K −$3.82/SF
NOI
$18.0K $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 Rate 5%
$360,020
Cap Rate 7%
$257,157
Cap Rate 9%
$200,011
Alternative Uses
Best Use
Multifamily LT 5
$257.2K
$225.0K – $300.0K
NOI $18,001 @ 7.0% cap · market cap 4.74%
Second Best
Apartment 5plus
$236.3K
$206.8K – $275.7K
NOI $16,542 @ 7.0% cap · market cap 4.35%
Theoretical Best
Specialty Retail
$783.6K
$685.6K – $914.2K
NOI $54,851 @ 7.0% cap · market cap 14.44%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
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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
$156,500
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in St. Louis County, MN
Properties on Market for Duplexes in St. Louis County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two independent units offer owner-occupancy potential, with no existing leases to assume.
Where is this duplex located?
The property is located at 3226 Vernon St Duluth, MN.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: 2,020‑square‑foot duplex with two units; Main floor rebuilt to the studs; upper unit updated with a new bathroom, electrical, plumbing, flooring, and paint; Two new furnaces, air conditioning, and replacement windows throughout, including the basement
