Updated
New
For Sale
$379,900
3226 Vernon St, Duluth, MN 55806
MULTI-FAMILY, Duluth, MN
Property Size2,020 SF
Lot Size0.12 Acres
Price / SF$188.07
Days on Market3
Property Features for 3226 Vernon St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
1
Rooms
Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 4, Bedroom 2, Basement
Parking features
Off Street, Driveway
Patio and Porch features
Deck, Porch
Exterior features
Balcony, Deck, Fenced Yard - Full, Porch, Gutter/Downspout
Fencing
Fenced
Lot features
Corner Lot, Landscaped, Pub. Trans (w/in 6 blks), Tree Coverage - Light, Level
Elementary school district
Duluth #709
Middle school district
Duluth #709
High school district
Duluth #709
Directions
Grand Ave to Vernon St.
Subdivision
LSAR
Standard status
Active
APN
010-0330-00550
Size
2,020 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2856
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1914
Floors in Building
2
Number of units
2
Roof type
Shingle, Rubber
Listing Agency:
RE/MAX Results · RE/MAX International
Listed By:
Michelle Ryan
(952) 829-2900
Added: Oct 26
Changed: Oct 28
Last Checked: Oct 28 at 8:06AM
MLS# 6128649
Copyright © 2026 Lake Superior Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 2,020-square-foot duplex, built in 1914, sits on a 0.12-acre lot. The main-floor interior was rebuilt from the framing, while the upper apartment received a new bathroom, electrical and plumbing work, flooring, and paint. Building updates include two furnaces, air conditioning, electrical panels, windows throughout including the basement, and new roofing on the house, balcony, porch, and garage.
Outdoor features include a composite deck, balcony, front porch, fenced yard, and walkways. The garage has steel siding and a new door. A clean, dry basement provides storage. Neither apartment has a current lease in place.
Outdoor features include a composite deck, balcony, front porch, fenced yard, and walkways. The garage has steel siding and a new door. A clean, dry basement provides storage. Neither apartment has a current lease in place.
Key Highlights
- 2,020‑square‑foot duplex on a 0.12‑acre lot
- Main‑floor interior rebuilt from the framing; upper apartment updated with a new bathroom, electrical, plumbing, flooring, and paint
- Two new furnaces, air conditioning, new electrical panels, and 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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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
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both apartments are free of existing leases, and the property includes extensive interior and building-system improvements.
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 on a 0.12‑acre lot; Main‑floor interior rebuilt from the framing; upper apartment updated with a new bathroom, electrical, plumbing, flooring, and paint; Two new furnaces, air conditioning, new electrical panels, and windows throughout, including the basement
