Two-Unit Duplex with Finished Third
For Sale
$299,900
356 1st Ave S, South Saint Paul, MN 55075
Up-and-down layout provides separate entrances, porches, and flexible finished rooms above the upper unit.
Property Size2,014 SF
Price / SF$148.91
Days on Market42
Property Features for 356 1st Ave S
General Information
Standard status
Active
Size
2,014 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
RE/MAX Results
(651) 246-5154
Listed By:
Brian Olson · License #RA-20414068
Source:
Bradadamrealty
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 6:55PM
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
Investment Insights
Based on property information with market context.
This 2,014-square-foot duplex, built in 1900, is arranged as an upper and lower residence with separate front and rear access. Each unit includes a living room, two bedrooms, and one full bathroom. The main-level residence features an open kitchen and dining arrangement with a breakfast bar, updated appliances, and a multifunction sink. Upper and lower porches extend the usable living areas, while the fenced yard adds defined outdoor space.
The upper residence connects to a finished third floor containing two additional rooms. Recent improvements include flooring, carpeting, lighting, fresh paint, and a new central furnace. The property is located at 356 1st Ave S in South Saint Paul, on a low-traffic street.
The upper residence connects to a finished third floor containing two additional rooms. Recent improvements include flooring, carpeting, lighting, fresh paint, and a new central furnace. The property is located at 356 1st Ave S in South Saint Paul, on a low-traffic street.
Key Highlights
- 2,014‑square‑foot duplex built in 1900
- Each unit has 2 bedrooms and 1 full bathroom
- Finished third floor with 2 additional rooms
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
$27,027
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
9.01%
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%
$540,540
$540.5K
Cap Rate 7%
$386,100
$386.1K
Cap Rate 9%
$300,300
$300.3K
Market Conditions
NOI Build-Up for 2,014 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
$52.4K $26.04/SF
− Vacancy
−$3.3K −$1.64/SF
EGI
$49.1K $24.40/SF
− OpEx
−$22.1K −$10.98/SF
NOI
$27.0K $13.42/SF
Area
Dakota County, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$540,540
Cap Rate 7%
$386,100
Cap Rate 9%
$300,300
Alternative Uses
Best Use
Multifamily LT 5
$420.4K
$367.8K – $490.4K
NOI $29,426 @ 7.0% cap · market cap 9.81%
Second Best
Apartment 5plus
$386.1K
$337.8K – $450.5K
NOI $27,027 @ 7.0% cap · market cap 9.01%
Theoretical Best
Healthcare Medical
$495.6K
$433.7K – $578.2K
NOI $34,693 @ 7.0% cap · market cap 11.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
647
Businesses Nearby
Explore this area
Business Placement
Demographics for 55075, MN
20,749
Population
8,460
Households
2.5
Avg Household Size
37
Median Age
31%
College-Educated
93%
High-School Grad
5.6 sq mi
ZIP Area
3,705
Density / Sq Mi
$84,573
Median Household Income
$48,724
Median Earnings
$1,128
Median Rent
$267,000
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?
Duplex - Up-and-down layout provides separate entrances, porches, and flexible finished rooms above the upper unit.
Where is this duplex located?
The property is located at 356 1st Ave S South Saint Paul, MN.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 2,014‑square‑foot duplex built in 1900; Each unit has 2 bedrooms and 1 full bathroom; Finished third floor with 2 additional rooms
