Remodeled Historic Apartment
For Sale
Contact for pricing
400-408 1st Ave. SW, Chisholm, MN 55719
Apartment suites feature tall ceilings, large windows, new appliances, and one- or two-bedroom layouts.
Property Size33,778 SF
Price / SF$93.26
Days on Market108
Property Features for 400-408 1st Ave. SW
General Information
Standard status
Active
Size
33,778 SF
Class
A
Total Parking Spaces
33
Property subtype
Multifamily
Zoning
Residential
Building Details
Year Built
1920
Year Renovated
2025
Buildings
1
Units
20
Tenancy
Multi
Listing Agency:
Consulting, Management & Realty Associates LLC
Listed By:
Beth Wentzlaff · License #MN 20396394
(218) 727-0064
Source:
Crexi
Added: Jul 3
Changed: Oct 16
Last Checked: Oct 16 at 7:10AM
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 Consulting, Management & Realty Associates LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Originally built in 1920, this 33,778-square-foot apartment property occupies a converted historic school building with remodeled interior spaces. The suites offer tall ceilings, oversized windows, generous rooms, and new appliances. Most units also retain fireplaces and refinished hardwood flooring.
Apartments on the second and third floors include galley kitchens, bedrooms, and baths, with both one- and two-bedroom configurations represented. One suite includes two bedrooms, two baths, a large living room, walk-in closet, spacious kitchen, and private laundry room.
The property is located in the southwest portion of downtown Chisholm, with access to local amenities, major roads, and the Iron Range region. The address is 400-408 1st Ave. SW, Chisholm, MN 55719.
Apartments on the second and third floors include galley kitchens, bedrooms, and baths, with both one- and two-bedroom configurations represented. One suite includes two bedrooms, two baths, a large living room, walk-in closet, spacious kitchen, and private laundry room.
The property is located in the southwest portion of downtown Chisholm, with access to local amenities, major roads, and the Iron Range region. The address is 400-408 1st Ave. SW, Chisholm, MN 55719.
Key Highlights
- 33,778‑square‑foot apartment building originally constructed in 1920
- Historic school building converted into remodeled apartment suites
- One- and two‑bedroom layouts with galley kitchens, bedrooms, and baths
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$276,617
Cap Rate
8.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,532,340
$5.5M
Cap Rate 7%
$3,951,671
$4.0M
Cap Rate 9%
$3,073,522
$3.1M
Market Conditions
NOI Build-Up for 33,778 SF
Gross rent
$535.0K $15.84/SF
− Vacancy
−$32.1K −$0.95/SF
EGI
$502.9K $14.89/SF
− OpEx
−$226.3K −$6.70/SF
NOI
$276.6K $8.19/SF
Area
St. Louis County, MN
Vacancy
6.00%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,532,340
Cap Rate 7%
$3,951,671
Cap Rate 9%
$3,073,522
Alternative Uses
Best Use
Apartment 5plus
$3.95M
$3.46M – $4.61M
NOI $276,617 @ 7.0% cap · market cap 8.78%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$13.10M
$11.47M – $15.29M
NOI $917,211 @ 7.0% cap · market cap 29.12%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
Explore this area
Business Placement
Demographics for 55719, MN
5,668
Population
2,568
Households
2.2
Avg Household Size
43
Median Age
16%
College-Educated
93%
High-School Grad
84.3 sq mi
ZIP Area
67
Density / Sq Mi
$63,497
Median Household Income
$38,045
Median Earnings
$784
Median Rent
$121,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Apartment suites feature tall ceilings, large windows, new appliances, and one- or two-bedroom layouts.
Where is this apartment building located?
The property is located at 400-408 1st Ave. SW Chisholm, MN.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: 33,778‑square‑foot apartment building originally constructed in 1920; Historic school building converted into remodeled apartment suites; One- and two‑bedroom layouts with galley kitchens, bedrooms, and baths
