Building Details

Year Built 1959

Listing Agency: The Real Estate Company of Detroit Lakes

Listed By: Grant Briard Show Phone

Source: Tayloronken

Added: Aug 17 Changed: Oct 2 Last Checked: Oct 4 at 11:31AM

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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 The Real Estate Company of Detroit Lakes

Investment Insights

Based on property information with market context.

This updated triplex includes three separate residential units with a combined PropertySize of 3400 square feet. The lower level contains a 1,200-square-foot, two-bedroom, one-bath unit. Upstairs are a 1,600-square-foot, three-bedroom, one-bath unit and a 600-square-foot, one-bedroom, one-bath efficiency-style unit.

The property is located at 401 1st Ave SE in Pelican Rapids, Minnesota, near the pool. The source information indicates a cap rate near 10 percent, providing a relevant metric for evaluating the property as a residential income asset.

Key Highlights

• Three‑unit triplex with updated interiors
• 1,200‑square‑foot lower‑level unit with 2 bedrooms and 1 bathroom
• 1,600‑square‑foot upper unit with 3 bedrooms and 1 bathroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$26,359

Cap Rate

9.11%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$527,180 $527.2K

Cap Rate 7%

$376,557 $376.6K

Cap Rate 9%

$292,878 $292.9K

Market Conditions

NOI Build-Up for 3,400 SF

Gross rent

$50.2K $14.76/SF

− Vacancy

−$2.3K −$0.66/SF

EGI

$47.9K $14.10/SF

− OpEx

−$21.6K −$6.34/SF

NOI

$26.4K $7.75/SF

Area

Otter Tail County, MN

Vacancy

4.50%

Lease Rate

$14.76 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$527,180

Cap Rate 7%

$376,557

Cap Rate 9%

$292,878

Alternative Uses

Best Use

Multifamily LT 5

$407.0K

$356.1K – $474.8K (±1% cap)

NOI $28,489 @ 7.0% cap · market cap 9.84%

Second Best

Apartment 5plus

$376.6K

$329.5K – $439.3K (±1% cap)

NOI $26,359 @ 7.0% cap · market cap 9.11%

Theoretical Best

Office A

$738.6K

$646.3K – $861.7K (±1% cap)

NOI $51,702 @ 7.0% cap · market cap 17.86%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Parking Lot & Garage HVAC Service Furniture & Home Goods Storage Facility Garden Center Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

265

Businesses Nearby

Explore this area Business Placement

Demographics for 56572, MN

5,747

Population

4,191

Households

1.4

Avg Household Size

46

Median Age

29%

College-Educated

89%

High-School Grad

171.4 sq mi

ZIP Area

34

Density / Sq Mi

$83,631

Median Household Income

$47,311

Median Earnings

$412

Median Rent

$291,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Three residential units offer a mix of two-bedroom, one-bedroom, and efficiency layouts.

Where is this triplex located?

The property is located at 401 1st Ave SE Pelican Rapids, MN.

What is the asking price?

The asking price for this property is $289,500.

What are key features of this property?

This property features: Three‑unit triplex with updated interiors; 1,200‑square‑foot lower‑level unit with 2 bedrooms and 1 bathroom; 1,600‑square‑foot upper unit with 3 bedrooms and 1 bathroom