Two-Story Duplex with
For Sale
$375,000
4023 6th St NE, Columbia Heights, MN 55421
Both units offer two bedrooms, sunrooms, replacement windows, and hardwood floors.
Property Size2,100 SF
Price / SF$178.57
Days on Market42
Property Features for 4023 6th St NE
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR+sunroom
Multifamily Units
2
Building Details
Year Built
1927
Buildings
1
Stories
2
Listing Agency:
RE/MAX Results
(952) 829-2900
Listed By:
Pat Hiller
Source:
Bradadamrealty
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 12:00PM
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.
Built in 1927, this two-story duplex is arranged as an upper unit and a lower unit. Each apartment includes two bedrooms, a sunroom, replacement windows, and hardwood floors. The lower residence also features detailed woodwork. Brand-new boilers and water heaters serve the property, while newer patio improvements, Leafguard gutters, and new garage doors add to the exterior package.
The property is fully vacant and located at 4023 6th St NE in Columbia Heights. Parks, miles of trails, and Sarna's restaurant are noted in the surrounding area. Property size is 2100, providing a compact duplex configuration for an owner-occupant or rental operator.
The property is fully vacant and located at 4023 6th St NE in Columbia Heights. Parks, miles of trails, and Sarna's restaurant are noted in the surrounding area. Property size is 2100, providing a compact duplex configuration for an owner-occupant or rental operator.
Key Highlights
- Two‑story up/down duplex with two bedrooms and a sunroom in each unit
- Both apartments feature replacement windows and hardwood floors
- Lower unit includes detailed woodwork and a sunroom
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
$26,009
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
6.94%
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%
$520,180
$520.2K
Cap Rate 7%
$371,557
$371.6K
Cap Rate 9%
$288,989
$289.0K
Market Conditions
NOI Build-Up for 2,100 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
$39.8K $18.96/SF
− Vacancy
−$2.7K −$1.27/SF
EGI
$37.2K $17.69/SF
− OpEx
−$11.1K −$5.31/SF
NOI
$26.0K $12.39/SF
Area
Anoka County, MN
Vacancy
6.68%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
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%
$520,180
Cap Rate 7%
$371,557
Cap Rate 9%
$288,989
Alternative Uses
Best Use
Multifamily LT 5
$371.6K
$325.1K – $433.5K
NOI $26,009 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$342.4K
$299.6K – $399.5K
NOI $23,967 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$583.3K
$510.4K – $680.5K
NOI $40,832 @ 7.0% cap · market cap 10.89%
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
633
Businesses Nearby
Explore this area
Business Placement
Demographics for 55421, MN
30,580
Population
13,247
Households
2.3
Avg Household Size
37
Median Age
34%
College-Educated
90%
High-School Grad
6.3 sq mi
ZIP Area
4,854
Density / Sq Mi
$75,141
Median Household Income
$44,242
Median Earnings
$1,281
Median Rent
$260,500
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 - Both units offer two bedrooms, sunrooms, replacement windows, and hardwood floors.
Where is this duplex located?
The property is located at 4023 6th St NE Columbia Heights, MN.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑story up/down duplex with two bedrooms and a sunroom in each unit; Both apartments feature replacement windows and hardwood floors; Lower unit includes detailed woodwork and a sunroom
