Residential Income
For Sale
$389,900
405 Lake Boulevard S, Buffalo, MN 55313
Full daylight basement space provides storage, with natural-gas forced-air heating.
Property Size3,783 SF
Price / SF$172.83
Days on Market11
Property Features for 405 Lake Boulevard S
General Information
Standard status
Active
Size
3,783 SF
Property subtype
Residential Income
Zoning
Residential-Multi-Family
Taxes and HOA fees
Annual Taxes
$4,764
Amenities
Other
Natural Gas, Forced Air
Full, Storage Space, Daylight
Concrete, Shared Driveway, Garage Door Opener, Driveway
Building Details
Building Size
3,783 SF
Year Built
1892
Stories
2
Listed By:
Nichole Fairbanks
(763) 442-2028
Source:
Evrealestate
Added: Oct 8
Changed: Oct 16
Last Checked: Oct 16 at 6:40AM
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 Nichole Fairbanks
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Investment Insights
Based on property information with market context.
This residential income property contains 2,256 square feet and was built in 1892. Interior features include a full basement with daylight and storage space, along with natural-gas forced-air heat. The property is zoned Residential-Multi-Family.
A shared driveway and concrete surfaces provide the listed vehicle access. The exterior also includes a garage door opener and driveway.
A shared driveway and concrete surfaces provide the listed vehicle access. The exterior also includes a garage door opener and driveway.
Key Highlights
- 2,256‑square‑foot residential income property
- Built in 1892
- Residential‑Multi‑Family zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,275
Cap Rate
7.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$605,500
$605.5K
Cap Rate 7%
$432,500
$432.5K
Cap Rate 9%
$336,389
$336.4K
Market Conditions
NOI Build-Up for 2,256 SF
Gross rent
$58.7K $26.04/SF
− Vacancy
−$3.7K −$1.64/SF
EGI
$55.0K $24.40/SF
− OpEx
−$24.8K −$10.98/SF
NOI
$30.3K $13.42/SF
Area
Wright 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 Rate 5%
$605,500
Cap Rate 7%
$432,500
Cap Rate 9%
$336,389
Alternative Uses
Best Use
Apartment 5plus
$432.5K
$378.4K – $504.6K
NOI $30,275 @ 7.0% cap · market cap 7.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$538.2K
$471.0K – $627.9K
NOI $37,676 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
566
Businesses Nearby
Explore this area
Business Placement
Demographics for 55313, MN
24,406
Population
9,445
Households
2.6
Avg Household Size
40
Median Age
31%
College-Educated
94%
High-School Grad
107.7 sq mi
ZIP Area
227
Density / Sq Mi
$93,471
Median Household Income
$53,867
Median Earnings
$1,150
Median Rent
$321,000
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Full daylight basement space provides storage, with natural-gas forced-air heating.
Where is this residential income property located?
The property is located at 405 Lake Boulevard S Buffalo, MN.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: 2,256‑square‑foot residential income property; Built in 1892; Residential‑Multi‑Family zoning
