Building Details

Year Built 1982

Listing Agency: Timber Ghost Realty, LLC

Listed By: Jay Hancock Real Estate Show Phone

Source: Jayhancockrealestate

Added: Aug 1 Changed: Oct 15 Last Checked: Oct 16 at 9:15AM

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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 Timber Ghost Realty, LLC

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Investment Insights

Based on property information with market context.

This side-by-side duplex contains 3,107 square feet and was built in 1982. The two residences offer distinct interior and exterior living areas, including a deck, walkout patio, and fireplace. Each unit has an attached two-car garage. Unit 408 has new appliances, fresh paint, and Luxury Vinyl Tile flooring, while Unit 410 includes nearly new appliances and low-maintenance flooring. The property also has a new roof.

Residents have association access to the lake for kayaking, paddleboarding, and swimming. Parks, walking and biking trails, recreation centers, shopping, dining, and highway connections are located minutes from the property in Shoreview. The duplex format supports separate living arrangements within one building, with updated finishes across both units.

Key Highlights

• Side‑by‑side duplex with 3,107 square feet, built in 1982
• Attached 2‑car garage for each unit
• New roof

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,395

Cap Rate

7.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$907,900 $907.9K

Cap Rate 7%

$648,500 $648.5K

Cap Rate 9%

$504,389 $504.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,107 SF

Gross rent

$69.0K $22.20/SF

− Vacancy

−$4.1K −$1.33/SF

EGI

$64.9K $20.87/SF

− OpEx

−$19.5K −$6.26/SF

NOI

$45.4K $14.61/SF

Area

Ramsey County, MN

Vacancy

5.98%

Lease Rate

$22.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$907,900

Cap Rate 7%

$648,500

Cap Rate 9%

$504,389

Alternative Uses

Best Use

Multifamily LT 5

$648.5K

$567.4K – $756.6K (±1% cap)

NOI $45,395 @ 7.0% cap · market cap 7.60%

Second Best

Apartment 5plus

$595.6K

$521.2K – $694.9K (±1% cap)

NOI $41,695 @ 7.0% cap · market cap 6.98%

Theoretical Best

Office A

$741.3K

$648.6K – $864.8K (±1% cap)

NOI $51,889 @ 7.0% cap · market cap 8.69%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Parking Lot & Garage Storage Facility Auto Repair Shop Plumbing Service Hair Salon Building Supply

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

2

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

158

Businesses Nearby

Explore this area Business Placement

Demographics for 55126, MN

27,390

Population

11,946

Households

2.3

Avg Household Size

44

Median Age

63%

College-Educated

97%

High-School Grad

13.7 sq mi

ZIP Area

1,999

Density / Sq Mi

$109,017

Median Household Income

$66,815

Median Earnings

$1,507

Median Rent

$366,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Frequently Asked Questions

What type of property is this?

Duplex - Two attached residences feature separate garages, outdoor spaces, fireplaces, and association lake access near parks and everyday amenities.

Where is this duplex located?

The property is located at 408-410 Cardigan Road Shoreview, MN.

What is the asking price?

The asking price for this property is $597,000.

What are key features of this property?

This property features: Side‑by‑side duplex with 3,107 square feet, built in 1982; Attached 2‑car garage for each unit; New roof