Updated Duplex with
New
For Sale
$219,900
409 N 51st Ave W, Duluth, MN 55807
Up-and-down duplex with updated systems, back decks, and additional yard space from a recently acquired parcel.
Property Size1,822 SF
Price / SF$120.69
Days on Market6
Property Features for 409 N 51st Ave W
General Information
Standard status
Active
Size
1,822 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
back deck
yard space
Building Details
Year Built
1909
Year Renovated
2017
Buildings
1
Listing Agency:
Adolphson Real Estate
Listed By:
Rachel Betts Larson
(218) 591-9652
Source:
Js-realty
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 13 at 12:47PM
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 Adolphson Real Estate
Investment Insights
Based on property information with market context.
This 1,822-square-foot duplex has an up-and-down configuration with two bedrooms and one bathroom in each unit. The property includes back decks, a two-car garage, and expanded yard space from a recently acquired additional parcel. Major improvements completed in 2017 included the roof, windows, doors, furnaces, electrical system, and plumbing. Hot water heaters were replaced in 2019 and 2021.
A current rental license remains in place through 1/1/29. The property is located at 409 N 51st Ave W in Duluth, near shopping, restaurants, and everyday amenities. Built in 1909, the duplex offers a two-unit layout with updated core systems and outdoor features.
A current rental license remains in place through 1/1/29. The property is located at 409 N 51st Ave W in Duluth, near shopping, restaurants, and everyday amenities. Built in 1909, the duplex offers a two-unit layout with updated core systems and outdoor features.
Key Highlights
- 1,822‑square‑foot duplex with two bedrooms and one bathroom in each unit
- Major 2017 updates included roof, windows, doors, furnaces, electrical, and plumbing
- Hot water heaters replaced in 2019 and 2021
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
$16,236
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
7.38%
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%
$324,720
$324.7K
Cap Rate 7%
$231,943
$231.9K
Cap Rate 9%
$180,400
$180.4K
Market Conditions
NOI Build-Up for 1,822 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
$24.6K $13.50/SF
− Vacancy
−$1.4K −$0.77/SF
EGI
$23.2K $12.73/SF
− OpEx
−$7.0K −$3.82/SF
NOI
$16.2K $8.91/SF
Area
St. Louis County, MN
Vacancy
5.70%
Lease Rate
$13.50 /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%
$324,720
Cap Rate 7%
$231,943
Cap Rate 9%
$180,400
Alternative Uses
Best Use
Multifamily LT 5
$231.9K
$203.0K – $270.6K
NOI $16,236 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$213.2K
$186.5K – $248.7K
NOI $14,921 @ 7.0% cap · market cap 6.79%
Theoretical Best
Specialty Retail
$706.8K
$618.4K – $824.6K
NOI $49,475 @ 7.0% cap · market cap 22.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
629
Businesses Nearby
Explore this area
Business Placement
Demographics for 55807, MN
9,674
Population
4,572
Households
2.1
Avg Household Size
39
Median Age
29%
College-Educated
95%
High-School Grad
5.8 sq mi
ZIP Area
1,668
Density / Sq Mi
$63,670
Median Household Income
$36,246
Median Earnings
$797
Median Rent
$164,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Up-and-down duplex with updated systems, back decks, and additional yard space from a recently acquired parcel.
Where is this duplex located?
The property is located at 409 N 51st Ave W Duluth, MN.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: 1,822‑square‑foot duplex with two bedrooms and one bathroom in each unit; Major 2017 updates included roof, windows, doors, furnaces, electrical, and plumbing; Hot water heaters replaced in 2019 and 2021
