Listing Agency: Century 21 Atwood Show Phone

Listed By: Emily Silverness Show Phone

Source: Exprealty

Added: Aug 13 Changed: Sep 9 Last Checked: Oct 4 at 7:28PM

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Investment Insights

Based on property information with market context.

This four-unit multifamily property at 410 3rd Ave in Proctor, Minnesota offers a choice of ownership strategies. An owner occupant can live in one unit while leasing the remaining units, or the entire property can be operated as a rental asset.

The configuration supports residential income use within a single property, giving the next owner flexibility in how the units are occupied and managed.

Key Highlights

• Four‑unit multifamily configuration
• Owner‑occupancy option with additional units available for rent
• Entire property can be leased as a residential income asset

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$10,694

Cap Rate

3.06%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$213,880 $213.9K

Cap Rate 7%

$152,771 $152.8K

Cap Rate 9%

$118,822 $118.8K

Market Conditions

NOI Build-Up for 1,200 SF

Gross rent

$16.2K $13.50/SF

− Vacancy

−$923 −$0.77/SF

EGI

$15.3K $12.73/SF

− OpEx

−$4.6K −$3.82/SF

NOI

$10.7K $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 Rate 5%

$213,880

Cap Rate 7%

$152,771

Cap Rate 9%

$118,822

Alternative Uses

Best Use

Multifamily LT 5

$152.8K

$133.7K – $178.2K (±1% cap)

NOI $10,694 @ 7.0% cap · market cap 3.06%

Second Best

Apartment 5plus

$140.4K

$122.8K – $163.8K (±1% cap)

NOI $9,827 @ 7.0% cap · market cap 2.81%

Theoretical Best

Specialty Retail

$465.5K

$407.3K – $543.1K (±1% cap)

NOI $32,585 @ 7.0% cap · market cap 9.31%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Quadplexes

Suggested Use

Top Pick Real Estate Agency Restaurant Hair Salon Dental Office Nail Salon Parking Lot & Garage

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

4

Residential units

Location Intelligence

Trade Area within ½ mile

233

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

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

Frequently Asked Questions

What type of property is this?

Quadplex - Four residential units provide flexibility for an owner occupant or a landlord leasing the entire property.

Where is this quadplex located?

The property is located at 410 3rd Ave Proctor, MN.

What is the asking price?

The asking price for this property is $349,900.

What are key features of this property?

This property features: Four‑unit multifamily configuration; Owner‑occupancy option with additional units available for rent; Entire property can be leased as a residential income asset