Four-Unit
New
For Sale
$349,900
410 3rd Ave, Proctor, MN 55810
MULTI-FAMILY, Proctor, MN
Property Size1,200 SF
Lot Size0.21 Acres
Price / SF$291.58
Days on Market6
Property Features for 410 3rd Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 4, Bedroom 2, Basement, Bedroom 3, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 1
Basement
Block, Apartment
Elementary school district
Proctor #704
Middle school district
Proctor #704
High school district
Proctor #704
Directions
From I35, Take Proctor Exit, Highway 2, right on 3rd ave. Property is on the right 410 3rd Ave
Subdivision
LSAR
Standard status
Active
APN
185-0130-00060
Size
1,200 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5056
Utilities
Heating system
Radiant, Natural Gas, Baseboard
Building Details
Year built
1946
Floors in Building
2
Number of units
4
Roof type
Rubber, Flat
Listing Agency:
Century 21 Atwood · Century 21 Real Estate
(218) 722-8221
Listed By:
Emily Silverness
(218) 722-8221
Added: Aug 16
Changed: Aug 19
Last Checked: Aug 21 at 12:06AM
MLS# 6127347
Copyright © 2026 Lake Superior Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This quadplex at 410 3rd Ave in Proctor includes 1,200 square feet of property size on a 0.21-acre lot. The room schedule identifies four bedrooms, four bathrooms, and a basement. Built in 1946, the property has radiant, natural-gas, and baseboard heating. The roof is described as flat with a rubber covering.
Located in Proctor, Minnesota, the property is within St. Louis County and carries a 55810 postal code. Its four-unit configuration provides a multifamily format with the identified residential rooms and building systems already in place.
Located in Proctor, Minnesota, the property is within St. Louis County and carries a 55810 postal code. Its four-unit configuration provides a multifamily format with the identified residential rooms and building systems already in place.
Key Highlights
- Quadplex configuration with four residential units
- 1,200 square feet on a 0.21‑acre lot
- Four bedrooms and four bathrooms identified
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
$10,694
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
3.06%
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%
$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
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
$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 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%
$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
NOI $10,694 @ 7.0% cap · market cap 3.06%
Second Best
Apartment 5plus
$140.4K
$122.8K – $163.8K
NOI $9,827 @ 7.0% cap · market cap 2.81%
Theoretical Best
Specialty Retail
$465.5K
$407.3K – $543.1K
NOI $32,585 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Explore this area
Business Placement
Demographics for 55810, MN
8,700
Population
3,648
Households
2.4
Avg Household Size
43
Median Age
27%
College-Educated
96%
High-School Grad
47.3 sq mi
ZIP Area
184
Density / Sq Mi
$81,894
Median Household Income
$49,620
Median Earnings
$1,102
Median Rent
$223,700
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?
Quadplex - The property identifies four bedrooms and four bathrooms, with radiant, natural-gas, and baseboard heating.
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: Quadplex configuration with four residential units; 1,200 square feet on a 0.21‑acre lot; Four bedrooms and four bathrooms identified
