Merriam Park Multifamily Investment
For Sale
$635,000
Pending
415 Finn N Street, Saint Paul, MN 55104
Charming 5-unit building in quiet residential neighborhood.
Property Size3,900 SF
Lot Size0.14 Acres
Days on Market655
Property Features for 415 Finn N Street
General Information
Standard status
Pending
Size
3,900 SF
Lot size
0.14 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$12,364
Building Details
Year Built
1922
Listing Agency:
Twin City Real Estate Services
(612) 384-4783
Listed By:
Jason D Gaskill
(612) 384-4783
Source:
Exitrealty
Added: Nov 6, 2024
Changed: Aug 8
Last Checked: Jul 31 at 3:41PM
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 Twin City Real Estate Services
Investment Insights
Based on property information with market context.
This charming 5-plex is situated on a corner lot within a quiet residential neighborhood in Merriam Park, offering a convenient location with easy access to I-94. The property includes a 4-stall detached garage. The roof is just under 10 years old, while the boiler, water heater, and most windows are approximately 5 years old. All 5 units are currently occupied. Units 1 through 4 feature hardwood flooring throughout. Unit 5, a garden level unit, was fully renovated 3 years ago. Onsite coin operated laundry is available in the basement, along with extra storage space in the unfinished area. The property size is 3900 square feet.
Key Highlights
- Convenient location in a quiet Merriam Park neighborhood with easy access to I94.
- Relatively new roof (just under 10 years old) and boiler/water heater and most windows (5 years old).
- Includes a 4‑stall detached garage.
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
$52,337
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
8.24%
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%
$1,046,740
$1.0M
Cap Rate 7%
$747,671
$747.7K
Cap Rate 9%
$581,522
$581.5K
Market Conditions
NOI Build-Up for 3,900 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
$101.6K $26.04/SF
− Vacancy
−$6.4K −$1.64/SF
EGI
$95.2K $24.40/SF
− OpEx
−$42.8K −$10.98/SF
NOI
$52.3K $13.42/SF
Area
Dakota 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 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%
$1,046,740
Cap Rate 7%
$747,671
Cap Rate 9%
$581,522
Alternative Uses
Best Use
Apartment 5plus
$747.7K
$654.2K – $872.3K
NOI $52,337 @ 7.0% cap · market cap 8.24%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$959.7K
$839.8K – $1.12M
NOI $67,181 @ 7.0% cap · market cap 10.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,110
Businesses Nearby
Explore this area
Business Placement
Demographics for 55104, MN
45,612
Population
20,358
Households
2.2
Avg Household Size
33
Median Age
52%
College-Educated
93%
High-School Grad
6.0 sq mi
ZIP Area
7,602
Density / Sq Mi
$75,038
Median Household Income
$42,770
Median Earnings
$1,159
Median Rent
$290,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Charming 5-unit building in quiet residential neighborhood.
Where is this apartment building located?
The property is located at 415 Finn N Street Saint Paul, MN.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: Convenient location in a quiet Merriam Park neighborhood with easy access to I94.; Relatively new roof (just under 10 years old) and boiler/water heater and most windows (5 years old).; Includes a **4‑stall detached garage**.
