Building Details

Buildings 1

Listing Agency: Top Notch Properties & Realty Services Show Phone

Listed By: Eric A. Ruud Show Phone

Source: Exprealty

Added: Oct 8 Changed: Oct 15 Last Checked: Oct 16 at 11:52AM

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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 Top Notch Properties & Realty Services

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Investment Insights

Based on property information with market context.

This 1,766-square-foot duplex contains two apartments, each with two bedrooms and one bathroom. The main-floor residence has been updated and is ready for occupancy; the upper apartment requires finishing work. A shared basement provides laundry facilities and additional storage. The property also includes a large driveway, a two-car garage, and a separate shed.

The building sits on a corner lot at 420 1st St in downtown Farmington, Minnesota.

Key Highlights

• Two apartments, each with 2 bedrooms and 1 bathroom
• 1,766‑square‑foot duplex
• Updated main‑level apartment is ready to rent

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$25,803

Cap Rate

7.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$516,060 $516.1K

Cap Rate 7%

$368,614 $368.6K

Cap Rate 9%

$286,700 $286.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,766 SF

Gross rent

$39.2K $22.20/SF

− Vacancy

−$2.3K −$1.33/SF

EGI

$36.9K $20.87/SF

− OpEx

−$11.1K −$6.26/SF

NOI

$25.8K $14.61/SF

Area

Dakota 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%

$516,060

Cap Rate 7%

$368,614

Cap Rate 9%

$286,700

Alternative Uses

Best Use

Multifamily LT 5

$368.6K

$322.5K – $430.1K (±1% cap)

NOI $25,803 @ 7.0% cap · market cap 7.37%

Second Best

Apartment 5plus

$338.6K

$296.2K – $395.0K (±1% cap)

NOI $23,699 @ 7.0% cap · market cap 6.77%

Theoretical Best

Healthcare Medical

$434.6K

$380.3K – $507.0K (±1% cap)

NOI $30,421 @ 7.0% cap · market cap 8.69%

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

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Law Firm Real Estate Agency Spa & Massage Center Nail Salon Hair Salon Restaurant

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

Location Intelligence

Trade Area within ½ mile

377

Businesses Nearby

Explore this area Business Placement

Demographics for 55024, MN

35,948

Population

12,840

Households

2.8

Avg Household Size

35

Median Age

37%

College-Educated

94%

High-School Grad

85.1 sq mi

ZIP Area

422

Density / Sq Mi

$123,582

Median Household Income

$61,349

Median Earnings

$1,427

Median Rent

$350,500

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 separate apartments share basement laundry and storage, with a driveway, garage, and shed on site.

Where is this duplex located?

The property is located at 420 1st St Farmington, 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: Two apartments, each with 2 bedrooms and 1 bathroom; 1,766‑square‑foot duplex; Updated main‑level apartment is ready to rent