Two-Level
New
For Sale
$169,000
420 S Pokegama Ave, Grand Rapids, MN 55744
Duplex with separate living areas, dedicated parking, and access to nearby shopping, dining, and daily conveniences.
Property Size1,848 SF
Price / SF$91.45
Days on Market2
Property Features for 420 S Pokegama Ave
General Information
Standard status
Active
Size
1,848 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1961
Listing Agency:
MOVE IT REAL ESTATE GROUP/LAKEHOMES.COM
Listed By:
Terri Haapoja
(218) 259-5068
Source:
Chrisfritchteam
Added: Sep 6
Last Checked: Aug 30 at 4:13PM
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 MOVE IT REAL ESTATE GROUP/LAKEHOMES.COM
Investment Insights
Based on property information with market context.
This two-level duplex includes a two-bedroom main-floor residence and a lower-level residence configured with one bedroom and efficiency-style living space. Each level has two designated parking spaces, while additional on-street parking is available along the side street.
The property is positioned near shopping, dining, and other everyday conveniences, giving both living areas access to nearby services. Its separate floor layouts and defined parking arrangement provide a straightforward duplex configuration for residential occupancy.
The property is positioned near shopping, dining, and other everyday conveniences, giving both living areas access to nearby services. Its separate floor layouts and defined parking arrangement provide a straightforward duplex configuration for residential occupancy.
Key Highlights
- Two‑level duplex with separate main- and lower‑level living areas
- Main level includes 2 bedrooms
- Lower level offers 1 bedroom and efficiency living
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
$8,532
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
5.05%
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%
$170,640
$170.6K
Cap Rate 7%
$121,886
$121.9K
Cap Rate 9%
$94,800
$94.8K
Market Conditions
NOI Build-Up for 1,848 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
$14.6K $7.92/SF
− Vacancy
−$2.4K −$1.32/SF
EGI
$12.2K $6.60/SF
− OpEx
−$3.7K −$1.98/SF
NOI
$8.5K $4.62/SF
Area
Itasca County, MN
Vacancy
16.72%
Lease Rate
$7.92 /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%
$170,640
Cap Rate 7%
$121,886
Cap Rate 9%
$94,800
Alternative Uses
Best Use
Multifamily LT 5
$121.9K
$106.7K – $142.2K
NOI $8,532 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$104.8K
$91.7K – $122.3K
NOI $7,337 @ 7.0% cap · market cap 4.34%
Theoretical Best
Specialty Retail
$178.2K
$155.9K – $207.9K
NOI $12,471 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
825
Businesses Nearby
Explore this area
Business Placement
Demographics for 55744, MN
20,096
Population
9,733
Households
2.1
Avg Household Size
45
Median Age
30%
College-Educated
95%
High-School Grad
239.4 sq mi
ZIP Area
84
Density / Sq Mi
$68,213
Median Household Income
$39,232
Median Earnings
$1,014
Median Rent
$232,700
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?
Duplex - Duplex with separate living areas, dedicated parking, and access to nearby shopping, dining, and daily conveniences.
Where is this duplex located?
The property is located at 420 S Pokegama Ave Grand Rapids, MN.
What is the asking price?
The asking price for this property is $169,000.
What are key features of this property?
This property features: Two‑level duplex with separate main- and lower‑level living areas; Main level includes 2 bedrooms; Lower level offers 1 bedroom and efficiency living
