Duplex with On-Site
New
For Sale
$169,000
420 S Pokegama Avenue, Grand Rapids, MN 55744
Residential Income, Grand Rapids, MN
Property Size1,848 SF
Lot Size0.29 Acres
Price / SF$91.45
Days on Market3
Property Features for 420 S Pokegama Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2, Basement
Parking features
Driveway
Exterior features
Brick/Stone
Subdivision
Garlands Add To Grand Rapids
Lot features
Corner Lot, Tree Coverage - Heavy
High school district
Grand Rapids
Directions
Grand Rapids Pokegama Ave S, on the corner of Pokegama Ave and 5th St, by El Potro restaurant.
Standard status
Active
APN
915400140
Size
1,848 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1075
Utilities
Heating system
Forced Air
Building Details
Year built
1961
Building materials
Block, Brick, Frame
Roof type
Flat, Rubber
Listing Agency:
MOVE IT REAL ESTATE GROUP/LAKEHOMES.COM
(218) 327-9889
Listed By:
Terri Haapoja
(218) 327-9889
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 30 at 4:06AM
MLS# 7133242
Copyright © 2026 Northstar MLS. 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 1,848-square-foot duplex, built in 1961, includes a two-bedroom main level and a lower level with one bedroom and efficiency-style living space. The property includes two bathrooms, forced-air heat, a flat rubber roof, and exterior materials consisting of brick/stone, block, and frame construction. A 0.29-acre lot provides a driveway, with two parking spaces serving each level.
Located at 420 S Pokegama Avenue in Grand Rapids, the property is near shopping, dining, and everyday conveniences. Additional on-street parking is available along the side street, supplementing the on-site spaces.
Located at 420 S Pokegama Avenue in Grand Rapids, the property is near shopping, dining, and everyday conveniences. Additional on-street parking is available along the side street, supplementing the on-site spaces.
Key Highlights
- Duplex with 1,848 square feet of property space
- 0.29‑acre lot with driveway parking
- Main level includes 2 bedrooms
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
615
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 - Main and lower levels provide bedroom accommodations with driveway parking assigned to each level.
Where is this duplex located?
The property is located at 420 S Pokegama Avenue 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: Duplex with 1,848 square feet of property space; 0.29‑acre lot with driveway parking; Main level includes 2 bedrooms
