Solar-Powered Triplex with Three-Car
For Sale
$575,000
449 Selby Ave, Saint Paul, MN 55102
Three one-bedroom units combine historic detailing with updated fixtures and abundant natural light.
Property Size1,871 SF
Price / SF$307.32
Days on Market9
Property Features for 449 Selby Ave
General Information
Standard status
Active
Size
1,871 SF
Total Parking Spaces
3
Property subtype
Residential Income
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,979
Amenities
front porch
solar panel array
electric vehicle charging
landscaping
perennial plants
permeable paver patio and walkway
Building Details
Year Built
1886
Buildings
1
Listing Agency:
RE/MAX Results
(612) 802-5001
Listed By:
Joseph D Oslund
(612) 802-5001
Source:
Exprealty
Added: Aug 2
Changed: Aug 9
Last Checked: Aug 9 at 3:08PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This 1,871-square-foot triplex at 449 Selby Ave includes three one-bedroom, one-bathroom units with practical layouts and period character. Original trim, woodwork, hardwood flooring, ornamental exterior details, and front porch elements are complemented by updated fixtures and large windows. The property was built in 1886 and includes a newer 32' x 20' three-car garage.
The garage is paired with a 27-panel 8kWh solar array, electric vehicle charging, and off-peak metering. The system produces 9,100 kWh per year. Exterior improvements include Chilton limestone landscaping, an asphalt driveway, perennial plantings, and a permeable paver patio and walkway. The property is located near restaurants, cafes, trails, Mississippi Co-op, St. Paul Curling Club, parks, and schools.
The garage is paired with a 27-panel 8kWh solar array, electric vehicle charging, and off-peak metering. The system produces 9,100 kWh per year. Exterior improvements include Chilton limestone landscaping, an asphalt driveway, perennial plantings, and a permeable paver patio and walkway. The property is located near restaurants, cafes, trails, Mississippi Co-op, St. Paul Curling Club, parks, and schools.
Key Highlights
- Three 1‑bedroom, 1‑bathroom units in an 1871‑square‑foot triplex
- Newer 32' x 20' 3‑car garage
- 27‑panel 8kWh solar panel array producing 9,100 kWh per year
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
$27,337
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
4.75%
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%
$546,740
$546.7K
Cap Rate 7%
$390,529
$390.5K
Cap Rate 9%
$303,744
$303.7K
Market Conditions
NOI Build-Up for 1,871 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
$41.5K $22.20/SF
− Vacancy
−$2.5K −$1.33/SF
EGI
$39.1K $20.87/SF
− OpEx
−$11.7K −$6.26/SF
NOI
$27.3K $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 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%
$546,740
Cap Rate 7%
$390,529
Cap Rate 9%
$303,744
Alternative Uses
Best Use
Multifamily LT 5
$390.5K
$341.7K – $455.6K
NOI $27,337 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$358.7K
$313.9K – $418.5K
NOI $25,108 @ 7.0% cap · market cap 4.37%
Theoretical Best
Healthcare Medical
$460.4K
$402.9K – $537.2K
NOI $32,230 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,917
Businesses Nearby
Explore this area
Business Placement
Demographics for 55102, MN
20,355
Population
11,582
Households
1.8
Avg Household Size
39
Median Age
55%
College-Educated
96%
High-School Grad
3.3 sq mi
ZIP Area
6,168
Density / Sq Mi
$74,143
Median Household Income
$54,042
Median Earnings
$1,295
Median Rent
$280,400
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?
Triplex - Three one-bedroom units combine historic detailing with updated fixtures and abundant natural light.
Where is this triplex located?
The property is located at 449 Selby Ave Saint Paul, MN.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Three 1‑bedroom, 1‑bathroom units in an 1871‑square‑foot triplex; Newer 32' x 20' 3‑car garage; 27‑panel 8kWh solar panel array producing 9,100 kWh per year
