Duplex with Three Living
New
For Sale
$424,900
4524 Fillmore Street NE, Columbia Heights, MN 55421
Two upper residences and a separate lower-level space provide flexible living and rental configurations.
Property Size2,970 SF
Price / SF$143.06
Days on Market3
Property Features for 4524 Fillmore Street NE
General Information
Standard status
Active
Size
2,970 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Amenities
basement storage
laundry
Building Details
Year Built
1960
Listing Agency:
Realty Executive Associates
Listed By:
The Antonov Group
(612) 445-4981
Source:
Theantonovgroup
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 22 at 4:02PM
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 Realty Executive Associates
Investment Insights
Based on property information with market context.
This 2,970-square-foot duplex, built in 1960, includes two separate upper-level residences. Each upper unit has 2 bedrooms, 1 bathroom, a living room, a kitchen, and access to basement storage and laundry. A distinct lower-level living area adds 2 bedrooms, a kitchen, a living area, and a bathroom, subject to applicable city and zoning requirements.
The property is located at 4524 Fillmore Street NE in Columbia Heights, Minnesota. Recent property updates include a new roof and a newer boiler. There is no central air conditioning; cooling is provided by window A/C units. The three separate living areas support a range of owner-occupant and rental arrangements, with final use subject to applicable requirements.
The property is located at 4524 Fillmore Street NE in Columbia Heights, Minnesota. Recent property updates include a new roof and a newer boiler. There is no central air conditioning; cooling is provided by window A/C units. The three separate living areas support a range of owner-occupant and rental arrangements, with final use subject to applicable requirements.
Key Highlights
- 2,970‑square‑foot duplex at 4524 Fillmore Street NE, Columbia Heights, MN 55421
- Two upper‑level units, each with 2 bedrooms and 1 bathroom
- Separate lower‑level living area with 2 bedrooms, kitchen, living area, and bathroom
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
$36,785
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
8.66%
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%
$735,700
$735.7K
Cap Rate 7%
$525,500
$525.5K
Cap Rate 9%
$408,722
$408.7K
Market Conditions
NOI Build-Up for 2,970 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
$56.3K $18.96/SF
− Vacancy
−$3.8K −$1.27/SF
EGI
$52.5K $17.69/SF
− OpEx
−$15.8K −$5.31/SF
NOI
$36.8K $12.39/SF
Area
Anoka County, MN
Vacancy
6.68%
Lease Rate
$18.96 /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%
$735,700
Cap Rate 7%
$525,500
Cap Rate 9%
$408,722
Alternative Uses
Best Use
Multifamily LT 5
$525.5K
$459.8K – $613.1K
NOI $36,785 @ 7.0% cap · market cap 8.66%
Second Best
Apartment 5plus
$484.2K
$423.7K – $565.0K
NOI $33,897 @ 7.0% cap · market cap 7.98%
Theoretical Best
Office A
$825.0K
$721.9K – $962.5K
NOI $57,748 @ 7.0% cap · market cap 13.59%
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
554
Businesses Nearby
Explore this area
Business Placement
Demographics for 55421, MN
30,580
Population
13,247
Households
2.3
Avg Household Size
37
Median Age
34%
College-Educated
90%
High-School Grad
6.3 sq mi
ZIP Area
4,854
Density / Sq Mi
$75,141
Median Household Income
$44,242
Median Earnings
$1,281
Median Rent
$260,500
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 - Two upper residences and a separate lower-level space provide flexible living and rental configurations.
Where is this duplex located?
The property is located at 4524 Fillmore Street NE Columbia Heights, MN.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: 2,970‑square‑foot duplex at 4524 Fillmore Street NE, Columbia Heights, MN 55421; Two upper‑level units, each with 2 bedrooms and 1 bathroom; Separate lower‑level living area with 2 bedrooms, kitchen, living area, and bathroom
