4-Unit Multifamily
4656 Polk Street NE, Columbia Heights, MN 55421
For Sale
$447,500
Pending
Fully occupied building with separate electric services, laundry, storage, and off-street parking for residents.
Property Size3,021 SF
Days on Market49
Property Features for 4656 Polk Street NE
General Information
Standard status
Size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Additional Details
Public Transit
Amenities
on-site laundry
dedicated storage unit for each apartment
off-street parking
Building Details
Year Built
Construction
Listing Agency:
Lakes Area Realty
Listed By:
The Antonov Group
(612) 445-4981
Source:
Theantonovgroup
Added: Sep 22
Changed: Nov 8
Last Checked: Nov 8 at 5:31AM
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 Lakes Area Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains one studio and three two-bedroom apartments within a 3,021-square-foot building constructed in 1960. The exterior combines stucco and brick, while each residence has a dedicated storage unit. Updated electric panels provide separate services for the individual units, and on-site laundry adds a practical resident amenity. The property is fully occupied and produces rental income.
Off-street parking is available, with additional street parking nearby. The Columbia Heights setting places residents close to bus lines, shopping, restaurants, and everyday amenities. The configuration also supports owner-occupancy, with the potential to live in one apartment while renting the remaining units.
Off-street parking is available, with additional street parking nearby. The Columbia Heights setting places residents close to bus lines, shopping, restaurants, and everyday amenities. The configuration also supports owner-occupancy, with the potential to live in one apartment while renting the remaining units.
Key Highlights
- Four‑unit property with one studio and three two‑bedroom units
- Fully occupied and generating rental income
- 3,021‑square‑foot building constructed in 1960
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,416
Cap Rate
8.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$748,320
$748.3K
Cap Rate 7%
$534,514
$534.5K
Cap Rate 9%
$415,733
$415.7K
Market Conditions
NOI Build-Up for 3,021 SF
Gross rent
$57.3K $18.96/SF
− Vacancy
−$3.8K −$1.27/SF
EGI
$53.5K $17.69/SF
− OpEx
−$16.0K −$5.31/SF
NOI
$37.4K $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 Rate 5%
$748,320
Cap Rate 7%
$534,514
Cap Rate 9%
$415,733
Alternative Uses
Best Use
Multifamily LT 5
$534.5K
$467.7K – $623.6K
NOI $37,416 @ 7.0% cap · market cap 8.36%
Second Best
Apartment 5plus
$492.6K
$431.0K – $574.7K
NOI $34,479 @ 7.0% cap · market cap 7.70%
Theoretical Best
Office A
$839.1K
$734.3K – $979.0K
NOI $58,740 @ 7.0% cap · market cap 13.13%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
451
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
Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied building with separate electric services, laundry, storage, and off-street parking for residents.
Where is this quadplex located?
The property is located at 4656 Polk Street NE Columbia Heights, MN.
What is the asking price?
The asking price for this property is $447,500.
What are key features of this property?
This property features: Four‑unit property with one studio and three two‑bedroom units; Fully occupied and generating rental income; 3,021‑square‑foot building constructed in 1960
