4-Unit Multifamily
New
For Sale
$447,500
4656 Polk Street NE, Columbia Heights, MN 55421
Fully occupied building with separate electric services, laundry, storage, and off-street parking for residents.
Property Size3,021 SF
Price / SF$148.13
Days on Market3
Property Features for 4656 Polk Street NE
General Information
Standard status
Active
Size
3,021 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x studio, 3 x 2BR
Multifamily Units
4
Additional Details
Public Transit
Yes
Amenities
on-site laundry
dedicated storage unit for each apartment
off-street parking
Building Details
Year Built
1960
Construction
stucco and brick
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 3:38PM
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 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 = 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
$37,416
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
8.36%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
