Four-Unit Multifamily
New
For Sale
$447,500
4656 Polk Street NE, Columbia Heights, MN 55421
Residential Income, Columbia Heights, MN
Property Size3,021 SF
Lot Size0.14 Acres
Price / SF$148.13
Days on Market4
Property Features for 4656 Polk Street NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 5, Bedroom 7, Bathroom 3, Bedroom 4, Basement, Bedroom 3, Bedroom 6, Bathroom 4, Bedroom 1, Bathroom 2, Bedroom 2, Laundry Room
Parking features
Driveway
Subdivision
Sheffields 2nd Sub
High school district
Columbia Heights
Directions
I-694 TO CENTRAL AVENUE NORTHEAST/MN-65 TO 47TH AVENUE NORTHEAST TO POLK STREET NORTHEAST TO HOME
Standard status
Active
APN
253024330022
Size
3,021 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7354
Utilities
Heating system
Hot Water(Heating)
Amenities
on-site laundry
dedicated storage unit
Building Details
Year built
1960
Roof type
Shingle
Listing Agency:
RE/MAX Results · RE/MAX International
(612) 314-1520
Listed By:
Myrna L Bourcy · License #214074
(952) 829-2900
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 24 at 8:06AM
MLS# 7140735
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 1960 multifamily property contains four apartments within 3,021 square feet on a 0.14-acre parcel. The unit mix includes one studio and three two-bedroom units. A stucco and brick exterior, shingle roof, hot-water heating, and a driveway provide durable building features and on-site access. Each apartment has a dedicated storage unit, while updated electric panels provide separate service for the units. Laundry facilities are located on site, and the property is fully occupied.
Situated in Columbia Heights, the property is near bus lines, local shopping, restaurants, and everyday amenities. Off-street parking is available through the driveway, with additional street parking nearby. The combination of a compact four-unit layout, established occupancy, and practical resident features supports continued multifamily use.
Situated in Columbia Heights, the property is near bus lines, local shopping, restaurants, and everyday amenities. Off-street parking is available through the driveway, with additional street parking nearby. The combination of a compact four-unit layout, established occupancy, and practical resident features supports continued multifamily use.
Key Highlights
- Four‑unit property with one studio and three two‑bedroom apartments
- 3,021 square feet on a 0.14‑acre parcel
- Fully occupied with rental income in place
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - One studio and three two-bedroom apartments include on-site laundry and individual storage.
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 apartments; 3,021 square feet on a 0.14‑acre parcel; Fully occupied with rental income in place
