Building Details

Year Built 1860

Year Renovated 2022

Listing Agency: RE/MAX Results

Listed By: Jason McGrath Show Phone

Source: Bradadamrealty

Added: Oct 7 Changed: Oct 14 Last Checked: Oct 7 at 1:59PM

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Investment Insights

Based on property information with market context.

This 1,616-square-foot duplex contains two apartments: a main-level three-bedroom unit and an upper-level one-bedroom unit. Each has a full bathroom and in-unit laundry. The main-level apartment also includes a gas fireplace.

Improvements completed in 2022 include new windows, a front door, laminate flooring, kitchen cabinets, and appliances. The building has maintenance-free siding and was built in 1860.

Key Highlights

• Two‑unit property with 1,616 square feet
• Main‑level apartment has three bedrooms, a full bath, in‑unit laundry, and a gas fireplace
• Upper apartment includes one bedroom, a full bath, and in‑unit laundry

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$23,611

Cap Rate

6.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$472,220 $472.2K

Cap Rate 7%

$337,300 $337.3K

Cap Rate 9%

$262,344 $262.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,616 SF

Gross rent

$35.9K $22.20/SF

− Vacancy

−$2.1K −$1.33/SF

EGI

$33.7K $20.87/SF

− OpEx

−$10.1K −$6.26/SF

NOI

$23.6K $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 Rate 5%

$472,220

Cap Rate 7%

$337,300

Cap Rate 9%

$262,344

Alternative Uses

Best Use

Multifamily LT 5

$337.3K

$295.1K – $393.5K (±1% cap)

NOI $23,611 @ 7.0% cap · market cap 6.77%

Second Best

Apartment 5plus

$309.8K

$271.1K – $361.4K (±1% cap)

NOI $21,686 @ 7.0% cap · market cap 6.21%

Theoretical Best

Healthcare Medical

$397.7K

$348.0K – $464.0K (±1% cap)

NOI $27,837 @ 7.0% cap · market cap 7.98%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Kitchen & Bath Showroom Building Supply Parking Lot & Garage Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

539

Businesses Nearby

Explore this area Business Placement

Demographics for 55033, MN

29,701

Population

11,884

Households

2.5

Avg Household Size

42

Median Age

31%

College-Educated

96%

High-School Grad

144.3 sq mi

ZIP Area

206

Density / Sq Mi

$102,026

Median Household Income

$55,060

Median Earnings

$1,174

Median Rent

$335,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two apartments offer distinct bedroom layouts, with laundry facilities inside each unit.

Where is this duplex located?

The property is located at 517 7th St E Hastings, MN.

What is the asking price?

The asking price for this property is $349,000.

What are key features of this property?

This property features: Two‑unit property with 1,616 square feet; Main‑level apartment has three bedrooms, a full bath, in‑unit laundry, and a gas fireplace; Upper apartment includes one bedroom, a full bath, and in‑unit laundry