Fully Renovated
For Sale
$359,500
597 Virginia Street, Saint Paul, MN 55103
MULTI_FAMILY - Saint Paul, MN
Property Size2,026 SF
Lot Size0.12 Acres
Price / SF$177.44
Days on Market267
Property Features for 597 Virginia Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 5, Bedroom 2, Basement, Bedroom 1, Bedroom 4
Parking features
On Street
Exterior features
Vinyl
Subdivision
Warren & Rices Addition, To Sa
Lot features
Corner Lot
High school district
St. Paul
Directions
94 to Dale, North on Dale St, East on Thomas Ave, South on Virginia St.
Standard status
Active
APN
362923130039
Size
2,026 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5434
Utilities
Heating system
Oil
Building Details
Year built
1900
Listing Agency:
Keller Williams Premier Realty · Keller Williams Realty
(651) 379-5252
Listed By:
William Schultz
(651) 379-5252
Added: Nov 25, 2025
Changed: Aug 18
Last Checked: Aug 19 at 8:06PM
MLS# 6819684
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 fully renovated, turn-key duplex offers a low-maintenance setup with substantial interior and exterior improvements. Built in 1900, the property includes a basement and two units with updated kitchens and bathrooms. The upper unit kitchen was renovated in 2020, with all bathrooms fully redone in 2023 and granite countertops added in 2023. A full plumbing upgrade to modern PEX water lines was completed in 2023 for the kitchens and bathrooms. Additional work includes three newer windows in the lower unit, fresh interior paint, ceiling repairs in the upper unit (2024) and lower unit (2025), and a recently added third bedroom in the lower unit.
Exterior updates include a new roof, new siding, and all soft metal installed in 2022, along with gutter covers. The property also has vinyl exterior features, oil heat, and on-street parking. Lot size is 0.121 acres, and the property size is 2,026 square feet.
Both leases are currently month-to-month, providing flexibility for the next owner, with scheduled rent increases in January 2026. Tenant occupancy requires 36–48 hours’ notice for showings, and no same-day showings are available.
Exterior updates include a new roof, new siding, and all soft metal installed in 2022, along with gutter covers. The property also has vinyl exterior features, oil heat, and on-street parking. Lot size is 0.121 acres, and the property size is 2,026 square feet.
Both leases are currently month-to-month, providing flexibility for the next owner, with scheduled rent increases in January 2026. Tenant occupancy requires 36–48 hours’ notice for showings, and no same-day showings are available.
Key Highlights
- 0.121‑acre duplex built in 1900 with 2,026 SF total
- Upper unit kitchen renovated in 2020; all bathrooms fully redone in 2023
- Granite countertops added in 2023 and PEX plumbing upgrade completed in 2023
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
$29,601
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
8.23%
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%
$592,020
$592.0K
Cap Rate 7%
$422,871
$422.9K
Cap Rate 9%
$328,900
$328.9K
Market Conditions
NOI Build-Up for 2,026 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
$45.0K $22.20/SF
− Vacancy
−$2.7K −$1.33/SF
EGI
$42.3K $20.87/SF
− OpEx
−$12.7K −$6.26/SF
NOI
$29.6K $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 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%
$592,020
Cap Rate 7%
$422,871
Cap Rate 9%
$328,900
Alternative Uses
Best Use
Multifamily LT 5
$422.9K
$370.0K – $493.4K
NOI $29,601 @ 7.0% cap · market cap 8.23%
Second Best
Apartment 5plus
$388.4K
$339.9K – $453.1K
NOI $27,188 @ 7.0% cap · market cap 7.56%
Theoretical Best
Healthcare Medical
$498.6K
$436.3K – $581.7K
NOI $34,900 @ 7.0% cap · market cap 9.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,158
Businesses Nearby
Explore this area
Business Placement
Demographics for 55103, MN
13,874
Population
5,652
Households
2.5
Avg Household Size
32
Median Age
27%
College-Educated
79%
High-School Grad
2.0 sq mi
ZIP Area
6,937
Density / Sq Mi
$47,872
Median Household Income
$35,625
Median Earnings
$1,040
Median Rent
$240,400
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 - Turn-key duplex with extensive 2020–2025 updates, updated kitchens and baths, and month-to-month leases in place.
Where is this duplex located?
The property is located at 597 Virginia Street Saint Paul, MN.
What is the asking price?
The asking price for this property is $359,500.
What are key features of this property?
This property features: 0.121‑acre duplex built in 1900 with 2,026 SF total; Upper unit kitchen renovated in 2020; all bathrooms fully redone in 2023; Granite countertops added in 2023 and PEX plumbing upgrade completed in 2023
