Listing Agency: eXp Realty c***@obviousrealestate.com Show Phone

Listed By: Corey Brenner Show Phone

Source: Exprealty

Added: Aug 7 Changed: Aug 14 Last Checked: Aug 14 at 3:44AM

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Investment Insights

Based on property information with market context.

This 2,416-square-foot duplex combines recent interior improvements with outdoor amenities suited to lakeside living. Updates include newer carpet, electrical work throughout, contemporary light fixtures, and bright living areas. A new deck extends the usable space outdoors, while the large backyard provides additional room for recreation and relaxation.

Residents have access to White Bear Lake through a shared dock. The property is located in Mahtomedi and is served by the Mahtomedi School District #832. The address is 60 Grove St.

Key Highlights

• 2,416‑square‑foot duplex
• Lake access to White Bear Lake with shared dock
• New deck and large backyard

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

$31,644

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

6.33%

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%

$632,880 $632.9K

Cap Rate 7%

$452,057 $452.1K

Cap Rate 9%

$351,600 $351.6K

Market Conditions

NOI Build-Up for 2,416 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

$47.8K $19.80/SF

− Vacancy

−$2.6K −$1.09/SF

EGI

$45.2K $18.71/SF

− OpEx

−$13.6K −$5.61/SF

NOI

$31.6K $13.10/SF

Area

Washington County, MN

Vacancy

5.50%

Lease Rate

$19.80 /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%

$632,880

Cap Rate 7%

$452,057

Cap Rate 9%

$351,600

Alternative Uses

Best Use

Multifamily LT 5

$452.1K

$395.6K – $527.4K (±1% cap)

NOI $31,644 @ 7.0% cap · market cap 6.33%

Second Best

Apartment 5plus

$419.8K

$367.4K – $489.8K (±1% cap)

NOI $29,388 @ 7.0% cap · market cap 5.88%

Theoretical Best

Office A

$671.1K

$587.2K – $782.9K (±1% cap)

NOI $46,976 @ 7.0% cap · market cap 9.40%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Electrical Service Kitchen & Bath Showroom Plumbing Service (Bike/Boat/Book/etc) Store Barber Shop Furniture & Home Goods

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

220

Businesses Nearby

Explore this area Business Placement

Demographics for 55115, MN

8,880

Population

3,408

Households

2.6

Avg Household Size

45

Median Age

63%

College-Educated

98%

High-School Grad

6.1 sq mi

ZIP Area

1,456

Density / Sq Mi

$132,796

Median Household Income

$71,786

Median Earnings

$1,510

Median Rent

$481,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Updated interiors, a new deck, and shared dock access support outdoor living near White Bear Lake.

Where is this duplex located?

The property is located at 60 Grove St Mahtomedi, MN.

What is the asking price?

The asking price for this property is $500,000.

What are key features of this property?

This property features: 2,416‑square‑foot duplex; Lake access to White Bear Lake with shared dock; New deck and large backyard