Duplex with Shared Lake
60 Grove Street, Mahtomedi, MN 55115
For Sale
$490,000
Residential Income, Mahtomedi, MN
Property Size2,416 SF
Lot Size0.16 Acres
Price / SF$202.81
Days on Market98
Property Features for 60 Grove Street
General Information
Property type
Property subtype
Zoning description
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Patio and Porch features
Subdivision
Lot features
High school district
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Heating system
Water front features
Water front
Amenities
deck
large backyard
lake access
shared dock
Building Details
Year built
Building materials
Roof type
Buildings
Listing Agency:
eXp Realty
(320) 500-4397
Listed By:
Corey Brenner
(612) 751-9303
Added: Aug 5
Changed: Nov 6
Last Checked: Nov 10 at 8:06AM
MLS# 7104773
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.
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Investment Insights
Based on property information with market context.
This brick duplex contains 2,416 square feet, with four bedrooms and three bathrooms across the recorded room list. Updates include newer carpet, electrical work throughout, and updated light fixtures. A new deck extends the living area outdoors, and the property also has a backyard, driveway parking, forced-air heat, and a shingle roof. Built in 1901, the building sits on a 0.158-acre lot.
The property includes access to White Bear Lake and use of a shared dock. It is within the Mahtomedi School District, identified as District 832.
The property includes access to White Bear Lake and use of a shared dock. It is within the Mahtomedi School District, identified as District 832.
Key Highlights
- 2,416‑square‑foot duplex on a 0.158‑acre lot
- White Bear Lake access with shared dock
- Four bedrooms and three bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,299
Cap Rate
7.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$705,980
$706.0K
Cap Rate 7%
$504,271
$504.3K
Cap Rate 9%
$392,211
$392.2K
Market Conditions
NOI Build-Up for 2,416 SF
Gross rent
$53.6K $22.20/SF
− Vacancy
−$3.2K −$1.33/SF
EGI
$50.4K $20.87/SF
− OpEx
−$15.1K −$6.26/SF
NOI
$35.3K $14.61/SF
Area
Washington 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%
$705,980
Cap Rate 7%
$504,271
Cap Rate 9%
$392,211
Alternative Uses
Best Use
Multifamily LT 5
$504.3K
$441.2K – $588.3K
NOI $35,299 @ 7.0% cap · market cap 7.20%
Second Best
Apartment 5plus
$463.2K
$405.3K – $540.4K
NOI $32,422 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$671.1K
$587.2K – $782.9K
NOI $46,976 @ 7.0% cap · market cap 9.59%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
220
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - White Bear Lake access and a shared dock are available with the property.
Where is this duplex located?
The property is located at 60 Grove Street Mahtomedi, MN.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: 2,416‑square‑foot duplex on a 0.158‑acre lot; White Bear Lake access with shared dock; Four bedrooms and three bathrooms
