Duplex with Lake
For Sale
$500,000
60 Grove Street, Mahtomedi, MN 55115
Residential Income, Mahtomedi, MN
Property Size2,416 SF
Lot Size0.16 Acres
Price / SF$206.95
Days on Market53
Property Features for 60 Grove Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Basement, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 4
Parking features
Driveway
Exterior features
Wood
Subdivision
Bellovista
Lot features
Irregular Lot, Tree Coverage - Medium
High school district
Mahtomedi
Directions
From I-694, take MN-36 E toward Stillwater. Exit onto Century Ave (MN-120) north, then turn right onto Stillwater Rd, left onto Mahtomedi Ave, and right onto Grove St. Property is on the right
Standard status
Active
APN
2903021210020
Size
2,416 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4496
Utilities
Heating system
Forced Air
Water front features
Lake
Water front
1
Amenities
brand-new deck
large backyard
lake access
shared dock
Building Details
Year built
1901
Building materials
Brick
Roof type
Shingle
Listing Agency:
eXp Realty
(320) 500-4397
Listed By:
Corey Brenner
(612) 751-9303
Added: Aug 5
Changed: Sep 26
Last Checked: Sep 26 at 4:06AM
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.
Investment Insights
Based on property information with market context.
This 2,416-square-foot duplex, built in 1901, includes four bedrooms, three bathrooms, basement space, forced-air heating, a shingle roof, brick construction, and wood exterior elements. Recent improvements include newer carpet, updated electrical service, refreshed light fixtures, and a new deck. A driveway provides on-site parking, while the large backyard adds outdoor space for recreation and gatherings.
The property includes lake access to White Bear Lake through a shared dock. It is located within the Mahtomedi School District #832. The 0.158-acre site combines a residential income configuration with lake-oriented amenities and updated interior and exterior features.
The property includes lake access to White Bear Lake through a shared dock. It is located within the Mahtomedi School District #832. The 0.158-acre site combines a residential income configuration with lake-oriented amenities and updated interior and exterior features.
Key Highlights
- 2,416‑square‑foot duplex built in 1901
- Lake access to White Bear Lake with shared dock
- Four bedrooms, three bathrooms, and basement space
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
NOI $31,644 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$419.8K
$367.4K – $489.8K
NOI $29,388 @ 7.0% cap · market cap 5.88%
Theoretical Best
Office A
$671.1K
$587.2K – $782.9K
NOI $46,976 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Updated duplex with a new deck, spacious backyard, and shared dock access to White Bear Lake.
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 $500,000.
What are key features of this property?
This property features: 2,416‑square‑foot duplex built in 1901; Lake access to White Bear Lake with shared dock; Four bedrooms, three bathrooms, and basement space
