Listing Agency: eXp Realty m***@exprealty.net Show Phone

Listed By: Corey Brenner Show Phone

Source: Exprealty

Added: Aug 7 Changed: Oct 26 Last Checked: Nov 1 at 11:00AM

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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 / Yr

$31,644

Cap Rate

6.46%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$632,880 $632.9K

Cap Rate 7%

$452,057 $452.1K

Cap Rate 9%

$351,600 $351.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,416 SF

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 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 6.46%

Second Best

Apartment 5plus

$419.8K

$367.4K – $489.8K (±1% cap)

NOI $29,388 @ 7.0% cap · market cap 6.00%

Theoretical Best

Office A

$671.1K

$587.2K – $782.9K (±1% cap)

NOI $46,976 @ 7.0% cap · market cap 9.59%

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

Property Analytics

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Open Analytics

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

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Three-Fourplex Apartment Property

230 Hallam Ave S, Mahtomedi, MN 55115

$775,000

4,352 SF

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Three-Building Quadplex Property

220 Hallam Ave S, Mahtomedi, MN 55115

$800,000

4,352 SF

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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 $490,000.

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