Three-Unit Multifamily
For Sale
$419,900
614 N 6th Ave E, Duluth, MN 55805
MULTI-FAMILY, Duluth, MN
Property Size3,537 SF
Lot Size0.09 Acres
Price / SF$118.72
Days on Market9
Property Features for 614 N 6th Ave E
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 3, Basement, Bathroom 2, Bedroom 5, Bedroom 1
Elementary school district
Duluth #709
Middle school district
Duluth #709
High school district
Duluth #709
Directions
6th Ave E to property
Subdivision
LSAR
Standard status
Active
APN
010-3490-00265
Size
3,537 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4592
Utilities
Heating system
Natural Gas, Oil
Amenities
coin-operated laundry
Building Details
Year built
1914
Number of units
3
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 829-2900
Listed By:
Tom Little · License #20167296
(218) 310-3334
Added: Aug 26
Changed: Aug 27
Last Checked: Sep 3 at 2:06AM
MLS# 6127609
Copyright © 2026 Lake Superior Association of REALTORS®. 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.
Built in 1914, this three-unit multifamily property contains 3,537 square feet of finished space, with a total of 5 bedrooms and 3 bathrooms. Each unit has its own kitchen and bathroom, while coin-operated laundry and off-street parking support day-to-day operations. Heating is provided by natural gas and oil systems.
The property occupies 0.09 acres in Duluth, with proximity to area hospitals, colleges, downtown, shopping, dining, and public transportation. The configuration may accommodate a multifamily ownership strategy or an owner-occupant arrangement, as described in the property information.
The property occupies 0.09 acres in Duluth, with proximity to area hospitals, colleges, downtown, shopping, dining, and public transportation. The configuration may accommodate a multifamily ownership strategy or an owner-occupant arrangement, as described in the property information.
Key Highlights
- Three‑unit property with 5 bedrooms and 3 bathrooms
- 3,537 square feet of finished space
- Each unit includes a separate kitchen and bathroom
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
$31,519
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
7.51%
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%
$630,380
$630.4K
Cap Rate 7%
$450,271
$450.3K
Cap Rate 9%
$350,211
$350.2K
Market Conditions
NOI Build-Up for 3,537 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
$47.7K $13.50/SF
− Vacancy
−$2.7K −$0.77/SF
EGI
$45.0K $12.73/SF
− OpEx
−$13.5K −$3.82/SF
NOI
$31.5K $8.91/SF
Area
St. Louis County, MN
Vacancy
5.70%
Lease Rate
$13.50 /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%
$630,380
Cap Rate 7%
$450,271
Cap Rate 9%
$350,211
Alternative Uses
Best Use
Multifamily LT 5
$450.3K
$394.0K – $525.3K
NOI $31,519 @ 7.0% cap · market cap 7.51%
Second Best
Apartment 5plus
$413.8K
$362.1K – $482.8K
NOI $28,965 @ 7.0% cap · market cap 6.90%
Theoretical Best
Specialty Retail
$1.37M
$1.20M – $1.60M
NOI $96,044 @ 7.0% cap · market cap 22.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,010
Businesses Nearby
Explore this area
Business Placement
Demographics for 55805, MN
9,731
Population
5,430
Households
1.8
Avg Household Size
31
Median Age
37%
College-Educated
93%
High-School Grad
1.4 sq mi
ZIP Area
6,951
Density / Sq Mi
$43,077
Median Household Income
$26,309
Median Earnings
$984
Median Rent
$171,100
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?
Triplex - Multifamily building with separate kitchens and bathrooms, coin-operated laundry, and off-street vehicle parking.
Where is this triplex located?
The property is located at 614 N 6th Ave E Duluth, MN.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: Three‑unit property with 5 bedrooms and 3 bathrooms; 3,537 square feet of finished space; Each unit includes a separate kitchen and bathroom
