Waterfront Triplex with
For Sale
$550,000
6933 232nd NE Avenue, Stacy, MN 55079
Three-unit property with lake and river frontage, a walkout design, and recent roof and septic improvements.
Property Size2,921 SF
Price / SF$188.29
Days on Market518
Property Features for 6933 232nd NE Avenue
General Information
Standard status
Active
Size
2,921 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,824
Building Details
Year Built
1972
Listing Agency:
Matthews Real Estate Investment Solutions
(612) 385-0688
Listed By:
Kurt Sauer · License #40466888
(612) 385-0688
Source:
Exitrealty
Added: Apr 1, 2025
Changed: Aug 31
Last Checked: Aug 31 at 3:46AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Matthews Real Estate Investment Solutions
Investment Insights
Based on property information with market context.
This 2,921-square-foot triplex was built in 1972 and features a walkout configuration on an over-one-acre parcel. The property includes frontage along Martin Lake and the river, with level outdoor areas suited to recreation and a firepit. A fourth unit is identified as a potential addition, subject to applicable requirements.
Located at 6933 232nd NE Avenue in Stacy, Minnesota, the property is approximately 40 minutes from both Minneapolis and St. Paul. Major updates include a roof installed in 2018 and a septic system replaced in 2021. The combination of multifamily improvements, extensive frontage, and waterfront setting provides a distinctive residential income property configuration.
Located at 6933 232nd NE Avenue in Stacy, Minnesota, the property is approximately 40 minutes from both Minneapolis and St. Paul. Major updates include a roof installed in 2018 and a septic system replaced in 2021. The combination of multifamily improvements, extensive frontage, and waterfront setting provides a distinctive residential income property configuration.
Key Highlights
- 2,921‑square‑foot triplex on an over‑one‑acre lot
- Lake and river frontage on Martin Lake
- Walkout configuration with level outdoor areas
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
$42,678
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
7.76%
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%
$853,560
$853.6K
Cap Rate 7%
$609,686
$609.7K
Cap Rate 9%
$474,200
$474.2K
Market Conditions
NOI Build-Up for 2,921 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
$64.8K $22.20/SF
− Vacancy
−$3.9K −$1.33/SF
EGI
$61.0K $20.87/SF
− OpEx
−$18.3K −$6.26/SF
NOI
$42.7K $14.61/SF
Area
Chisago 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 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%
$853,560
Cap Rate 7%
$609,686
Cap Rate 9%
$474,200
Alternative Uses
Best Use
Multifamily LT 5
$609.7K
$533.5K – $711.3K
NOI $42,678 @ 7.0% cap · market cap 7.76%
Second Best
Apartment 5plus
$560.0K
$490.0K – $653.3K
NOI $39,199 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$696.9K
$609.8K – $813.0K
NOI $48,782 @ 7.0% cap · market cap 8.87%
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
31
Businesses Nearby
Explore this area
Business Placement
Demographics for 55079, MN
8,875
Population
3,377
Households
2.6
Avg Household Size
43
Median Age
17%
College-Educated
94%
High-School Grad
63.6 sq mi
ZIP Area
140
Density / Sq Mi
$111,484
Median Household Income
$51,697
Median Earnings
$1,547
Median Rent
$335,400
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 - Three-unit property with lake and river frontage, a walkout design, and recent roof and septic improvements.
Where is this triplex located?
The property is located at 6933 232nd NE Avenue Stacy, MN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,921‑square‑foot triplex on an over‑one‑acre lot; Lake and river frontage on Martin Lake; Walkout configuration with level outdoor areas
