3-Unit Multifamily
For Sale
$299,900
714 E 6th St, Duluth, MN 55805
MULTI_FAMILY - Duluth, MN
Property Size2,350 SF
Lot Size0.16 Acres
Price / SF$127.62
Days on Market49
Property Features for 714 E 6th St
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Basement, Bedroom 4, Bedroom 5, Bedroom 3, Bedroom 2, Bathroom 1, Bathroom 3
Basement
Concrete
Elementary school district
Duluth #709
Middle school district
Duluth #709
High school district
Duluth #709
Directions
Head on N Sixth Ave E and turn on E Sixth St.
Subdivision
LSAR
Standard status
Active
APN
010-3850-00950, 010-3850-00940
Size
2,350 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2545
Utilities
Heating system
Natural Gas
Building Details
Year built
1886
Floors in Building
2
Number of units
3
Listing Agency:
Tim Collelo Realty, LLC
(218) 591-7100
Listed By:
Alec Erickson
(218) 591-7100
Added: Jun 19
Changed: Aug 4
Last Checked: Aug 6 at 4:06PM
MLS# 6126192
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.
This 2,350-square-foot triplex includes two buildings situated across two city parcels. The primary structure contains a one-bedroom, one-bathroom residence alongside a two-bedroom, one-bathroom residence. A detached rear building adds a separate two-bedroom, one-bathroom home. The property was built in 1886 and uses natural gas heating.
Electric and gas service are separately metered for each unit, while water and sewer remain the owner's responsibility. An active City of Duluth rental license is in place. The property encompasses 0.16 acres and is being offered as-is.
Electric and gas service are separately metered for each unit, while water and sewer remain the owner's responsibility. An active City of Duluth rental license is in place. The property encompasses 0.16 acres and is being offered as-is.
Key Highlights
- Three residential units with a 1‑bedroom/1‑bathroom unit and two 2‑bedroom/1‑bathroom units
- 2,350 square feet across two buildings on two city parcels
- Detached rear building provides a separate 2‑bedroom, 1‑bathroom home
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
$20,942
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
6.98%
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%
$418,840
$418.8K
Cap Rate 7%
$299,171
$299.2K
Cap Rate 9%
$232,689
$232.7K
Market Conditions
NOI Build-Up for 2,350 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
$31.7K $13.50/SF
− Vacancy
−$1.8K −$0.77/SF
EGI
$29.9K $12.73/SF
− OpEx
−$9.0K −$3.82/SF
NOI
$20.9K $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%
$418,840
Cap Rate 7%
$299,171
Cap Rate 9%
$232,689
Alternative Uses
Best Use
Multifamily LT 5
$299.2K
$261.8K – $349.0K
NOI $20,942 @ 7.0% cap · market cap 6.98%
Second Best
Apartment 5plus
$274.9K
$240.6K – $320.8K
NOI $19,245 @ 7.0% cap · market cap 6.42%
Theoretical Best
Specialty Retail
$911.6K
$797.7K – $1.06M
NOI $63,812 @ 7.0% cap · market cap 21.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,887
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 - Two-building configuration separates the three residential units and their electric and gas meters.
Where is this triplex located?
The property is located at 714 E 6th St Duluth, MN.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Three residential units with a 1‑bedroom/1‑bathroom unit and two 2‑bedroom/1‑bathroom units; 2,350 square feet across two buildings on two city parcels; Detached rear building provides a separate 2‑bedroom, 1‑bathroom home
