Updated Duplex with Private
New
For Sale
$294,900
904 1st St SE, Rochester, MN 55904
Two apartments include individual laundry, garage stalls, off-street parking, and basement storage.
Property Size1,792 SF
Price / SF$164.56
Days on Market5
Property Features for 904 1st St SE
General Information
Standard status
Active
Size
1,792 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
basement storage
Building Details
Year Built
1915
Listing Agency:
National Realty Guild
(651) 494-4000
Listed By:
Nathan Thorvilson
Source:
Bradadamrealty
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 11:18AM
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 National Realty Guild
Investment Insights
Based on property information with market context.
This 1,792-square-foot duplex, built in 1915, contains two apartments arranged across the main and upper levels. The main residence provides two bedrooms and one bath, along with a full unfinished basement for storage and in-unit laundry. Upstairs, the one-bedroom, one-bath apartment has an open layout and its own laundry. Each apartment includes one garage stall, with additional off-street parking available.
Located at 904 1st St SE in Rochester, the property is within walking distance of Mayo Clinic, Mayo Field, downtown activities, Riverfest, and river walking paths. The upper apartment is vacant, while the main-level resident has occupied that unit for years and would like to remain long-term.
Located at 904 1st St SE in Rochester, the property is within walking distance of Mayo Clinic, Mayo Field, downtown activities, Riverfest, and river walking paths. The upper apartment is vacant, while the main-level resident has occupied that unit for years and would like to remain long-term.
Key Highlights
- 1,792 SF duplex built in 1915
- Main‑level 2‑bedroom, 1‑bath apartment with full unfinished basement
- Upper‑level 1‑bedroom, 1‑bath apartment with open floor plan
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
$19,305
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
6.55%
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%
$386,100
$386.1K
Cap Rate 7%
$275,786
$275.8K
Cap Rate 9%
$214,500
$214.5K
Market Conditions
NOI Build-Up for 1,792 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
$29.0K $16.20/SF
− Vacancy
−$1.5K −$0.81/SF
EGI
$27.6K $15.39/SF
− OpEx
−$8.3K −$4.62/SF
NOI
$19.3K $10.77/SF
Area
Rochester, MN
Vacancy
5.00%
Lease Rate
$16.20 /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%
$386,100
Cap Rate 7%
$275,786
Cap Rate 9%
$214,500
Alternative Uses
Best Use
Multifamily LT 5
$275.8K
$241.3K – $321.8K
NOI $19,305 @ 7.0% cap · market cap 6.55%
Second Best
Apartment 5plus
$242.0K
$211.8K – $282.4K
NOI $16,942 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$690.2K
$603.9K – $805.2K
NOI $48,313 @ 7.0% cap · market cap 16.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
673
Businesses Nearby
Explore this area
Business Placement
Demographics for 55904, MN
29,813
Population
12,984
Households
2.3
Avg Household Size
35
Median Age
37%
College-Educated
93%
High-School Grad
60.1 sq mi
ZIP Area
496
Density / Sq Mi
$76,434
Median Household Income
$47,250
Median Earnings
$1,253
Median Rent
$237,200
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?
Duplex - Two apartments include individual laundry, garage stalls, off-street parking, and basement storage.
Where is this duplex located?
The property is located at 904 1st St SE Rochester, MN.
What is the asking price?
The asking price for this property is $294,900.
What are key features of this property?
This property features: 1,792 SF duplex built in 1915; Main‑level 2‑bedroom, 1‑bath apartment with full unfinished basement; Upper‑level 1‑bedroom, 1‑bath apartment with open floor plan
