Up-Down Duplex with Attached
For Sale
$299,900
904 1st Street SE, Rochester, MN 55904
MULTI_FAMILY - Rochester, MN
Property Size1,792 SF
Lot Size0.15 Acres
Price / SF$167.35
Days on Market95
Property Features for 904 1st Street SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Basement, Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 1
Parking features
Garage - Attached
Exterior features
Aluminum Siding
Subdivision
City Lands
Elementary school
Riverside Central
Middle school
Kellogg
High school
Century
High school district
Rochester
Directions
Center Street to 9th Avenue SE to 1st Street SE
Standard status
Active
APN
743634026535
Size
1,792 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4167
Utilities
Heating system
Forced Air
Amenities
in-unit laundry
Building Details
Year built
1915
Roof type
Shingle
Listing Agency:
National Realty Guild
(651) 330-8001
Listed By:
Nathan Thorvilson
(651) 494-4000
Added: May 13
Changed: Aug 15
Last Checked: Aug 15 at 3:06PM
MLS# 7073583
Copyright © 2026 Northstar MLS. 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 up-down duplex features two separate apartments with practical in-unit living and laundry. The main-level unit offers a 2-bedroom, 1-bath layout, plus a full unfinished basement that provides additional storage and includes in-unit laundry. The upper-level unit is configured as a 1-bedroom, 1-bath space with an open floor plan and private laundry. Both units share convenient parking with one attached garage stall and off-street parking.
Constructed in 1915, the property has aluminum siding and a shingle roof. Heating is forced air.
The upper unit is currently vacant and ready for an owner-occupant or a new tenant, while the main-level resident has lived in the home for years and would like to stay long-term.
Constructed in 1915, the property has aluminum siding and a shingle roof. Heating is forced air.
The upper unit is currently vacant and ready for an owner-occupant or a new tenant, while the main-level resident has lived in the home for years and would like to stay long-term.
Key Highlights
- Up‑down duplex with main‑level 2‑bedroom/1‑bath and upper‑level 1‑bedroom/1‑bath apartments
- Full unfinished basement with storage, plus in‑unit laundry in the main‑level unit
- Upper‑level unit has an open floor plan and private laundry
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
6.44%
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 6.44%
Second Best
Apartment 5plus
$242.0K
$211.8K – $282.4K
NOI $16,942 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$690.2K
$603.9K – $805.2K
NOI $48,313 @ 7.0% cap · market cap 16.11%
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
1,163
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 - Up-down duplex with a 2-bedroom/1-bath main unit and a 1-bedroom/1-bath upper unit, each with garage parking.
Where is this duplex located?
The property is located at 904 1st Street SE Rochester, 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: Up‑down duplex with main‑level 2‑bedroom/1‑bath and upper‑level 1‑bedroom/1‑bath apartments; Full unfinished basement with storage, plus in‑unit laundry in the main‑level unit; Upper‑level unit has an open floor plan and private laundry
