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    Updated Duplex with Two 2BR Units Title is generated by Realmo AI

    915 W 3rd St, Duluth, MN 55806

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    For Sale
    $289,900

    Duplex, Up & Down - Duluth, MN

    Type:Duplex
    Property size:
    1,808 SF
    Price / SF:
    $160/SF
    Added:
    Jun 4, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 4 at 11:06 am

    Property Features for 915 W 3rd St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Bedrooms
    4
    Rooms
    Basement, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Parking
    2
    Parking features
    Off Street
    Patio and Porch features
    Porch
    Interior features
    Hardwood Floors
    EntryLevel
    Main,Upper
    Exterior features
    Porch
    Basement Y/N
    1
    Standard status
    Active
    APN
    010-1270-01930
    Size
    1,808 SF

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    2930

    Utilities

    Heating system
    Hot Water (Heating), Natural Gas

    Building Details

    Year built
    1924
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Hardwood, Wood
    Architectural style
    Other

    We can help!

    Listing Contact
    Stephanie Linde
    Stephanie Linde

    Listing agent Stephanie Linde

    Listing office Real Estate Consultants 4893 Lakeway Drive, Duluth, MN

    Listing date Jun 4, 2026

    MLS# 6125807 Listing URL

    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.

    HighLights

    • Recently updated duplex built in 1924 with hardwood floors and a porch
    • Upper unit rents for $1,420/mo with a lease through end of July (limited Lake Superior views)
    • Lower unit previously rented for $1,350/mo; currently vacant for an owner/occupant sale
    • Natural gas hot water heating and newer hot water heater
    • Basement includes laundry facilities; basement is part of the property (Basement Y/N: true)
    • Off‑street parking plus a 2‑car garage off the alley

    Overview

    This updated duplex offers two separate 2-bedroom living units arranged “up and down.” Both units feature hardwood floors, and the upper unit has a newly updated kitchen and bath. Shared laundry facilities are located in the basement for convenient on-site use. Exterior improvements include a maintenance-free exterior, and the property also has a newer hot water heater.

    The home includes a quaint front porch and parking with a two-car garage accessed off the alley, plus two additional off-street parking spots. The upper unit includes limited lake views. The location is described as convenient to hospitals, downtown activities, and the freeway, supporting flexible live-in or rental use.

    For an owner-occupant, the main-floor unit can be paired with rental income from the upper unit to help offset monthly housing costs. For investors, the duplex provides the option to rent both units, with the lower unit currently vacant for an owner/occupant sale while the upper unit is leased through the end of July. The property is positioned as a manageable, turnkey-style income home with practical day-to-day amenities.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $24.4k $13.50
    − Vacancy −$1.4k −$0.77
    EGI $23.0k $12.73
    − OpEx −$6.9k −$3.82
    NOI $16.1k $8.91
    1,808 SF · lease $13.50/SF/yr · vacancy 5.70% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $230.2K
    $201.4K – $268.5K (±1% cap)
    NOI $16,112 @ 7.0% cap · market cap 5.56%
    Second Best
    Apartment 5plus
    $211.5K
    $185.1K – $246.8K (±1% cap)
    NOI $14,806 @ 7.0% cap · market cap 5.11%
    Theoretical Best
    Specialty Retail
    $701.4K
    $613.7K – $818.3K (±1% cap)
    NOI $49,095 @ 7.0% cap · market cap 16.94%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Duluth
    County
    St. Louis
    State
    Minnesota
    Longitude
    -92.113495
    Latitude
    46.780151

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    FAQs

    What type of property is this?
    Duplex - Well-kept duplex with hardwood floors, updated upper finishes, and in-basement laundry plus garage and off-street parking.
    Where is this duplex located?
    The property is located at 915 W 3rd St Duluth, MN.
    What is the asking price?
    The asking price for this property is $289,900.
    What are key features of this property?
    This property features: Recently updated duplex built in 1924 with hardwood floors and a porch; Upper unit rents for $1,420/mo with a lease through end of July (limited Lake Superior views); Lower unit previously rented for $1,350/mo; currently vacant for an owner/occupant sale
    (218) 343-2506
    We can help!
    Listing Contact
    Stephanie Linde
    Stephanie Linde
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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