Two-Unit Duplex with Detached
For Sale
$354,900
926 2nd Street NW, Rochester, MN 55901
Residential Income, Rochester, MN
Property Size2,016 SF
Lot Size0.17 Acres
Price / SF$176.04
Days on Market200
Property Features for 926 2nd Street NW
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 1, Basement, Bathroom 2
Parking features
Garage - Detached
Subdivision
Cummings Outlot
Elementary school
Harriet Bishop
Middle school
John Adams
High school
John Marshall
High school district
Rochester
Directions
Take 2nd st sw exit off hwy 52, head east on 2nd st sw, then north on 11th ave sw, and turn east on 2nd st nw, and the duplex will be on the south side of the road.
Standard status
Active
APN
743533005235
Size
2,016 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4846
Utilities
Heating system
Forced Air
Building Details
Year built
1915
Listing Agency:
Re/Max Results · RE/MAX International
(507) 288-1111
Listed By:
Travis Brevig · License #40416867
(952) 829-2900
Added: Mar 20
Changed: Sep 24
Last Checked: Oct 5 at 12:06PM
MLS# 7038954
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 2,016-square-foot duplex contains two residential units, each arranged with two bedrooms and one bathroom. The property includes a basement, forced-air heating, and a detached garage, with additional off-street parking. Built in 1915, the building occupies a 0.17-acre parcel in Rochester.
The property is located near Saint Marys and Mayo Clinic, providing a nearby setting for residential occupancy associated with those major institutions. Its two-unit configuration, separate garage, and existing residential improvements support continued use as a small multifamily property.
The property is located near Saint Marys and Mayo Clinic, providing a nearby setting for residential occupancy associated with those major institutions. Its two-unit configuration, separate garage, and existing residential improvements support continued use as a small multifamily property.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom per unit
- 2,016 square feet of building area on a 0.17‑acre lot
- Detached garage plus off‑street parking
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
$21,718
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
6.12%
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%
$434,360
$434.4K
Cap Rate 7%
$310,257
$310.3K
Cap Rate 9%
$241,311
$241.3K
Market Conditions
NOI Build-Up for 2,016 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
$32.7K $16.20/SF
− Vacancy
−$1.6K −$0.81/SF
EGI
$31.0K $15.39/SF
− OpEx
−$9.3K −$4.62/SF
NOI
$21.7K $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%
$434,360
Cap Rate 7%
$310,257
Cap Rate 9%
$241,311
Alternative Uses
Best Use
Multifamily LT 5
$310.3K
$271.5K – $362.0K
NOI $21,718 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$272.3K
$238.3K – $317.7K
NOI $19,060 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$776.5K
$679.4K – $905.9K
NOI $54,353 @ 7.0% cap · market cap 15.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,299
Businesses Nearby
Explore this area
Business Placement
Demographics for 55901, MN
58,046
Population
24,852
Households
2.3
Avg Household Size
36
Median Age
50%
College-Educated
94%
High-School Grad
33.1 sq mi
ZIP Area
1,754
Density / Sq Mi
$90,430
Median Household Income
$52,778
Median Earnings
$1,321
Median Rent
$290,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Residential duplex with two-bedroom layouts, forced-air heating, a basement, and dedicated parking improvements.
Where is this duplex located?
The property is located at 926 2nd Street NW Rochester, MN.
What is the asking price?
The asking price for this property is $354,900.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom per unit; 2,016 square feet of building area on a 0.17‑acre lot; Detached garage plus off‑street parking
