Two-Unit Duplex with Leased
For Sale
$335,000
998 Jameson Street, Saint Paul, MN 55103
MULTI_FAMILY - Saint Paul, MN
Property Size1,489 SF
Lot Size0.09 Acres
Price / SF$224.98
Days on Market116
Property Features for 998 Jameson Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bedroom 1, Bedroom 3, Basement, Bathroom 2, Bedroom 4
Exterior features
Stucco
Subdivision
Royal Oaks
High school district
St. Paul
Directions
From Hwy 36, go South on Dale St, turn right on Front, turn right on Jameson, duplex is on the right.
Standard status
Active
APN
262923130167
Size
1,489 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6460
Utilities
Heating system
Forced Air
Building Details
Year built
1910
Listing Agency:
National Realty Guild
(651) 330-8001
Listed By:
Kellie Cardinal
(651) 494-4000
Added: Apr 26
Changed: Aug 19
Last Checked: Aug 19 at 7:06PM
MLS# 7062289
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.
Built in 1910, this 1,489-square-foot duplex contains two separate two-bedroom, one-bath residences. The property has stucco exterior construction, forced-air heating, and a basement. The lot encompasses 0.086 acres.
The upper unit is occupied on a month-to-month basis, while the lower unit is leased through May 31, 2027. Located in Saint Paul, Minnesota, the property offers an established two-unit configuration with current occupancy in both residences.
The upper unit is occupied on a month-to-month basis, while the lower unit is leased through May 31, 2027. Located in Saint Paul, Minnesota, the property offers an established two-unit configuration with current occupancy in both residences.
Key Highlights
- Two 2Bed/1Bath residential units
- Upper unit occupied month‑to‑month
- Lower unit leased through May 31, 2027
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
$21,755
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
6.49%
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%
$435,100
$435.1K
Cap Rate 7%
$310,786
$310.8K
Cap Rate 9%
$241,722
$241.7K
Market Conditions
NOI Build-Up for 1,489 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
$33.1K $22.20/SF
− Vacancy
−$2.0K −$1.33/SF
EGI
$31.1K $20.87/SF
− OpEx
−$9.3K −$6.26/SF
NOI
$21.8K $14.61/SF
Area
Dakota County, MN
Vacancy
5.98%
Lease Rate
$22.20 /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%
$435,100
Cap Rate 7%
$310,786
Cap Rate 9%
$241,722
Alternative Uses
Best Use
Multifamily LT 5
$310.8K
$271.9K – $362.6K
NOI $21,755 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$285.5K
$249.8K – $333.0K
NOI $19,982 @ 7.0% cap · market cap 5.96%
Theoretical Best
Healthcare Medical
$366.4K
$320.6K – $427.5K
NOI $25,650 @ 7.0% cap · market cap 7.66%
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
511
Businesses Nearby
Explore this area
Business Placement
Demographics for 55103, MN
13,874
Population
5,652
Households
2.5
Avg Household Size
32
Median Age
27%
College-Educated
79%
High-School Grad
2.0 sq mi
ZIP Area
6,937
Density / Sq Mi
$47,872
Median Household Income
$35,625
Median Earnings
$1,040
Median Rent
$240,400
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 - Historic stucco duplex with two two-bedroom, one-bath residences and a combination of month-to-month and fixed-term tenancy.
Where is this duplex located?
The property is located at 998 Jameson Street Saint Paul, MN.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Two 2Bed/1Bath residential units; Upper unit occupied month‑to‑month; Lower unit leased through May 31, 2027
