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Property profile & analytics
OFF-MARKET
Estimated value
$2,570,000
Apartment buildings
1807 3rd St, Duluth, MN 55812-1735
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US46-0486385
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1965
Total area
15,840 SF
Lot
0.17 ac (7,500 SF)
Zoning code
R3
APN
010-1480-04470
UPID
US46-0486385
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.95M
CAP Approach
CAP
$2.00M
Comparable Approach
Comparable
$1.98M
Blend (final)
Blend
$2.57M
Owner & transaction history
New London Land Co LLC · 3 yrs held
New London Land Co LLC
since 2023
Last sale
$2.6M
7 recorded transactions
Zoning & alternative use
R3 · Duluth, MN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$3.3M
+102.0%
Commercial (general)
$2.3M
+40.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Duluth submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Duluth submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$3,295,000
ML approach
$2,950,000
CAP Approach
CAP Return
Estimation
6%
$2,160,000
6.5%
$1,995,000
7%
$1,855,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,615,000
Current use
INDUSTRIAL (GENERAL)
$3,265,000
Change: +102% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,275,000
Change: +41% · Conversion: Moderate
Blend value · Realmo final
$2.57M
Range $2.31M – $2.83M · ±10% · vs last sale $2.60M (Mar 28 2023)
Last sale anchor
$2.60M
Mar 28 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$162 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$23,820
Tax year 2023
Assessed value
$1,302,400
Assessed 2022
Previous assessed
$1,320,200
-1.3% YoY
Effective rate
1.83%
On assessed value
Assessed land
$31,300
Assessed improvement
$1,271,100
Land market value
$31,300
Improvement market value
$1,271,100
Total market value
$1,302,400
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1965
Heating
BASEBOARD
Stories
3
Units
18
Total area
15,840 SF
Lot
0.17 ac (7,500 SF)
Zoning code
R3
APN
010-1480-04470
UPID
US46-0486385
Jurisdiction
ST LOUIS
Zoning & alternative use
R3 · Duluth, MN
Zoning R3 · permitted uses
R3 · Duluth, MN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Duluth. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.6M
INDUSTRIAL (GENERAL)
Est. value
$3.3M
COMMERCIAL (GENERAL)
Est. value
$2.3M
APARTMENT HOUSE (5+ UNITS) Current
INDUSTRIAL (GENERAL)
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1965
Heating
BASEBOARD
Stories
3
Units
18
Lot
0.17 ac
Current owner
From public records · entity-resolved
New London Land Co LLC
Entity
Mailing address
204 E 1ST ST, DULUTH, MN 55802-2108
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 28, 2023
$2,600,000
New London Land Co LLC
Trondheim 18 LLC
Warranty Deed
$2,080 · Minnesota Power Employees Cu
Mar 20, 2023
$2,600,000
New London Land Co LLC
Trondheim 18 LLC
Warranty Deed
$2,080,000 · Minnesota Power Employees Cu
Jul 10, 2020
$1,250,000
1807 E 3rd LLC
Green Kamp Wilk LLC
Warranty Deed
—
Jul 10, 2020
$1,498,500
Trondheim 18 LLC
1807 E 3rd LLC
Warranty Deed
$1,360,000 · North Shore Bk/commerce
Jan 3, 2018
$1,250,000
Hillside Views LLC
Green Kamp Wilk LLC
Trustees Deed
related
$1,250,000 · Green Kamp Wilk LLC
Jul 10, 2013
—
Green Kamp Wilk LLC
Hillside Views LLC
Warranty Deed
related
—
Jan 31, 2012
$760,000
Hillside Views LLC
J & I Meismer Partnership
Warranty Deed
$780,000 · National Bank Of Commerce
Feb 27, 2006
—
Hillside Views LLC
Wilk,christopher R & Judith M
Warranty Deed
—
Feb 4, 2004
$760,000
Gregory G Kamp
J & I Meismer Ptshp
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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