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Property profile & analytics
OFF-MARKET
Estimated value
$1,390,000
Apartment buildings
316 2nd St, Duluth, MN 55805-1845
Entity Owned
20-yr Hold
Property ID
US46-0043541
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1912
Total area
18,422 SF
Lot
0.16 ac (7,000 SF)
Zoning code
R4
APN
010-0950-01010
UPID
US46-0043541
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
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.68M
Blend (final)
Blend
$1.39M
Owner & transaction history
Friday Properties LLC · 20 yrs held
Friday Properties LLC
since 2005
6 recorded transactions
Zoning & alternative use
R4 · Duluth, MN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$2,105,000
Current use
Blend value · Realmo final
$1.39M
Range $1.25M – $1.53M · ±10%
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
$75 / 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
$18,662
Tax year 2023
Assessed value
$1,020,300
Assessed 2022
Previous assessed
$952,000
+7.2% YoY
Effective rate
1.83%
On assessed value
Assessed land
$225,300
Assessed improvement
$795,000
Land market value
$225,300
Improvement market value
$795,000
Total market value
$1,020,300
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
1912
Heating
HOT WATER
Cooling
NONE
Stories
4
Units
22
Total area
18,422 SF
Lot
0.16 ac (7,000 SF)
Zoning code
R4
APN
010-0950-01010
UPID
US46-0043541
Jurisdiction
ST LOUIS
Zoning & alternative use
R4 · Duluth, MN
Zoning R4 · permitted uses
R4 · 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
$2.1M
APARTMENT HOUSE (5+ UNITS) Current
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
1912
Heating
HOT WATER
Cooling
Yes
Stories
4
Units
22
Lot
0.16 ac
Current owner
From public records · entity-resolved
Friday Properties LLC
Entity
Mailing address
5302 S CANT RD, DULUTH, MN 55804-9689
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 30, 2005
$850,000
Friday Properties LLC
Kalligher Properties LLC
Warranty Deed
$808,000 · Superior Savings Bank
—
—
Friday Properties LLC
—
Deed Of Trust
related
$820,000 · Nb Commerce
—
—
Friday Properties LLC
—
Deed Of Trust
related
$295,588 · Housing Fin Agcy
—
—
Friday Properties LLC
—
Loan Modification
related
—
—
—
Friday Properties LLC
—
Deed Of Trust
related
$645,000 · Bell Bk
—
—
Friday Properties LLC
—
Deed Of Trust
related
$84,500 · Superior Savings Bank
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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