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Property profile & analytics
OFF-MARKET
Estimated value
$635,000
Garden apartment buildings
426 1st Ave, Two Harbors, MN 55616-1614
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US46-2092612
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1896
Construction
WOOD
Total area
4,179 SF
APN
23-7660-01070
UPID
US46-2092612
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
Current use
Occupant on record · Public records
-
Budd House Board and Lodge Hotel & Motel Vacation Rental
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$635k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$635k
Owner & transaction history
Boreal Investments LLC · 1 yrs held
Boreal Investments LLC
since 2024
Last sale
$635,000
5 recorded transactions
Zoning & alternative use
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 Two Harbors submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Two Harbors 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
$635,000
ML approach
$635,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$390,000
Current use
Blend value · Realmo final
$635k
Range $572k – $699k · ±10% · vs last sale $635k (Oct 1 2024)
Last sale anchor
$635k
Oct 1 2024
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
$152 / 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
$4,424
Tax year 2023
Assessed value
$338,700
Assessed 2024
Previous assessed
$338,700
+0.0% YoY
Effective rate
1.31%
On assessed value
Assessed land
$58,000
Assessed improvement
$280,700
Land market value
$58,000
Improvement market value
$280,700
Total market value
$338,700
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
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
1896
Construction
WOOD
Heating
HOT WATER
Cooling
NONE
Stories
3
Total area
4,179 SF
APN
23-7660-01070
UPID
US46-2092612
Jurisdiction
LAKE
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$390,000
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
1896
Construction
WOOD
Heating
HOT WATER
Cooling
Yes
Stories
3
Current owner
From public records · entity-resolved
Boreal Investments LLC
Entity
Mailing address
358 ALTHEA LN, HOPKINS, MN 55343-7104
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 13, 2026
—
Boreal Investments LLC
—
Deed
related
$827,310 · Visionbank
Aug 18, 2025
—
Boreal Investments LLC
—
Deed
related
$305,000 · Visionbank
Oct 1, 2024
$635,000
Boreal Investments LLC
Budd House B And L LLC
Warranty Deed
$635,000 · Cashability LLC
Sep 1, 2020
$3,000
Budd House B&llc
Elaine M Jackson
Quit Claim Deed
related
$134,205 · Lake Bank
Sep 1, 2020
$120,000
Elaine M Jackson
Scott Mckay
Warranty 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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