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Property profile & analytics
OFF-MARKET
Estimated value
$5,180,000
Apartment buildings
700 Commonwealth Ave, Duluth, MN 55808-1929
Entity Owned
9-yr Hold
Property ID
US46-3244299
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1976
Total area
47,993 SF
Lot
2.72 ac (118,400 SF)
Zoning code
R2
APN
010-3430-14460
UPID
US46-3244299
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
-
Heritage Apartments Apartment Building
-
Gary New Duluth Veterans Memorial War Memorial Tourist Attraction
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$6.05M
Comparable Approach
Comparable
$5.76M
Blend (final)
Blend
$5.18M
Owner & transaction history
Terrex-heritage Affordable LP · 9 yrs held
Terrex-heritage Affordable LP
since 2017
4 recorded transactions
Zoning & alternative use
R2 · Duluth, MN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$6.9M
+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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$6,550,000
6.5%
$6,045,000
7%
$5,615,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$4,895,000
Current use
COMMERCIAL (GENERAL)
$6,890,000
Change: +41% · Conversion: Moderate
Blend value · Realmo final
$5.18M
Range $4.66M – $5.70M · ±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
$108 / 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
$46,322
Tax year 2023
Assessed value
$4,082,900
Assessed 2022
Previous assessed
$4,082,900
+0.0% YoY
Effective rate
1.13%
On assessed value
Assessed land
$37,100
Assessed improvement
$4,045,800
Land market value
$37,100
Improvement market value
$4,045,800
Total market value
$4,082,900
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
1976
Heating
HOT WATER
Buildings
2
Stories
3
Units
60
Total area
47,993 SF
Lot
2.72 ac (118,400 SF)
Zoning code
R2
APN
010-3430-14460
UPID
US46-3244299
Jurisdiction
ST LOUIS
Zoning & alternative use
R2 · Duluth, MN
Zoning R2 · permitted uses
R2 · 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
$4.9M
COMMERCIAL (GENERAL)
Est. value
$6.9M
APARTMENT HOUSE (5+ UNITS) Current
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
1976
Heating
HOT WATER
Stories
3
Buildings
2
Units
60
Lot
2.72 ac
Current owner
From public records · entity-resolved
Terrex-heritage Affordable LP
Entity
Mailing address
1043 STUART ST STE #220, LAFAYETTE, CA 94549-4019
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 31, 2017
$4,025,000
Terrex-heritage Affordable LP
New Heritage Apartments LLC
Warranty Deed
$3,421,250 · Enterprise Cmnty Ln Fund
Oct 15, 2004
$1,200,000
New Heritage Apartments LLC
Delzotto,william J
Warranty Deed
$960,000 · M & I Marshall & Isley Bank
—
—
New Heritage Apartments LLC
—
Loan Modification
related
$2,504,000 · Republic Bk
—
—
Terrex-heritage Affordable LP
—
Deed Of Trust
related
$5,715,000 · Bellwether Ent R/e Cap
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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