32 W 1st St
8,000 SF 100% Leased Retail Building Duluth, MN 55802 $985,000 ($123/SF)
EXECUTIVE SUMMARY
First and First in Downtown Duluth!!
This historic downtown building has many updates including, new roof, windows, heating/AC system and an on-demand hot water system. This is a multi-use building with commercial/retail space on the street level and is currently fully rented. The walk-out basement has three recently updated storage rooms, of which two are rented. The second floor is a beautifully remodeled vacation rental! The 4,000 ft² luxury loft comes fully furnished with everything you need to run your turnkey vacation rental business, including push-button reclining leather theater seating, remote control blackout blinds, a pool table, poker table, a beautiful glass dish set for 40 people, and a hot tub! Seller is looking to make a quick sale so bring your offers today! Check out the Airbnb listing here: https://air.tl/zquzskos
Beautifully renovated, call for a tour today!
This historic downtown building has many updates including, new roof, windows, heating/AC system and an on-demand hot water system. This is a multi-use building with commercial/retail space on the street level and is currently fully rented. The walk-out basement has three recently updated storage rooms, of which two are rented. The second floor is a beautifully remodeled vacation rental! The 4,000 ft² luxury loft comes fully furnished with everything you need to run your turnkey vacation rental business, including push-button reclining leather theater seating, remote control blackout blinds, a pool table, poker table, a beautiful glass dish set for 40 people, and a hot tub! Seller is looking to make a quick sale so bring your offers today! Check out the Airbnb listing here: https://air.tl/zquzskos
Beautifully renovated, call for a tour today!
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$141,061
|
$11.76
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$141,061
|
$11.76
|
| Taxes |
$8,984
|
$0.75
|
| Operating Expenses |
$40,261
|
$3.36
|
| Total Expenses |
$49,245
|
$4.10
|
| Net Operating Income |
$91,816
|
$7.65
|
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
8,000 SF
Building Class
B
Year Built/Renovated
1893/2022
Price
$985,000
Price Per SF
$123
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
2.00
Lot Size
0.09 AC
Opportunity Zone
Yes
Zoning
Commercial
Walk Score®
Very Walkable (86)
Bike Score®
Very Bikeable (73)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 010094000730 | Total Assessment | $318,400 |
| Land Assessment | $72,000 | Annual Taxes | $8,984 ($1.12/SF) |
| Improvements Assessment | $246,400 | Tax Year | 2023 |
