421 N 18th Ave E Ave, Duluth, MN 55812 (MLS # 6118308)

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PRICE $315,000 BEDS 3 BATHS 3 HOME SIZE 2,276 sqft LOT SIZE 3,921 sqft Request More Info Schedule a Showing

An excellent investment opportunity in the heart of East Duluth and near the colleges, this fully licensed triplex offers strong rental income, modern updates, and stunning Lake Superior views from the top unit. The property features vinyl siding, one off-street parking spot with the potential to add another, and coin-operated laundry for added convenience. Recent improvements include a new natural gas boiler (2022) and an updated sewer line (2013), along with various upgrades over the years, such as windows, electrical panels, and plumbing. Unit 1 is a spacious one-bedroom, one full bath unit leased at $1,099 per month until May 29, 2026. Unit 2 is a large one-bedroom with an office or potential second bedroom and one full bath, leased at $1,099 per month until May 31, 2025. Unit 3 is a one-bedroom, three-quarter bath unit featuring a large deck with breathtaking Lake Superior views both inside and out, leased at $895 per month until May 29, 2026, with an increase to $935 per month starting June 1, 2025. Tenants pay all utilities except for the house electrical meter, which costs the landlord approximately $50 per month, and 1/5 of the gas, water, sewer, and storm bill, which runs about $63 per month. Utility responsibility breakdown, the landlord initially pays the Comfort Systems bill (which includes water, sewer, gas, and storm water) and the trash bill, then bills tenants using the RUBS (Ratio Utility Billing System). The Comfort Systems bill is divided into 1/5 increments, with Unit 1 responsible for 1/5, Unit 2 for 2/5, Unit 3 for 1/5, and the landlord covering 1/5. The trash bill is divided into 1/4 increments, with Unit 1 covering 1/4, Unit 2 covering 2/4, and Unit 3 covering 1/4. Each unit has its own separate electric meter, ensuring tenants are billed individually for electricity. This triplex is perfect for investors seeking reliable income or an owner-occupant looking for a property with rental potential.