1407 State Hwy

Cash flows

38 photos

Photos, via Realtor.com.

Asking price: $320,000
Monthly cash flow: $553
Estimated rent: $4,550/mo
Break-even price: $423,867

Adjust the numbers See the full breakdown

From the listing

A unique redevelopment opportunity with excellent visibility and potential! This property has operated as a 4-unit apartment building for many years with very little vacancy. The owners have vacated all tenants and completed the interior demolition in preparation for renovation, giving the next owner a blank slate to finish the project. The City of Alexandria has expressed interest in having this property become commercially zoned, offering potential for a variety of business uses. Complete the demolition and build your business here! City water has been stubbed to the property, with the assessment already paid. A private well with a newer pump currently serves the property. The large, beautiful yard features mature trees, excellent visibility and exposure along Hwy 29, and a scenic stream flowing through the property between Lakes Geneva and Le Homme Dieu. Bring your vision and make this highly visible property your next business or investment opportunity! All offers must include an "As Is" Addendum.

Description from Realtor.com, MLS #7067521. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

The numbers

Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price: $320,000
Cash to close: $73,600
Price per unit: $80,000
GRM: 5.9

Each month

Cash flow: $553/mo
Cash-on-cash: 9.0%
Cap rate: 8.5%
DSCR: 1.32×

Break-even

Price that breaks even: $423,867
Rent that breaks even: $3,803/mo

Long run

Year 30: property vs stocks: $2.21M vs $560K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$4,550
Vacancy (6%)	−$273
Collected	$4,277
Property tax Listing	−$300
Insurance Estimate	−$410
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (10% of rent)	−$455
Capital reserve (10% of rent)	−$455
Net operating income	$2,256
Mortgage (principal + interest)	−$1,703
Cash flow	$553
Principal paid down (equity, not cash)	$217

Cash flow each year

Rents +3%/yr, costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$776,724
Minus 6% selling cost	−$46,603
Minus loan still owedTenants' rent paid down all $288,000 of principal by year 30	$0
Plus rental profits, invested at 7%$535,578 of profit by year 30, before investment growth	$1,179,275
What you'd walk away with	$1,909,395
If you put the same money in stocks
Cash to close ($41,600) invested at 7%	$316,670
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$316,670
Building minus stocks	$1,592,725

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$776,724
Minus 6% selling cost	−$46,603
Minus loan still owedTenants' rent paid down all $288,000 of principal by year 30	$0
Plus rental profits, invested at 7%$322,914 of profit by year 30, before investment growth	$627,606
What you'd walk away with	$1,357,726
If you put the same money in stocks
Cash to close ($41,600) invested at 7%	$316,670
Monthly shortfalls ($7,095 total by yr 30) investedThe money you'd have put into the building while it lost money	$47,089
What you'd walk away with	$363,758
Building minus stocks	$993,968

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$752,451
Minus 6% selling cost	−$45,147
Minus loan still owedTenants' rent paid down all $279,000 of principal by year 30	$0
Plus rental profits, invested at 7%$557,404 of profit by year 30, before investment growth	$1,248,888
What you'd walk away with	$1,956,192
If you put the same money in stocks
Cash to close ($40,300) invested at 7%	$306,774
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$306,774
Building minus stocks	$1,649,418

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$752,451
Minus 6% selling cost	−$45,147
Minus loan still owedTenants' rent paid down all $279,000 of principal by year 30	$0
Plus rental profits, invested at 7%$341,596 of profit by year 30, before investment growth	$676,952
What you'd walk away with	$1,384,256
If you put the same money in stocks
Cash to close ($40,300) invested at 7%	$306,774
Monthly shortfalls ($3,951 total by yr 30) investedThe money you'd have put into the building while it lost money	$26,821
What you'd walk away with	$333,595
Building minus stocks	$1,050,661

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$776,724
Minus 6% selling cost	−$46,603
Minus loan still owedTenants' rent paid down all $256,000 of principal by year 30	$0
Plus rental profits, invested at 7%$620,861 of profit by year 30, before investment growth	$1,476,294
What you'd walk away with	$2,206,414
If you put the same money in stocks
Cash to close ($73,600) invested at 7%	$560,262
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$560,262
Building minus stocks	$1,646,152

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$776,724
Minus 6% selling cost	−$46,603
Minus loan still owedTenants' rent paid down all $256,000 of principal by year 30	$0
Plus rental profits, invested at 7%$401,102 of profit by year 30, before investment growth	$877,536
What you'd walk away with	$1,607,657
If you put the same money in stocks
Cash to close ($73,600) invested at 7%	$560,262
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$560,262
Building minus stocks	$1,047,395

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$752,451
Minus 6% selling cost	−$45,147
Minus loan still owedTenants' rent paid down all $248,000 of principal by year 30	$0
Plus rental profits, invested at 7%$640,021 of profit by year 30, before investment growth	$1,536,625
What you'd walk away with	$2,243,929
If you put the same money in stocks
Cash to close ($71,300) invested at 7%	$542,754
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$542,754
Building minus stocks	$1,701,175

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$752,451
Minus 6% selling cost	−$45,147
Minus loan still owedTenants' rent paid down all $248,000 of principal by year 30	$0
Plus rental profits, invested at 7%$420,263 of profit by year 30, before investment growth	$937,867
What you'd walk away with	$1,645,172
If you put the same money in stocks
Cash to close ($71,300) invested at 7%	$542,754
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$542,754
Building minus stocks	$1,102,418

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$776,724
Minus 6% selling cost	−$46,603
Minus loan still owedTenants' rent paid down all $240,000 of principal by year 30	$0
Plus rental profits, invested at 7%$659,182 of profit by year 30, before investment growth	$1,596,956
What you'd walk away with	$2,327,077
If you put the same money in stocks
Cash to close ($89,600) invested at 7%	$682,058
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$682,058
Building minus stocks	$1,645,019

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$776,724
Minus 6% selling cost	−$46,603
Minus loan still owedTenants' rent paid down all $240,000 of principal by year 30	$0
Plus rental profits, invested at 7%$439,424 of profit by year 30, before investment growth	$998,198
What you'd walk away with	$1,728,319
If you put the same money in stocks
Cash to close ($89,600) invested at 7%	$682,058
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$682,058
Building minus stocks	$1,046,261

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$752,451
Minus 6% selling cost	−$45,147
Minus loan still owedTenants' rent paid down all $232,500 of principal by year 30	$0
Plus rental profits, invested at 7%$677,145 of profit by year 30, before investment growth	$1,653,517
What you'd walk away with	$2,360,821
If you put the same money in stocks
Cash to close ($86,800) invested at 7%	$660,744
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$660,744
Building minus stocks	$1,700,077

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$752,451
Minus 6% selling cost	−$45,147
Minus loan still owedTenants' rent paid down all $232,500 of principal by year 30	$0
Plus rental profits, invested at 7%$457,387 of profit by year 30, before investment growth	$1,054,759
What you'd walk away with	$1,762,063
If you put the same money in stocks
Cash to close ($86,800) invested at 7%	$660,744
Monthly shortfalls ($0 total by yr 30) investedThe money you'd have put into the building while it lost money	$0
What you'd walk away with	$660,744
Building minus stocks	$1,101,319

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $2.21M, stocks $560K. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-04. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

3 bed estimate $1,400/mo · range $950–$1,600 · 6 rentals within 2.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
122 City Park Rd, Alexandria	$1,300	3 / 1	—	0.8 mi	—	Apartment
1805 7th Ave E, Alexandria	$1,595	3 / 1	950	1.4 mi	2025-01-07	Apartment
411 Elm St Apt 3, Alexandria	$1,500	3 / 2	—	1.6 mi	—	Apartment
3904 County Road 42 NE Unit Ne, Alexandria	$1,650	3 / 1	—	2.1 mi	—	Apartment
1717 Nokomis St Apt C, Alexandria	$950	3 / 1	—	2.2 mi	—	Apartment
1721 Nokomis St Apt 2, Alexandria	$950	3 / 1	—	2.3 mi	—	Apartment

2 bed estimate $1,050/mo · range $850–$1,475 · 6 rentals within 2 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
917 4th Ave E, Alexandria	$1,695	2 / 1	1,144	1.1 mi	2026-06-30	Apartment
404 S McKay Ave Unit 9, Alexandria	$1,050	2 / 1	720	1.2 mi	—	Apartment
1701 6th Ave E Apt 105, Alexandria	$1,065	2 / 1	750	1.3 mi	—	Apartment
1705 6th Ave E, Alexandria	$875	2 / 1	—	1.3 mi	2026-04-03	Apartment
1810 6th Ave E, Alexandria	$1,395	2 / 1	855	1.3 mi	2025-01-07	Apartment
319 Fairgrounds Rd Apt 202, Alexandria	$779	2 / 1	700	1.8 mi	2026-10-01	Apartment

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: Realtor.com rental listings. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 1407 STATE HWY
mediumSold as-is: the seller won't fix what the inspection finds. Price that in. Listing says: "investment opportunity! All offers must include an " As Is " Addendum."

Opportunities

None found.

Questions for the agent

Can we see the current leases and a rent roll, with move-in dates?
What did water/sewer/trash, heat and electric cost the owner over the last 12 months?
How old are the roof, boiler or furnaces, water heaters and electrical panels?
Is the building licensed as a rental for this many units, and when was the last city inspection?
Any special assessments pending, and will the seller pay them off at closing?

Standard questions worth asking about any building.

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2026. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.	$3,606
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,926
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$340
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent	$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal	$60
Repairs / capital reserve Rulerule. 9 bedrooms: +1 pt repairs for wear; "as is" in the description: +2 pts each	10% / 10%

Status history

2026-09-14New at $320,000

From the listing Listing

Listed as	four plex
Property tax, 2026	$3,606
County	Douglas
Parcel number	636302460

As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.

Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Alexandria on rental licensing before you buy.