1321 E 1ST ST Duluth MN 55805-2453

Devonshire Apartments is located at 1321 East 1st Street in Duluth, Minnesota. Overlooking Lake Superior, the Property is a short distance from downtown Duluth and several other local amenities, including St. Luke's Hospital and St. Mary's Medical Center.

Built in 1922, this vintage brownstone building consists of 62 apartments. There are 29 efficiencies, 3 studios, and 30 one-bedrooms. The building features an inner courtyard that leads into a central lobby. Units within the building feature large walk-in closets, original crown-molding and wood built-ins. Hardwood floors and decorative fireplaces are in select units. Original light fixtures and chandeliers still remain in the hallways.

Building amenities include on-site laundry room, an on-site manager's office, a fitness room, additional storage units in the basement, and ample outdoor parking. The property has two separate parking lots with 58 surface spots in total.

The roof was replaced with a single-membrane rubber roof in the summer of 2016.

INVESTMENT HIGHLIGHTS

• Rare Historic Brownstone Available for the First Time in Over 50 Years
• 2 Blocks to Lake Superior | Less than One Mile to Downtown Duluth
• Priced Well Below Replacement Cost
• End of Year One CAP Rate of 6.9% | End of Year One Total Return of 14.4%