401 1st Avenue SE — Triplex, Pelican Rapids, MN 56572
6 Beds | 3 Baths | 3,400 Sq Ft | Home | MLS# 7124909
Price Drop on M Markdowns — was $298,500 (↓ $9,000)
Is 401 1st Avenue SE a Good Deal?
BuyPulse Verdict
Excellent Value
At $85/sqft — This home is priced 78% below the Pelican Rapids median of $378/sqft.
Powered by the Realgorithm™ — 33 active Pelican Rapids listings · NorthstarMLS
$1,912/month Estimated
- Principal & interest
- $1,464
- Property taxes
- $272
- Home insurance (est.)
- $169
- Special assessments
- $7
- HOA dues
- None
20% down ($57,900) · 30-yr fixed, 6.5% · Can I afford this home?
Includes special assessments — the FM-metro cost most portals leave out. Estimates only; confirm before you offer.
Located in Frazees 4th Add, Pelican Rapids, MN.
About This Home
Investment opportunity! Updated 3 unit Income property located just down from the pool in Pelican Rapids. A total of 3400 sq ft. of income. One 1200 sq.ft Unit downstairs(2 bed 1 bath), and two units upstairs, one being an efficiency, (1600sq. ft(3 bed 1 bath) & 600 sq. ft(1 bed 1 bath)). A near 10% cap rate makes this property a great addition to your investment portfolio.
Key Features
- Built
- 1959
- Garage
- 2-Car
- Style
- One
- HOA
- None
- Annual Taxes
- $3,263 (2026)
- Specials/yr
- $85
Property Details
- Property Type
- Triplex
- Above Grade Sq Ft
- 2,200
- Below Grade Sq Ft
- 1,200
- Lot Size
- 0.287 acres
- Basement
- Yes
- Roof
- Architectural Shingle
- County
- Otter Tail
- List Date
- 2026-08-12
- Days on Market
- 54 days
- Parcel ID
- 76000990506001
Financial
- Total Tax incl. Assessments
- $3,348
- Specials Pending
- No
Home Systems & Utilities
- Heating
- Baseboard, Forced Air
- Water
- City Water/Connected
- Sewer
- City Sewer/Connected
Interior Features
- Laundry
- In Garage
Construction & Exterior
Construction & Structure
- Foundation Type
- Block
- Foundation Area
- 2,200 sqft
- Total Building Area
- 4,400 sqft
Exterior Features
- Exterior Features
- Cement Board
- Accessibility Features
- None
Lot & Land
- Lot Features
- Corner Lot
- Zoning Description
- Residential-Single Family
Agent & Office
- List Office
- The Real Estate Company of Detroit Lakes
Price History
- Price reduced to $289,500 — Sep 10, 2026
401 1st Avenue SE is listed in Pelican Rapids, MN, part of Otter Tail County. Browse all Minnesota homes for sale on Modern Market REALTORS®.
Showing — 401 1st Avenue SE
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Listed by The Real Estate Company of Detroit Lakes · Shown by Modern Market REALTORS®
First-Time Home Buyer Guide for Fargo-Moorhead — ND/MN buyer programs, budgeting, and the 7-step process.
View Full Listing & PhotosMLS# 7124909 · Data refreshed September 17, 2026
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Frequently Asked Questions About 401 1st Avenue SE
- Is $289,500 a good price for a home in Pelican Rapids?
- According to BuyPulse, 401 1st Avenue SE rates Excellent Value — at $85/sqft it's priced 78% below the Pelican Rapids median of $378/sqft. Powered by the Realgorithm™. Browse Pelican Rapids homes for sale to compare.
- What are the special assessments at 401 1st Avenue SE — and what do they mean?
- This property has $85/yr in annual special assessments, with no specials pending. Special assessments are separate from property taxes — they are charges levied by the city for infrastructure improvements like streets, water, sewer, and sidewalks. Annual property taxes are $3,263/yr. Always factor both into your total monthly housing cost before making an offer.
What special assessments cost in Pelican Rapids — live figures on every home for sale.
- Does 401 1st Avenue SE have a basement?
- Yes, 401 1st Avenue SE has a basement with 1,200 sq ft of below-grade space.
- What type of heating and cooling does 401 1st Avenue SE have?
- 401 1st Avenue SE has Baseboard, Forced Air heating.
- Where is 401 1st Avenue SE located?
- 401 1st Avenue SE is in the Frazees neighborhood of Pelican Rapids, MN 56572, in Otter Tail County.
- Is 401 1st Avenue SE still available?
- Yes — 401 1st Avenue SE is currently listed as Active on the MLS and accepting showings. Contact us to schedule a tour or make an offer.
- When was 401 1st Avenue SE built?
- 401 1st Avenue SE was built in 1959. It features an architectural shingle roof and a block foundation.
- How walkable is 401 1st Avenue SE?
- 401 1st Avenue SE has a Walk Score of 49/100 (Car-Dependent) and a Bike Score of 48/100 (Minimal Bike Infrastructure). Scores provided by Walk Score® →
- What does "M Markdowns" mean?
- M Markdowns™ is Modern Market REALTORS®’ real estate tracker of homes for sale with verified MLS price reductions across the Fargo-Moorhead metro and Minnesota lake country. Every reduction is sourced directly from NorthstarMLS — minimum $2,000 drop to filter noise.
Local Companies to Help You Settle In
From inspection to closing to moving day, here are well-known local companies serving the Pelican Rapids area.