Updated Up/Down
For Sale
$479,900
2017 Laurel Avenue, Saint Paul, MN 55104
MULTI_FAMILY - Saint Paul, MN
Property Size2,242 SF
Price / SF$214.05
Days on Market29
Property Features for 2017 Laurel Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 3, Bedroom 2, Bedroom 4
Subdivision
Merriam Park Second Add
Standard status
Active
Size
2,242 SF
Building Details
Year built
1921
Listing Agency:
Engel & Volkers Minneapolis · Engel & Völkers
(612) 338-3836
Listed By:
Malee Vang
Added: Jul 17
Changed: Aug 13
Last Checked: Aug 14 at 3:06AM
MLS# 7110325
Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,242-square-foot duplex, built in 1921, features an up-and-down layout with one vacant residence and one leased unit. Improvements include dual boilers and kitchen countertops from 2018, updated water lines and appliances from 2020, and a newer water heater, washer, dryer, dishwasher, and roof. The property also has refreshed bathrooms, interior paint, exterior trim, porch staining, and extensive work to the rear bump-out, including structural repairs, new siding, flooring, a moisture barrier, and sealed rubber roofing. Gas lines were replaced on May 28, 2026, and the waste line to the street was replaced before current ownership.
Located at 2017 Laurel Avenue in Saint Paul, Minnesota, the property offers resident parking permits. Its current configuration supports either owner occupancy with rental income or continued use as a two-unit investment property.
Located at 2017 Laurel Avenue in Saint Paul, Minnesota, the property offers resident parking permits. Its current configuration supports either owner occupancy with rental income or continued use as a two-unit investment property.
Key Highlights
- 2,242‑square‑foot up/down duplex built in 1921
- One unit is vacant; the other is leased with a new lease in place
- Gas lines replaced May 28, 2026
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$32,757
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.83%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$655,140
$655.1K
Cap Rate 7%
$467,957
$468.0K
Cap Rate 9%
$363,967
$364.0K
Market Conditions
NOI Build-Up for 2,242 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$49.8K $22.20/SF
− Vacancy
−$3.0K −$1.33/SF
EGI
$46.8K $20.87/SF
− OpEx
−$14.0K −$6.26/SF
NOI
$32.8K $14.61/SF
Area
Dakota County, MN
Vacancy
5.98%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$655,140
Cap Rate 7%
$467,957
Cap Rate 9%
$363,967
Alternative Uses
Best Use
Multifamily LT 5
$468.0K
$409.5K – $546.0K
NOI $32,757 @ 7.0% cap · market cap 6.83%
Second Best
Apartment 5plus
$429.8K
$376.1K – $501.5K
NOI $30,087 @ 7.0% cap · market cap 6.27%
Theoretical Best
Healthcare Medical
$551.7K
$482.8K – $643.7K
NOI $38,621 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,188
Businesses Nearby
Explore this area
Business Placement
Demographics for 55104, MN
45,612
Population
20,358
Households
2.2
Avg Household Size
33
Median Age
52%
College-Educated
93%
High-School Grad
6.0 sq mi
ZIP Area
7,602
Density / Sq Mi
$75,038
Median Household Income
$42,770
Median Earnings
$1,159
Median Rent
$290,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-level configuration includes one vacant unit and one leased unit.
Where is this duplex located?
The property is located at 2017 Laurel Avenue Saint Paul, MN.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: 2,242‑square‑foot up/down duplex built in 1921; One unit is vacant; the other is leased with a new lease in place; Gas lines replaced May 28, 2026
