Triplex with Separate Business
For Sale
$550,000
32969 Laplant Road, Grand Rapids, MN 55744
MULTI_FAMILY - GRAND RAPIDS, MN
Property Size3,384 SF
Lot Size5.00 Acres
Price / SF$162.53
Days on Market92
Property Features for 32969 Laplant Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 1
Parking features
Parking Lot
Subdivision
Nashwauk/Keewatin/Itasca County
Standard status
Active
Size
3,384 SF
Lot size
5.00 Acres
Building Details
Year built
1963
Number of units
3
Roof type
Metal
Listing Agency:
Keller Williams Classic Realty · Keller Williams Realty
(763) 746-4900
Listed By:
Brian Johnson
(763) 458-1900
Added: May 27
Changed: Aug 4
Last Checked: Aug 26 at 4:06PM
MLS# 147919
Copyright © 2026 Range Association of REALTORS. 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 triplex property includes two residential rental units that have been updated, plus a separate unit for business use. The home was built in 1963 and offers 3,384 square feet under roof, with a metal roof and a parking lot for tenant and customer convenience.
Set on 5 acres just south of Grand Rapids, the property sits on Hwy 169 and provides visibility from the highway along with ample parking. Recent updates include HVAC, electrical, siding, flooring, paint, and a newer roof, supporting an operationally ready footprint for both residential tenancy and business activity.
The seller would consider a long-term lease, which may appeal to qualified users looking for a longer hold period and operational stability.
Set on 5 acres just south of Grand Rapids, the property sits on Hwy 169 and provides visibility from the highway along with ample parking. Recent updates include HVAC, electrical, siding, flooring, paint, and a newer roof, supporting an operationally ready footprint for both residential tenancy and business activity.
The seller would consider a long-term lease, which may appeal to qualified users looking for a longer hold period and operational stability.
Key Highlights
- Triplex on 5 acres just south of Grand Rapids on Hwy 169
- Two updated residential rental units plus a separate business unit
- 3,384 SF with metal roof
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
$15,624
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
2.84%
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%
$312,480
$312.5K
Cap Rate 7%
$223,200
$223.2K
Cap Rate 9%
$173,600
$173.6K
Market Conditions
NOI Build-Up for 3,384 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
$26.8K $7.92/SF
− Vacancy
−$4.5K −$1.32/SF
EGI
$22.3K $6.60/SF
− OpEx
−$6.7K −$1.98/SF
NOI
$15.6K $4.62/SF
Area
Itasca County, MN
Vacancy
16.72%
Lease Rate
$7.92 /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%
$312,480
Cap Rate 7%
$223,200
Cap Rate 9%
$173,600
Alternative Uses
Best Use
Multifamily LT 5
$223.2K
$195.3K – $260.4K
NOI $15,624 @ 7.0% cap · market cap 2.84%
Second Best
Apartment 5plus
$191.9K
$167.9K – $223.9K
NOI $13,435 @ 7.0% cap · market cap 2.44%
Theoretical Best
Specialty Retail
$326.2K
$285.5K – $380.6K
NOI $22,837 @ 7.0% cap · market cap 4.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 55744, MN
20,096
Population
9,733
Households
2.1
Avg Household Size
45
Median Age
30%
College-Educated
95%
High-School Grad
239.4 sq mi
ZIP Area
84
Density / Sq Mi
$68,213
Median Household Income
$39,232
Median Earnings
$1,014
Median Rent
$232,700
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?
Triplex - Three-unit mixed-use triplex on Multi zoning with updated rentals, metal roof, and parking lot on Hwy 169.
Where is this triplex located?
The property is located at 32969 Laplant Road Grand Rapids, MN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Triplex on 5 acres just south of Grand Rapids on Hwy 169; Two updated residential rental units plus a separate business unit; 3,384 SF with metal roof
