Multi-Family Residential
For Sale
$480,000
116 Lexington Parkway N, Saint Paul, MN 55104
Residential-Multi-Family zoning and a natural gas, hot-water heating system are among the property’s recorded features.
Property Size2,743 SF
Price / SF$174.99
Days on Market49
Property Features for 116 Lexington Parkway N
General Information
Standard status
Active
Size
2,743 SF
Property subtype
Residential Income
Zoning
Residential-Multi-Family
Taxes and HOA fees
Annual Taxes
$5,741
Amenities
Natural Gas, Hot Water
Unfinished
Garage Door Opener
Building Details
Building Size
2,743 SF
Year Built
1900
Stories
2
Listed By:
Jonathan Liu
(952) 239-9999
Source:
Evrealestate
Added: Aug 14
Changed: Sep 30
Last Checked: Sep 30 at 2:31PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Jonathan Liu
Investment Insights
Based on property information with market context.
This residential income property was built in 1900 and has Residential-Multi-Family zoning. Interior features include natural gas and hot-water heating; the interior is also noted as unfinished. A garage door opener is listed among the exterior features.
The property is at the corner of Lexington Parkway North and Laurel Street in Saint Paul.
The property is at the corner of Lexington Parkway North and Laurel Street in Saint Paul.
Key Highlights
- Residential‑Multi‑Family zoning
- Built in 1900
- Natural gas and hot‑water heating
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
$36,810
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
7.67%
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%
$736,200
$736.2K
Cap Rate 7%
$525,857
$525.9K
Cap Rate 9%
$409,000
$409.0K
Market Conditions
NOI Build-Up for 2,743 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
$71.4K $26.04/SF
− Vacancy
−$4.5K −$1.64/SF
EGI
$66.9K $24.40/SF
− OpEx
−$30.1K −$10.98/SF
NOI
$36.8K $13.42/SF
Area
Ramsey County, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$736,200
Cap Rate 7%
$525,857
Cap Rate 9%
$409,000
Alternative Uses
Best Use
Apartment 5plus
$525.9K
$460.1K – $613.5K
NOI $36,810 @ 7.0% cap · market cap 7.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$654.4K
$572.6K – $763.5K
NOI $45,810 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Residential-Multi-Family zoning and a natural gas, hot-water heating system are among the property’s recorded features.
Where is this residential income property located?
The property is located at 116 Lexington Parkway N Saint Paul, MN.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Residential‑Multi‑Family zoning; Built in 1900; Natural gas and hot‑water heating
