Duplex with Finished Lower
New
For Sale
$575,000
17640 Ionia Court, Lakeville, MN 55044
Both residences include attached garages, main-level primary bedrooms, and walkout access to the backyard.
Property Size3,332 SF
Price / SF$172.57
Days on Market2
Property Features for 17640 Ionia Court
General Information
Standard status
Active
Size
3,332 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
vaulted ceilings
open floor plans
finished lower levels
walkout access
large yard
full fencing
play area
Building Details
Year Built
1977
Buildings
1
Listing Agency:
Edina Realty, Inc
Listed By:
The BPR Experience
(952) 992-9279
Source:
Thebprexperience
Added: Oct 4
Last Checked: Oct 4 at 2:07PM
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 Edina Realty, Inc
Investment Insights
Based on property information with market context.
Built in 1977, this 3,332-square-foot duplex contains two residences, each with three bedrooms, two bathrooms, a two-car attached garage, vaulted ceilings, and an open layout. Main-level primary bedrooms and finished lower levels add flexibility to each unit. Both garages connect directly to the homes. One residence has a renovated kitchen with updated cabinetry, granite counters, and a breakfast bar, along with improved bathrooms.
Recent work includes a 2026 roof and gutter replacement, 2024 electrical service upgrade with a 200-amp panel, and replacement of both asphalt driveways in 2024. Additional improvements include waterproof LVP flooring in kitchens and entryways, updated bathroom fixtures and lighting, and fresh interior paint upstairs. The property sits on a 0.83-acre lot with a fenced backyard, wooded section, and a play area beside Unit 1. It is located in the 194 Lakeville School District.
Recent work includes a 2026 roof and gutter replacement, 2024 electrical service upgrade with a 200-amp panel, and replacement of both asphalt driveways in 2024. Additional improvements include waterproof LVP flooring in kitchens and entryways, updated bathroom fixtures and lighting, and fresh interior paint upstairs. The property sits on a 0.83-acre lot with a fenced backyard, wooded section, and a play area beside Unit 1. It is located in the 194 Lakeville School District.
Key Highlights
- Two residences, each with 3 bedrooms, 2 bathrooms, and a 2‑car attached garage
- 3,332‑square‑foot duplex built in 1977
- 0.83‑acre lot with a fenced yard, wooded area, and play space by Unit 1
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,683
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$973,660
$973.7K
Cap Rate 7%
$695,471
$695.5K
Cap Rate 9%
$540,922
$540.9K
Market Conditions
NOI Build-Up for 3,332 SF
Gross rent
$74.0K $22.20/SF
− Vacancy
−$4.4K −$1.33/SF
EGI
$69.5K $20.87/SF
− OpEx
−$20.9K −$6.26/SF
NOI
$48.7K $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 Rate 5%
$973,660
Cap Rate 7%
$695,471
Cap Rate 9%
$540,922
Alternative Uses
Best Use
Multifamily LT 5
$695.5K
$608.5K – $811.4K
NOI $48,683 @ 7.0% cap · market cap 8.47%
Second Best
Apartment 5plus
$638.8K
$558.9K – $745.2K
NOI $44,714 @ 7.0% cap · market cap 7.78%
Theoretical Best
Healthcare Medical
$820.0K
$717.5K – $956.6K
NOI $57,397 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
88
Businesses Nearby
Explore this area
Business Placement
Demographics for 55044, MN
60,446
Population
22,519
Households
2.7
Avg Household Size
37
Median Age
54%
College-Educated
97%
High-School Grad
65.3 sq mi
ZIP Area
926
Density / Sq Mi
$140,612
Median Household Income
$69,991
Median Earnings
$1,730
Median Rent
$464,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences include attached garages, main-level primary bedrooms, and walkout access to the backyard.
Where is this duplex located?
The property is located at 17640 Ionia Court Lakeville, MN.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms, 2 bathrooms, and a 2‑car attached garage; 3,332‑square‑foot duplex built in 1977; 0.83‑acre lot with a fenced yard, wooded area, and play space by Unit 1
