Updated Duplex with Attached
New
For Sale
$575,000
17640 Ionia Court, Lakeville, MN 55044
Residential Income, Lakeville, MN
Property Size3,332 SF
Lot Size0.83 Acres
Price / SF$172.57
Days on Market4
Property Features for 17640 Ionia Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 1, Laundry Room, Bedroom 4, Bedroom 2, Bedroom 5, Bathroom 4, Bedroom 3, Bathroom 1, Bedroom 6, Bathroom 2, Basement
Parking features
Open, Garage - Attached, Driveway
Patio and Porch features
Deck, Patio
Fencing
Chain Link
Lot features
Tree Coverage - Medium, Underground Utilities
High school district
Lakeville
Directions
Ipava to 176th, East to Ionia Ct, South to home
Standard status
Active
APN
221940601070
Size
3,332 SF
Lot size
0.83 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7624
Utilities
Heating system
Forced Air
Building Details
Year built
1977
Building materials
Frame
Roof type
Shingle
Listing Agency:
Keller Williams Realty Integrity
(952) 938-6100
Listed By:
Robert P Stewart
(612) 998-8959
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 5 at 12:06PM
MLS# 7154448
Copyright © 2026 Northstar MLS. 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 3,332-square-foot duplex, built in 1977, contains two three-bedroom, two-bath units. Both feature open layouts, vaulted ceilings, main-level primary bedrooms, finished lower levels, and attached two-car garages with direct interior access. Each residence also has walkout access to a 0.83-acre yard with full fencing and a wooded section. One unit has an updated kitchen with granite countertops, cabinetry, and a breakfast bar, along with upgraded bathrooms.
Recent work includes a 2026 roof and gutters, a 200-amp electrical panel and replacement asphalt driveways in 2024, plus updated flooring, bathroom fixtures, lighting, and landscaping rock. The property is on a cul-de-sac in the Lakeville School District 194.
Recent work includes a 2026 roof and gutters, a 200-amp electrical panel and replacement asphalt driveways in 2024, plus updated flooring, bathroom fixtures, lighting, and landscaping rock. The property is on a cul-de-sac in the Lakeville School District 194.
Key Highlights
- Two three‑bedroom, two‑bath units in a 3,332‑square‑foot duplex
- 0.83‑acre fenced yard with a wooded area and walkout access from both units
- Each unit has a two‑car attached garage with direct home access
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
Yes
Paved road access
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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Cap Rate, Value Estimation, Potential NOI and more
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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 - Two matching residences combine finished lower levels, main-floor primary bedrooms, and direct access to attached garages.
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 three‑bedroom, two‑bath units in a 3,332‑square‑foot duplex; 0.83‑acre fenced yard with a wooded area and walkout access from both units; Each unit has a two‑car attached garage with direct home access
