Updated Up/Down
For Sale
$479,900
2017 Laurel Avenue, Saint Paul, MN 55104
One residence is vacant, while the other has a new lease in place.
Property Size3,384 SF
Price / SF$214.05
Days on Market49
Property Features for 2017 Laurel Avenue
General Information
Standard status
Active
Size
3,384 SF
Property subtype
Residential Income
Zoning
Residential-Multi-Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,388
Amenities
Laundry
Natural Gas
Full, Storage Space, Unfinished
On Street
Building Details
Building Size
3,384 SF
Year Built
1921
Stories
2
Listing Agency:
Engel & Volkers Minneapolis
(651) 332-4569
Listed By:
Malee Vang
(651) 332-4569
Source:
Evrealestate
Added: Jul 15
Changed: Aug 31
Last Checked: Aug 31 at 1:00PM
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 Engel & Volkers Minneapolis
Investment Insights
Based on property information with market context.
This two-unit property at 2017 Laurel Ave in Saint Paul contains 2,242 square feet and was built in 1921. The up/down layout includes one vacant unit and one leased unit, with resident parking permits available. Recent work includes replacement of the home’s gas lines on May 28, 2026, along with improvements to the kitchens, bathrooms, water lines, appliances, roof, porches, exterior trim, and interior finishes.
Major system and building updates span multiple years, including dual boilers and kitchen countertops in 2018, water-line and appliance upgrades in 2020, and a water heater, washer, dryer, and dishwasher in 2021. The roof was replaced in 2022. In 2025, the chimney liner and cap were replaced, the lower porch was stained, exterior trim was painted, and the upper interiors received fresh paint. Additional 2026 work includes bathroom and common-area improvements. The rear bump-out received structural repairs, new siding, flooring, a moisture barrier, and sealed rubber roofing.
Major system and building updates span multiple years, including dual boilers and kitchen countertops in 2018, water-line and appliance upgrades in 2020, and a water heater, washer, dryer, and dishwasher in 2021. The roof was replaced in 2022. In 2025, the chimney liner and cap were replaced, the lower porch was stained, exterior trim was painted, and the upper interiors received fresh paint. Additional 2026 work includes bathroom and common-area improvements. The rear bump-out received structural repairs, new siding, flooring, a moisture barrier, and sealed rubber roofing.
Key Highlights
- Duplex with 2,242 square feet, built in 1921
- Up/down configuration with one vacant unit and one leased unit
- New gas lines installed 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
665
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
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Frequently Asked Questions
What type of property is this?
Duplex - One residence is vacant, while the other has a new lease in place.
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: Duplex with 2,242 square feet, built in 1921; Up/down configuration with one vacant unit and one leased unit; New gas lines installed May 28, 2026
