Updated Up/Down
For Sale
$479,900
2017 Laurel Avenue, Saint Paul, MN 55104
Saint Paul, MN
Property Size2,242 SF
Price / SF$214.05
Days on Market53
Property Features for 2017 Laurel Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 3
Subdivision
Merriam Park Second Add
Standard status
Active
Size
2,242 SF
Building Details
Year built
1921
Listing Agency:
Engel & Volkers Minneapolis · Engel & Völkers
(612) 338-3836
Listed By:
Malee Vang
(651) 332-4569
Added: Jul 17
Changed: Sep 4
Last Checked: Sep 7 at 1:06AM
MLS# 7110325
Copyright © 2026 Engel & Völkers. 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 1921 up-and-down duplex contains 2,242 square feet and is configured with two residential units. One unit is vacant, while the other has a new lease in place. Improvements include dual boilers, updated water lines, appliance replacements, a newer water heater, laundry equipment, a newer roof, and refreshed interior and exterior finishes. New gas lines were installed in 2026, and the waste line between the home and street was replaced before current ownership.
Additional work includes a renovated rear bump-out with structural repairs, new siding, flooring, a moisture barrier, and sealed rubber roofing. The property also features a new chimney liner and cap, porch staining, exterior trim painting, updated bath fixtures, and planned upper-unit kitchen improvements including a sink base, cabinetry, and quartz countertops. Resident parking permits are available.
Additional work includes a renovated rear bump-out with structural repairs, new siding, flooring, a moisture barrier, and sealed rubber roofing. The property also features a new chimney liner and cap, porch staining, exterior trim painting, updated bath fixtures, and planned upper-unit kitchen improvements including a sink base, cabinetry, and quartz countertops. Resident parking permits are available.
Key Highlights
- 2,242‑square‑foot duplex built in 1921
- Up‑and‑down layout with one vacant unit and one leased unit
- New gas lines installed in 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
678
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 - Two-level duplex with one vacant unit, one leased unit, and extensive updates completed across both residences and shared areas.
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: 2,242‑square‑foot duplex built in 1921; Up‑and‑down layout with one vacant unit and one leased unit; New gas lines installed in 2026
