Duplex with Detached
New
For Sale
$419,900
2249 Louisiana Avenue S, Saint Louis Park, MN 55426
MULTI_FAMILY - Saint Louis Park, MN
Property Size1,984 SF
Lot Size0.25 Acres
Price / SF$211.64
Days on Market5
Property Features for 2249 Louisiana Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 1, Basement, Bedroom 4, Bathroom 1
Parking features
Garage - Detached
Exterior features
Aluminum Siding
Subdivision
Richmond 3rd Add
High school district
St. Louis Park
Directions
394 to Louisiana Av North to home
Standard status
Active
APN
0811721120121
Size
1,984 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6743
Utilities
Heating system
Forced Air
Building Details
Year built
1947
Building materials
Block
Listing Agency:
RE/MAX Results · RE/MAX International
(763) 591-6000
Listed By:
Ron S Karon
(952) 829-2900
Added: Aug 7
Changed: Aug 8
Last Checked: Aug 11 at 10:06PM
MLS# 7123878
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 1,984-square-foot duplex includes two units with main-level living areas and unfinished lower levels. Unit 2247 is tenant-occupied and has carpeted flooring. Unit 2249 is vacant for showings, with hardwood floors that are ready for refinishing. The property is being sold as is and includes a detached two-car garage serving Unit 2249.
Built in 1947 on a 0.25-acre lot at 2249 Louisiana Avenue S in Saint Louis Park, the property features aluminum siding, block construction, and forced-air heating. Buyer responsibilities include completing St. Louis Park code compliance work after closing; the city will escrow the repair amount until the work is finished.
Built in 1947 on a 0.25-acre lot at 2249 Louisiana Avenue S in Saint Louis Park, the property features aluminum siding, block construction, and forced-air heating. Buyer responsibilities include completing St. Louis Park code compliance work after closing; the city will escrow the repair amount until the work is finished.
Key Highlights
- 1,984 SF duplex on a 0.25‑acre lot
- Unit 2247 is tenant‑occupied; Unit 2249 is vacant for showings
- Unfinished lower levels in both units
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
$25,711
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
6.12%
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%
$514,220
$514.2K
Cap Rate 7%
$367,300
$367.3K
Cap Rate 9%
$285,678
$285.7K
Market Conditions
NOI Build-Up for 1,984 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
$39.3K $19.80/SF
− Vacancy
−$2.6K −$1.29/SF
EGI
$36.7K $18.51/SF
− OpEx
−$11.0K −$5.55/SF
NOI
$25.7K $12.96/SF
Area
Hennepin County, MN
Vacancy
6.50%
Lease Rate
$19.80 /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%
$514,220
Cap Rate 7%
$367,300
Cap Rate 9%
$285,678
Alternative Uses
Best Use
Multifamily LT 5
$367.3K
$321.4K – $428.5K
NOI $25,711 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$331.3K
$289.9K – $386.5K
NOI $23,190 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$473.3K
$414.2K – $552.2K
NOI $33,134 @ 7.0% cap · market cap 7.89%
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
589
Businesses Nearby
Explore this area
Business Placement
Demographics for 55426, MN
26,716
Population
12,099
Households
2.2
Avg Household Size
36
Median Age
56%
College-Educated
97%
High-School Grad
6.6 sq mi
ZIP Area
4,048
Density / Sq Mi
$96,887
Median Household Income
$59,925
Median Earnings
$1,512
Median Rent
$345,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property offers main-level living, unfinished lower levels, and a vacant unit available for showings.
Where is this duplex located?
The property is located at 2249 Louisiana Avenue S Saint Louis Park, MN.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: 1,984 SF duplex on a 0.25‑acre lot; Unit 2247 is tenant‑occupied; Unit 2249 is vacant for showings; Unfinished lower levels in both units
