Two-Unit Duplex with Matching
New
For Sale
$500,000
2417 Vermilion Rd, Duluth, MN 55803
Each residence includes five bedrooms, two full bathrooms, and an open-concept living and kitchen area.
Property Size2,912 SF
Price / SF$171.70
Days on Market7
Property Features for 2417 Vermilion Rd
General Information
Standard status
Active
Size
2,912 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 5BR/2BA
Multifamily Units
2
Building Details
Year Built
2003
Buildings
1
Listing Agency:
RE/MAX Results
Listed By:
Tracy L. Ramsay · License #40762684
(218) 390-6747
Source:
Searchhousesnow
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 14 at 1:26PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
Built in 2003, this duplex contains two residences with matching layouts and design. Each unit offers 5 bedrooms, 2 full bathrooms, and an open-concept arrangement connecting the living area with the kitchen. The mirrored configuration creates consistency between units and provides a straightforward physical setup across the property.
The duplex is located at 2417 Vermilion Rd in Duluth, Minnesota. The property size is 2,912, as reported in the listing information.
The duplex is located at 2417 Vermilion Rd in Duluth, Minnesota. The property size is 2,912, as reported in the listing information.
Key Highlights
- Two‑unit duplex with matching floor plans and design
- Each unit includes 5 bedrooms and 2 full bathrooms
- Open‑concept living and kitchen areas in both residences
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
$25,950
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
5.19%
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%
$519,000
$519.0K
Cap Rate 7%
$370,714
$370.7K
Cap Rate 9%
$288,333
$288.3K
Market Conditions
NOI Build-Up for 2,912 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 $13.50/SF
− Vacancy
−$2.2K −$0.77/SF
EGI
$37.1K $12.73/SF
− OpEx
−$11.1K −$3.82/SF
NOI
$25.9K $8.91/SF
Area
St. Louis County, MN
Vacancy
5.70%
Lease Rate
$13.50 /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%
$519,000
Cap Rate 7%
$370,714
Cap Rate 9%
$288,333
Alternative Uses
Best Use
Multifamily LT 5
$370.7K
$324.4K – $432.5K
NOI $25,950 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$340.7K
$298.1K – $397.5K
NOI $23,847 @ 7.0% cap · market cap 4.77%
Theoretical Best
Specialty Retail
$1.13M
$988.4K – $1.32M
NOI $79,073 @ 7.0% cap · market cap 15.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
109
Businesses Nearby
Explore this area
Business Placement
Demographics for 55803, MN
17,796
Population
8,690
Households
2
Avg Household Size
43
Median Age
49%
College-Educated
97%
High-School Grad
295.5 sq mi
ZIP Area
60
Density / Sq Mi
$104,250
Median Household Income
$58,758
Median Earnings
$1,391
Median Rent
$300,400
Median Home Value
Check the figures for this property
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 - Each residence includes five bedrooms, two full bathrooms, and an open-concept living and kitchen area.
Where is this duplex located?
The property is located at 2417 Vermilion Rd Duluth, MN.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two‑unit duplex with matching floor plans and design; Each unit includes 5 bedrooms and 2 full bathrooms; Open‑concept living and kitchen areas in both residences
