Duplex with Five-Bedroom
New
For Sale
$500,000
2417 Vermilion Rd, Duluth, MN 55803
MULTI-FAMILY, Duluth, MN
Property Size2,912 SF
Lot Size0.36 Acres
Price / SF$171.70
Days on Market3
Property Features for 2417 Vermilion Rd
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
10
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bedroom 8, Bedroom 5, Bathroom 4, Bedroom 1, Bathroom 2, Bedroom 4, Basement, Bedroom 2, Bedroom 6, Bedroom 10, Bedroom 9, Bathroom 3, Bedroom 3, Bathroom 1
Parking features
Off Street
Basement
Block
Elementary school district
Duluth #709
Middle school district
Duluth #709
High school district
Duluth #709
Directions
USE GPS
Subdivision
LSAR
Standard status
Active
APN
010-3870-00160
Size
2,912 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7370
Utilities
Heating system
Electric (Heating)
Amenities
shared laundry
tuck-under garage
off-street parking
Building Details
Year built
2003
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 829-2900
Listed By:
Tracy Ramsay · License #40762684
(218) 390-6747
Added: Sep 24
Changed: Sep 25
Last Checked: Sep 26 at 7:06AM
MLS# 6124160
Copyright © 2026 Lake Superior Association of REALTORS®. 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 2,912-square-foot duplex contains two matching residences, each with five bedrooms and two full bathrooms. Both units have open living and kitchen areas. Basement laundry is shared, and a tuck-under garage provides additional storage. The property has electric heat, an air exchanger, and off-street parking. Built in 2003, it occupies a 0.36-acre lot.
The duplex must be purchased together with the neighboring single-family rental at 2425 Vermilion Rd.
The duplex must be purchased together with the neighboring single-family rental at 2425 Vermilion Rd.
Key Highlights
- Two matching units, each with 5 bedrooms and 2 full bathrooms
- 2,912 square feet on a 0.36‑acre lot
- Built in 2003
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
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
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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 - The matching residences each have two full bathrooms and share basement laundry facilities.
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 matching units, each with 5 bedrooms and 2 full bathrooms; 2,912 square feet on a 0.36‑acre lot; Built in 2003
