Renovated Lakefront
For Sale
$750,000
2627 Commerce Boulevard, Mound, MN 55364
Two updated residences offer private outdoor areas, direct lake views, and shared lower-level laundry.
Property Size2,188 SF
Price / SF$342.78
Days on Market27
Property Features for 2627 Commerce Boulevard
General Information
Standard status
Active
Size
2,188 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Amenities
private dock
screened-in patios
shared laundry
Building Details
Year Built
1912
Listing Agency:
Financially Free, LLC
(612) 559-0150
Listed By:
Alexandra Haider
Source:
Bradadamrealty
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 29 at 11:45AM
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 Financially Free, LLC
Investment Insights
Based on property information with market context.
This duplex includes two renovated residences, each with 2 bedrooms, 2 bathrooms, granite countertops, stainless steel appliances, and lake views from the interior. Screened-in patios connect to the individual units, while private deck space extends the outdoor living area. Shared laundry is located on the lower level.
The property occupies approximately 60 feet of Lake Langdon shoreline and includes a private dock. Parks and beaches, Surfside Bar and Grill, Caribou Coffee, and Back Channel Brewing are within walking distance. Built in 1912, the property also includes finished attic space in Unit 2629, currently arranged as a bonus room. The attic in the opposite unit remains available for finishing. No rental license is required.
The property occupies approximately 60 feet of Lake Langdon shoreline and includes a private dock. Parks and beaches, Surfside Bar and Grill, Caribou Coffee, and Back Channel Brewing are within walking distance. Built in 1912, the property also includes finished attic space in Unit 2629, currently arranged as a bonus room. The attic in the opposite unit remains available for finishing. No rental license is required.
Key Highlights
- Approximately 60 feet of Lake Langdon shoreline
- Private dock with lakefront access
- Two units, each with 2 bedrooms and 2 bathrooms
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
$28,355
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
3.78%
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%
$567,100
$567.1K
Cap Rate 7%
$405,071
$405.1K
Cap Rate 9%
$315,056
$315.1K
Market Conditions
NOI Build-Up for 2,188 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
$43.3K $19.80/SF
− Vacancy
−$2.8K −$1.29/SF
EGI
$40.5K $18.51/SF
− OpEx
−$12.2K −$5.55/SF
NOI
$28.4K $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%
$567,100
Cap Rate 7%
$405,071
Cap Rate 9%
$315,056
Alternative Uses
Best Use
Multifamily LT 5
$405.1K
$354.4K – $472.6K
NOI $28,355 @ 7.0% cap · market cap 3.78%
Second Best
Apartment 5plus
$365.3K
$319.7K – $426.2K
NOI $25,574 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$522.0K
$456.8K – $609.0K
NOI $36,541 @ 7.0% cap · market cap 4.87%
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
300
Businesses Nearby
Explore this area
Business Placement
Demographics for 55364, MN
15,210
Population
6,740
Households
2.3
Avg Household Size
43
Median Age
50%
College-Educated
98%
High-School Grad
15.2 sq mi
ZIP Area
1,001
Density / Sq Mi
$111,083
Median Household Income
$72,391
Median Earnings
$1,128
Median Rent
$411,200
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 updated residences offer private outdoor areas, direct lake views, and shared lower-level laundry.
Where is this duplex located?
The property is located at 2627 Commerce Boulevard Mound, MN.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Approximately 60 feet of Lake Langdon shoreline; Private dock with lakefront access; Two units, each with 2 bedrooms and 2 bathrooms
