Duplex With Separate Business
For Sale
$550,000
32969 Laplant Road, Grand Rapids, MN 55744
MULTI_FAMILY - Grand Rapids, MN
Property Size5,040 SF
Lot Size5.00 Acres
Price / SF$109.13
Days on Market497
Property Features for 32969 Laplant Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 3, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 4
Exterior features
Engineered Wood
Subdivision
Whitesides Echoing Hills
High school district
Grand Rapids
Directions
Corner of 169 and Laplant Road
Standard status
Active
APN
196350063
Size
5,040 SF
Lot size
5.00 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3934
Utilities
Sewer type
Private Sewer
Heating system
Baseboard
Water source
Private
Building Details
Year built
1963
Roof type
Metal
Listing Agency:
Keller Williams Classic Realty · Keller Williams Realty
(763) 746-4900
Listed By:
Brian Johnson
(763) 746-4900
Added: Apr 10, 2025
Changed: Aug 18
Last Checked: Aug 19 at 8:06PM
MLS# 6700236
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.
Duplex-style property featuring two residential rental units that have been updated and are ready for rental use, along with a separate unit for a business. Updates include HVAC, electrical, siding, flooring, paint, and a newer roof. The property also includes engineered wood exterior features and baseboard heating.
Set on approximately 5 acres just south of Grand Rapids, the property offers visibility from Hwy 169 and includes ample parking for occupants and visitors. The home was built in 1963 and has a metal roof. Water and sewer are listed as private, with private water source and private sewer.
The current configuration supports a combined residential and business setup under one roof, with updates focused on major building systems and interior finishes.
Set on approximately 5 acres just south of Grand Rapids, the property offers visibility from Hwy 169 and includes ample parking for occupants and visitors. The home was built in 1963 and has a metal roof. Water and sewer are listed as private, with private water source and private sewer.
The current configuration supports a combined residential and business setup under one roof, with updates focused on major building systems and interior finishes.
Key Highlights
- Approximately 5 acres just south of Grand Rapids off Hwy 169
- Two updated residential rental units plus a separate unit for a business
- Visibility from Hwy 169 with ample parking
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
$23,270
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
4.23%
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%
$465,400
$465.4K
Cap Rate 7%
$332,429
$332.4K
Cap Rate 9%
$258,556
$258.6K
Market Conditions
NOI Build-Up for 5,040 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
$39.9K $7.92/SF
− Vacancy
−$6.7K −$1.32/SF
EGI
$33.2K $6.60/SF
− OpEx
−$10.0K −$1.98/SF
NOI
$23.3K $4.62/SF
Area
Itasca County, MN
Vacancy
16.72%
Lease Rate
$7.92 /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%
$465,400
Cap Rate 7%
$332,429
Cap Rate 9%
$258,556
Alternative Uses
Best Use
Multifamily LT 5
$332.4K
$290.9K – $387.8K
NOI $23,270 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$285.8K
$250.1K – $333.5K
NOI $20,009 @ 7.0% cap · market cap 3.64%
Theoretical Best
Specialty Retail
$485.9K
$425.2K – $566.9K
NOI $34,013 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 55744, MN
20,096
Population
9,733
Households
2.1
Avg Household Size
45
Median Age
30%
College-Educated
95%
High-School Grad
239.4 sq mi
ZIP Area
84
Density / Sq Mi
$68,213
Median Household Income
$39,232
Median Earnings
$1,014
Median Rent
$232,700
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 residential rental units plus a separate business unit on Hwy 169 with ample parking.
Where is this duplex located?
The property is located at 32969 Laplant Road Grand Rapids, MN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Approximately 5 acres just south of Grand Rapids off Hwy 169; Two updated residential rental units plus a separate unit for a business; Visibility from Hwy 169 with ample parking
