New Construction Duplex with Private
For Sale
$696,000
Pending
61xx Lakeland Avenue N, Crystal, MN 55428
Residential Income, Crystal, MN
Property Size3,549 SF
Days on Market241
Property Features for 61xx Lakeland Avenue N
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning description
Residential-Single Family
Bedrooms
7
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 2, Bedroom 7, Basement, Bathroom 2, Bedroom 3, Bathroom 6, Bedroom 6, Bathroom 5, Bathroom 1, Bedroom 1, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 4
Parking features
Garage - Attached
Exterior features
Brick/Stone, Vinyl
Accessibility
Accessible Approach with Ramp
Subdivision
Runquist Add
Lot features
Tree Coverage - Light
High school district
Robbinsdale
Directions
Take I-94 W. Take exit for I-394W/US-12 W. Take exit for MN-100 N. Take County Rd 81 N exit and merge onto County Rd 81/Bottineau Blvd. Turn right onto Crystal Airport Rd. Turn left onto Lakeland Ave N. House is on the right.
Standard status
Pending
Size
3,549 SF
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
418
Utilities
Heating system
Forced Air
Building Details
Year built
2026
Building materials
Block, Stone
Roof type
Shingle
Listing Agency:
Keller Williams Classic Realty · Keller Williams Realty
(763) 746-4900
Listed By:
Shawn C Rogers
(612) 987-4946
Added: Jan 30
Changed: Sep 26
Last Checked: Sep 28 at 4:06AM
MLS# 7008812
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.
Under construction for 2026 completion, this duplex comprises two fully separated attached residences totaling 3,549 square feet. The primary home spans three levels with seven bedrooms and four bathrooms, including a lower-level living area, kitchen, dining room, laundry, vaulted ceilings, and a private primary suite. The attached second residence is a slab-on-grade home with two bedrooms, one bathroom, kitchen, living room, and dining room.
Each residence has its own attached garage. The second home includes 3-foot-wide door openings and an accessible approach with ramp. Brick/stone and vinyl exterior materials, block and stone construction, forced-air heating, and a shingle roof are specified. The property occupies a large lot with tree coverage and is near shopping, restaurants, service amenities, and highway access.
Each residence has its own attached garage. The second home includes 3-foot-wide door openings and an accessible approach with ramp. Brick/stone and vinyl exterior materials, block and stone construction, forced-air heating, and a shingle roof are specified. The property occupies a large lot with tree coverage and is near shopping, restaurants, service amenities, and highway access.
Key Highlights
- 3,549 square feet with two fully separated attached residences
- Primary residence spans three levels and includes 7 bedrooms and 4 bathrooms
- Second residence offers 2 bedrooms, 1 bathroom, and its own attached garage
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
$45,992
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
6.61%
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%
$919,840
$919.8K
Cap Rate 7%
$657,029
$657.0K
Cap Rate 9%
$511,022
$511.0K
Market Conditions
NOI Build-Up for 3,549 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
$70.3K $19.80/SF
− Vacancy
−$4.6K −$1.29/SF
EGI
$65.7K $18.51/SF
− OpEx
−$19.7K −$5.55/SF
NOI
$46.0K $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%
$919,840
Cap Rate 7%
$657,029
Cap Rate 9%
$511,022
Alternative Uses
Best Use
Multifamily LT 5
$657.0K
$574.9K – $766.5K
NOI $45,992 @ 7.0% cap · market cap 6.61%
Second Best
Apartment 5plus
$592.6K
$518.5K – $691.4K
NOI $41,482 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$846.7K
$740.9K – $987.8K
NOI $59,270 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
402
Businesses Nearby
Explore this area
Business Placement
Demographics for 55428, MN
31,896
Population
13,495
Households
2.4
Avg Household Size
37
Median Age
29%
College-Educated
90%
High-School Grad
8.1 sq mi
ZIP Area
3,938
Density / Sq Mi
$69,004
Median Household Income
$43,173
Median Earnings
$1,291
Median Rent
$277,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two attached residences support multigenerational living or an owner-occupied rental arrangement.
Where is this duplex located?
The property is located at 61xx Lakeland Avenue N Crystal, MN.
What is the asking price?
The asking price for this property is $696,000.
What are key features of this property?
This property features: 3,549 square feet with two fully separated attached residences; Primary residence spans three levels and includes 7 bedrooms and 4 bathrooms; Second residence offers 2 bedrooms, 1 bathroom, and its own attached garage
