Duplex with Covered
For Sale
$420,000
629 Lexington Pkwy N, Saint Paul, MN 55104
Two matching residences feature fireplaces, hardwood floors, private mechanical systems, and shared laundry within a fenced corner property.
Property Size2,614 SF
Price / SF$160.67
Days on Market17
Property Features for 629 Lexington Pkwy N
General Information
Standard status
Active
Size
2,614 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
brick fireplace
original built-ins
hardwood floors
sunroom
updated gas ranges
pass-through
balcony
covered porch
fully fenced yard
concrete patio
shared laundry
finished attic
Building Details
Year Built
1925
Listing Agency:
Verve Realty
(612) 702-4858
Listed By:
Mari Koplin
Source:
Searchhousesnow
Added: Aug 16
Changed: Aug 31
Last Checked: Aug 30 at 8:21PM
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 Verve Realty
Investment Insights
Based on property information with market context.
This 1925 duplex contains two matching residences within 2,614 square feet. Both units offer living and dining rooms, brick fireplaces, original built-ins, archways, hardwood floors, sunrooms, kitchens with updated gas ranges, bedrooms grouped with a full bathroom, and private boilers, water heaters, and 100-amp electrical panels. The upper residence also includes a finished walk-up attic and rear balcony, while one refrigerator and microwave were added there in 2025. The main-level bathroom received a new tile surround in 2021.
Shared amenities include laundry, a basement with substantial storage space and high ceilings, and a three-stall garage accessed by a concrete driveway. The exterior includes a wraparound covered porch with pergola roof, concrete patio, and fully fenced yard. Situated at 629 Lexington Pkwy N in Saint Paul’s Hamline-Midway area, the corner setting provides access to street parking. Como Lake, Allianz Field, schools, parks, restaurants, bookstores, breweries, and both downtowns are identified nearby.
Shared amenities include laundry, a basement with substantial storage space and high ceilings, and a three-stall garage accessed by a concrete driveway. The exterior includes a wraparound covered porch with pergola roof, concrete patio, and fully fenced yard. Situated at 629 Lexington Pkwy N in Saint Paul’s Hamline-Midway area, the corner setting provides access to street parking. Como Lake, Allianz Field, schools, parks, restaurants, bookstores, breweries, and both downtowns are identified nearby.
Key Highlights
- Two‑unit duplex totaling 2,614 square feet; built in 1925
- Three‑stall garage, concrete driveway, fenced yard, and covered wraparound porch
- Each unit has a boiler, water heater, and 100‑amp electrical panel; one boiler was new in 2024
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
$38,192
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
9.09%
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%
$763,840
$763.8K
Cap Rate 7%
$545,600
$545.6K
Cap Rate 9%
$424,356
$424.4K
Market Conditions
NOI Build-Up for 2,614 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
$58.0K $22.20/SF
− Vacancy
−$3.5K −$1.33/SF
EGI
$54.6K $20.87/SF
− OpEx
−$16.4K −$6.26/SF
NOI
$38.2K $14.61/SF
Area
Dakota County, MN
Vacancy
5.98%
Lease Rate
$22.20 /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%
$763,840
Cap Rate 7%
$545,600
Cap Rate 9%
$424,356
Alternative Uses
Best Use
Multifamily LT 5
$545.6K
$477.4K – $636.5K
NOI $38,192 @ 7.0% cap · market cap 9.09%
Second Best
Apartment 5plus
$501.1K
$438.5K – $584.7K
NOI $35,079 @ 7.0% cap · market cap 8.35%
Theoretical Best
Healthcare Medical
$643.3K
$562.9K – $750.5K
NOI $45,029 @ 7.0% cap · market cap 10.72%
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
1,142
Businesses Nearby
Explore this area
Business Placement
Demographics for 55104, MN
45,612
Population
20,358
Households
2.2
Avg Household Size
33
Median Age
52%
College-Educated
93%
High-School Grad
6.0 sq mi
ZIP Area
7,602
Density / Sq Mi
$75,038
Median Household Income
$42,770
Median Earnings
$1,159
Median Rent
$290,900
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 matching residences feature fireplaces, hardwood floors, private mechanical systems, and shared laundry within a fenced corner property.
Where is this duplex located?
The property is located at 629 Lexington Pkwy N Saint Paul, MN.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,614 square feet; built in 1925; Three‑stall garage, concrete driveway, fenced yard, and covered wraparound porch; Each unit has a boiler, water heater, and 100‑amp electrical panel; one boiler was new in 2024
