Brick Duplex with Detached
For Sale
$420,000
629 Lexington Parkway N, Saint Paul, MN 55104
Residential Income, Saint Paul, MN
Property Size2,614 SF
Lot Size0.12 Acres
Price / SF$160.67
Days on Market50
Property Features for 629 Lexington Parkway N
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family, Residential-Single Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
Garage - Detached, Driveway
Exterior features
Brick/Stone, Stucco
Fencing
Chain Link
Subdivision
Ruth Livingston Second, Additio
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Medium
High school district
St. Paul
Directions
From Energy Park Drive and Lexington go South on Lexington. Take a Right on Lafond. Home is on the corner of Lafond and Lexington.
Standard status
Active
APN
342923110079
Size
2,614 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9838
Utilities
Heating system
Oil
Amenities
brick fireplaces
original built-ins
hardwood floors
sunrooms
updated gas ranges
balcony
wraparound covered porch
fully fenced yard
concrete patio
free laundry
Building Details
Year built
1925
Building materials
Brick, Concrete, Frame
Roof type
Shingle
Listing Agency:
Verve Realty
(612) 623-1199
Listed By:
Mari Koplin
(612) 623-1199
Added: Jul 5
Changed: Aug 20
Last Checked: Aug 23 at 10:06AM
MLS# 7104108
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.
This 1925 duplex contains 2,614 square feet across two residences with matching layouts. Each unit includes a living room with a brick fireplace, original built-ins, hardwood flooring, a dining area, sunroom, kitchen, two bedrooms, and a full bathroom. The upper residence adds a finished walk-up attic and rear balcony. One main-level bathroom received a new tile surround in 2021, while the upper kitchen gained a refrigerator and microwave in 2025.
Each unit has its own boiler, water heater, and 100-amp electrical panel; one boiler was replaced in 2024. Shared laundry is located in the basement, where storage space is also available. Exterior features include a wraparound covered porch, pergola roof, fenced yard, concrete patio, detached three-stall garage, and concrete driveway. The property is located at 629 Lexington Parkway N in Saint Paul, near Como Lake, Allianz Field, parks, schools, restaurants, bookstores, breweries, and both downtowns.
Each unit has its own boiler, water heater, and 100-amp electrical panel; one boiler was replaced in 2024. Shared laundry is located in the basement, where storage space is also available. Exterior features include a wraparound covered porch, pergola roof, fenced yard, concrete patio, detached three-stall garage, and concrete driveway. The property is located at 629 Lexington Parkway N in Saint Paul, near Como Lake, Allianz Field, parks, schools, restaurants, bookstores, breweries, and both downtowns.
Key Highlights
- 2,614‑square‑foot duplex built in 1925
- Each unit includes 2 bedrooms, a full bathroom, fireplace, hardwood floors, dining area, kitchen, and sunroom
- Upper unit features a finished walk‑up attic and rear balcony
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
Yes
Paved road access
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 separate residences feature fireplaces, sunrooms, private mechanical systems, and shared laundry within a fenced corner-lot setting.
Where is this duplex located?
The property is located at 629 Lexington Parkway 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: 2,614‑square‑foot duplex built in 1925; Each unit includes 2 bedrooms, a full bathroom, fireplace, hardwood floors, dining area, kitchen, and sunroom; Upper unit features a finished walk‑up attic and rear balcony
