For Sale: Minneapolis MLS# 7038928
Active
NEW!
$420,000
Multi-family: Duplex Side by Side
2 br • 2 ba • Built 1957
1,500 sqft • 0.12 acres
Minneapolis schools
MLS# 7038928
Ask the Agent℠
Ask the Agent℠
Thank You!
An agent will be in contact with you soon to answer your question.
Property Description
Turnkey Duplex Investment! Strong In-Place Income in Rare River-Adjacent Micro-Location!
This fully renovated side-by-side duplex presents a compelling, numbers-driven investment opportunity with immediate cash flow, low capital risk, and a highly defensible location premium.
Income & Financial Metrics:
Unit 1 Rent: $1, 495/mo on month-to-month lease.
Unit 2 Rent: $1, 545/mo on month-to-month lease.
Total Monthly Income: $3, 040.
Annual Gross Income: $36, 480.
Key Investment Metrics (Pro Forma):
GRM: 11.5.
Estimated Expenses (25%): $9, 120/year ($760/month).
Estimated NOI: $27, 360/year ($2, 280/month).
Estimated Cap Rate: 6.5%.
Estimated Cash Flow (Before Financing):
$2, 280/mo.
Estimated Cash Flow (With Financing – Illustrative):
25% down ~$180–$300/mo positive.
30% down ~$350–$500/mo positive.
40% down ~$700–$900/mo positive.
These metrics position the asset competitively, offering both stability and yield.
Tenant Profile:
Fully leased with two A+ tenants.
Immediate income continuity.
Reduced vacancy risk.
Capital Improvements:
$30, 000 invested (Q4 2025). Updated kitchens, lighting, flooring, and finishes. Hardwood floors, updated counters/backsplash, newer appliances (gas stoves).
Minimal near-term capital needs.
Property Configuration:
Side-by-side duplex (preferred layout).
Each unit: 1 bed, 1 bath (750 sq ft).
Separate entrances, Private basements with laundry. Alley access with off-street pluls street parking.
Location – Rare, Micro-Market Advantage:
Located on a quiet, dead-end street lined with mature trees & historic homes, just one block off West River Road, this property sits in a high-demand micro-location that is exceptionally difficult to replicate.
Direct access to West River Parkway and Mississippi River trails offering premier biking, walking, and outdoor lifestyle appeal.
Key advantages:
Dead-end street. Privacy and low traffic.
Walkability to parks, transit, shopping, and restaurants.
Strong tenant demand drivers.
Surrounded by higher-value homes supporting long-term stability.
Opportunities in this specific pocket are extremely limited, reinforcing long-term value.
Investment Summary: Proven income. Attractive cap rate. Recent improvements. Strong tenants. Irreplaceable location.
This property offers a balanced profile of immediate cash flow and long-term upside in a location that stands apart from typical duplex offerings!
Listing
Listing Status:
Active
Contingency:
None
List Price:
$420,000
Price per sq ft:
$280
Property Type:
Multi-family
City:
Minneapolis
Garage Spaces:
0
County:
Hennepin
Year Built:
1957
State:
MN
Property Style:
Duplex Side by Side
Zip Code:
55406
Neighborhood/Area:
67
Subdivision Name:
Dormans 1st Add
Interior
Bedrooms:
2
Bathrooms:
2
Finished Area:
1,500 ft2
Living Area:
1,500 ft2
Basement Details:
- Block
- Full
Exterior
Stories:
One
Garage Spaces:
0
Foundation Size:
1,344 ft2
Handicap Accessible:
None
Heating System:
Forced Air
Parking Features:
Other
Road Frontage:
City Street
Roof Details:
- Age Over 8 Years
- Asphalt
Lot & Land
Acres:
0.12
Geolocation:
44.954929, -93.216925
Lot Dimensions:
40 x 129.23 x 40 x 129.23
Zoning:
Residential-Multi-Family
Lot Description:
Public Transit (w/in 6 blks)
Schools
School District:
1
District Phone:
6126680000
Expenses
Annual Caretaker Expense:
None
Annual Electric Expense:
None
Annual Fuel Expense:
None
Annual Insurance Expense:
$3,200
Annual Maintenance Expense:
$250
Annual Trash Expense:
$400
Annual Water/Sewer Expense:
$1,356
Tenant Expenses:
Broadband, Cable TV, Electricity, Gas, Heat
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$7,225
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$7,225
Income
Annual Gross Income:
$36,480
Misc. Annual Income:
None
Misc. Monthly Income:
None
Rent
Annual Net Income:
$31,024
Units
Total Units:
2
Miscellaneous
Fuel System:
- Electric
- Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Water System:
City Water/Connected
Mortgage Calculator
Use this calculator to estimate your monthly mortgage payment, including taxes and insurance. Simply enter
the price of the home, your down payment and loan term. Property taxes are based on the last
known value for this property or 0.012 of property
price when data is unavailable. Your interest rate and insurance rates will vary based on
credit score, loan type, etc.
This amortization schedule shows how much of your monthly payment will go towards the principle and how
much will go towards the interest.
| Month | Principal | Interest | P&I | Balance |
|---|---|---|---|---|
| Year | Principal | Interest | P&I | Balance |
Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Keller Williams Realty Integrity.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.