Duplex with Tandem
New
For Sale
$799,900
305-307 Reno Street, Wayzata, MN 55391
Residential Income, Wayzata, MN
Property Size3,246 SF
Lot Size0.23 Acres
Price / SF$246.43
Days on Market6
Property Features for 305-307 Reno Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bathroom 1, Bathroom 4, Bathroom 3, Bedroom 5, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 6
Parking features
Garage - Detached, Open
Subdivision
New Wayzata
Lot features
Tree Coverage - Medium
High school district
Wayzata
Directions
From Wayzata Blvd. Go South on Central Ave. S. West on La Salle St. South on Reno - home is on the right.
Standard status
Active
APN
0511722330022
Size
3,246 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9355
Utilities
Heating system
Oil
Amenities
in-unit laundry
Building Details
Year built
1965
Listing Agency:
Ferrell Real Estate Group Inc
Listed By:
Stephanie L Ferrell
(612) 275-3969
Added: Sep 30
Changed: Oct 3
Last Checked: Oct 5 at 2:06PM
MLS# 7152586
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 1965 duplex contains 3,246 square feet across two residences on a 0.23-acre lot. One unit has a renovated kitchen and bathrooms, replacement windows, and refinished hardwood floors; the second has remaining project work. Both units have their own laundry. A tandem detached garage provides 600 square feet of parking and storage. Other features include a recently installed roof with a lifetime warranty, newer water heaters, stainless steel appliances, quartz surfaces, and spiral staircases.
The property is at 305-307 Reno Street in Wayzata. Downtown restaurants, the beach, and the dock are within a two-to-five-minute walk.
The property is at 305-307 Reno Street in Wayzata. Downtown restaurants, the beach, and the dock are within a two-to-five-minute walk.
Key Highlights
- Two‑unit duplex with 3,246 square feet on a 0.23‑acre lot
- Unit 305 has a renovated kitchen and bathrooms, new windows, and refinished hardwood floors
- Unit 307 has project work remaining
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,065
Cap Rate
5.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$841,300
$841.3K
Cap Rate 7%
$600,929
$600.9K
Cap Rate 9%
$467,389
$467.4K
Market Conditions
NOI Build-Up for 3,246 SF
Gross rent
$64.3K $19.80/SF
− Vacancy
−$4.2K −$1.29/SF
EGI
$60.1K $18.51/SF
− OpEx
−$18.0K −$5.55/SF
NOI
$42.1K $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 Rate 5%
$841,300
Cap Rate 7%
$600,929
Cap Rate 9%
$467,389
Alternative Uses
Best Use
Multifamily LT 5
$600.9K
$525.8K – $701.1K
NOI $42,065 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$542.0K
$474.3K – $632.3K
NOI $37,940 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$774.4K
$677.6K – $903.5K
NOI $54,210 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
895
Businesses Nearby
Explore this area
Business Placement
Demographics for 55391, MN
15,782
Population
7,445
Households
2.1
Avg Household Size
48
Median Age
72%
College-Educated
99%
High-School Grad
16.5 sq mi
ZIP Area
956
Density / Sq Mi
$170,115
Median Household Income
$72,262
Median Earnings
$1,498
Median Rent
$795,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences offer individual laundry, with one interior substantially updated and the other awaiting project completion.
Where is this duplex located?
The property is located at 305-307 Reno Street Wayzata, MN.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Two‑unit duplex with 3,246 square feet on a 0.23‑acre lot; Unit 305 has a renovated kitchen and bathrooms, new windows, and refinished hardwood floors; Unit 307 has project work remaining
