Side-by-Side
For Sale
$450,000
Pending
508 Shadyside Circle, Hopkins, MN 55343
Residential Income, Hopkins, MN
Property Size2,548 SF
Lot Size0.18 Acres
Days on Market248
Property Features for 508 Shadyside Circle
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 4, Basement, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 4, Bathroom 2
Parking features
Garage - Detached, Driveway
Exterior features
Brick/Stone, Fiber Board
Subdivision
Meaths Add
Lot features
Tree Coverage - Light
High school district
Hopkins
Directions
Continue onto MN-100 S. Exit onto MN-7 W, Merge onto MN-7 W. Use the 2nd from the left lane to turn left onto Blake Rd N, Turn right toward 2nd St NE, Continue onto 2nd St NE, Turn right onto Van Buren Ave N, Turn left onto Shadyside Cir
Standard status
Pending
APN
1911721240011
Size
2,548 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8685
Utilities
Heating system
Forced Air
Building Details
Year built
1968
Listing Agency:
RE/MAX Advantage Plus · RE/MAX International
(763) 755-1100
Listed By:
Brian Leneweaver
(952) 226-7700
Added: Jan 15
Changed: Sep 13
Last Checked: Sep 20 at 11:06AM
MLS# 7006664
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 side-by-side duplex contains two residential units, each spanning over 1,200 square feet with three bedrooms, two bathrooms, and an unfinished basement. The property totals 2548 square feet on a 0.18-acre lot and was built in 1968. Exterior materials include brick/stone and fiber board, while forced-air heating serves the building. Detached garage parking and a driveway provide on-site vehicle storage and access.
Located in Hopkins, Minnesota, the property is close to schools, parks, and everyday conveniences. Its two-unit configuration supports separate residential occupancy, with each side offering a similar layout and basement space for additional storage or future customization.
Located in Hopkins, Minnesota, the property is close to schools, parks, and everyday conveniences. Its two-unit configuration supports separate residential occupancy, with each side offering a similar layout and basement space for additional storage or future customization.
Key Highlights
- Two‑unit side‑by‑side duplex totaling 2548 square feet
- Each unit includes 3 bedrooms, 2 bathrooms, and an unfinished basement
- Each residence spans over 1,200 sq ft
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
$33,020
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
7.34%
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%
$660,400
$660.4K
Cap Rate 7%
$471,714
$471.7K
Cap Rate 9%
$366,889
$366.9K
Market Conditions
NOI Build-Up for 2,548 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
$50.5K $19.80/SF
− Vacancy
−$3.3K −$1.29/SF
EGI
$47.2K $18.51/SF
− OpEx
−$14.2K −$5.55/SF
NOI
$33.0K $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%
$660,400
Cap Rate 7%
$471,714
Cap Rate 9%
$366,889
Alternative Uses
Best Use
Multifamily LT 5
$471.7K
$412.8K – $550.3K
NOI $33,020 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$425.5K
$372.3K – $496.4K
NOI $29,782 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$607.9K
$531.9K – $709.2K
NOI $42,553 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
820
Businesses Nearby
Explore this area
Business Placement
Demographics for 55343, MN
26,307
Population
14,111
Households
1.9
Avg Household Size
38
Median Age
52%
College-Educated
97%
High-School Grad
7.7 sq mi
ZIP Area
3,416
Density / Sq Mi
$82,415
Median Household Income
$54,823
Median Earnings
$1,427
Median Rent
$350,700
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature three-bedroom layouts, unfinished basements, forced-air heating, and detached garage parking.
Where is this duplex located?
The property is located at 508 Shadyside Circle Hopkins, MN.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit side‑by‑side duplex totaling 2548 square feet; Each unit includes 3 bedrooms, 2 bathrooms, and an unfinished basement; Each residence spans over 1,200 sq ft
