Updated Duplex Income
5570 & 5580 Shorewood Lane Excelsior, MN 55331
For Sale
$599,000
MULTI_FAMILY - Excelsior, MN
Property Size2,230 SF
Lot Size0.46 Acres
Price / SF$268.61
Days on Market64
Property Features for 5570 & 5580 Shorewood Lane
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Bathrooms
- 4
- Rooms
- Basement, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 1, Bathroom 3, Bathroom 4, Bathroom 1, Bedroom 2, Bedroom 5, Bedroom 6
- Parking features
- Garage - Attached, Driveway
- Exterior features
- Wood
- Standard status
- Active
- APN
- 3311723110091
- Size
- 2,230 SF
- Lot size
- 0.46 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 7026
Utilities
- Heating system
- Forced Air
- Water source
- Well
Building Details
- Year built
- 1968
- Roof type
- Shingle
Listing Agency:
Keller Williams Premier Realty Lake Minnetonka
(952) 475-0111
Listed By:
The Holmers Group
(952) 475-0111
Added: May 22
Changed: Jul 24
Last Checked: Jul 24 at 11:06AM
MLS# 7079447
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 duplex income property features two separate units at 5570 & 5580 Shorewood Lane. The exterior has been substantially improved, including new columns, shutters, paint, professional landscaping, and a 35-year Timberline roof completed in 2010. The recent 2026 updates include new carpet, luxury vinyl plank flooring, full interior paint, updated light switches, painted garage and utility floors, and new appliances. Additional mechanical updates include newer furnaces installed within the past five years.
Located in Excelsior, the property is described as being just steps from the Lake Minnetonka Regional Trail, with access into downtown Excelsior for dining and shopping. The remarks also note walkable proximity to Tonka Bay for additional local restaurants.
The updated finishes, durable roof, and relatively recent mechanical improvements support a practical fit for tenants seeking move-in-ready living or for buyers planning either an owner-occupant setup or a straightforward rental operation. With both units described as extensively updated and well maintained, the property is positioned for those who value consistency and reduce near-term capex uncertainty based on the documented improvements.
Located in Excelsior, the property is described as being just steps from the Lake Minnetonka Regional Trail, with access into downtown Excelsior for dining and shopping. The remarks also note walkable proximity to Tonka Bay for additional local restaurants.
The updated finishes, durable roof, and relatively recent mechanical improvements support a practical fit for tenants seeking move-in-ready living or for buyers planning either an owner-occupant setup or a straightforward rental operation. With both units described as extensively updated and well maintained, the property is positioned for those who value consistency and reduce near-term capex uncertainty based on the documented improvements.
Key Highlights
- Duplex built in 1968 with wood exterior and shingle roof
- Major 2010 exterior updates: new columns, shutters, paint, professional landscaping, and a 35‑year Timberline roof
- Recent 2026 interior updates: new carpet and luxury vinyl plank flooring, full interior paint, and new appliances
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $44.2k | $19.80 |
| − Vacancy | −$2.9k | −$1.29 |
| EGI | $41.3k | $18.51 |
| − OpEx | −$12.4k | −$5.55 |
| NOI | $28.9k | $12.96 |
2,230 SF · lease $19.80/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$412.8K
$361.2K – $481.7K
NOI $28,899 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$372.4K
$325.8K – $434.4K
NOI $26,065 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$532.0K
$465.5K – $620.7K
NOI $37,242 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Well-maintained duplex with recent interior and exterior updates, designed for comfortable owner-occupant or investor use.
Where is this duplex located?
The property is located at 5570 & 5580 Shorewood Lane Excelsior, MN.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Duplex built in 1968 with wood exterior and shingle roof; Major 2010 exterior updates: new columns, shutters, paint, professional landscaping, and a 35‑year Timberline roof; Recent 2026 interior updates: new carpet and luxury vinyl plank flooring, full interior paint, and new appliances
