Two-Unit Duplex with Detached
For Sale
$344,990
429 2nd Ave E, Shakopee, MN 55379
Both apartments are vacant and freshly painted, with separate electric meters and in-unit laundry.
Property Size1,784 SF
Price / SF$193.38
Days on Market55
Property Features for 429 2nd Ave E
General Information
Standard status
Active
Size
1,784 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1885
Listing Agency:
RE/MAX Results
Listed By:
Taylor Doolittle
(952) 567-9939
Source:
Tayloronken
Added: Aug 12
Changed: Sep 26
Last Checked: Oct 4 at 2:35PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Results
Investment Insights
Based on property information with market context.
This 1,784-square-foot duplex contains two vacant apartments, each with two bedrooms. The main-level unit includes an eat-in kitchen, full bathroom with a tub-shower and tile surround, plus stacked laundry. Upstairs, the second apartment features white shaker cabinetry, stone-look counters, a gas range, private full bathroom, and a knotty-pine living room. Both units have been freshly painted and carpeted, with separate electric meters.
Exterior features include a covered front porch, detached two-car garage accessed from the alley, gravel parking, and a deep, tree-shaded lot with mature maple trees. Built in 1885, the property is located at 429 2nd Ave E in Shakopee, a few blocks from downtown shops and restaurants, with access to Hwy 169, Canterbury Park, and the Minnesota River.
Exterior features include a covered front porch, detached two-car garage accessed from the alley, gravel parking, and a deep, tree-shaded lot with mature maple trees. Built in 1885, the property is located at 429 2nd Ave E in Shakopee, a few blocks from downtown shops and restaurants, with access to Hwy 169, Canterbury Park, and the Minnesota River.
Key Highlights
- 1,784‑square‑foot duplex with two vacant two‑bedroom apartments
- Separate electric meters for each unit
- Main‑level apartment includes eat‑in kitchen and stacked laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,066
Cap Rate
7.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$521,320
$521.3K
Cap Rate 7%
$372,371
$372.4K
Cap Rate 9%
$289,622
$289.6K
Market Conditions
NOI Build-Up for 1,784 SF
Gross rent
$39.6K $22.20/SF
− Vacancy
−$2.4K −$1.33/SF
EGI
$37.2K $20.87/SF
− OpEx
−$11.2K −$6.26/SF
NOI
$26.1K $14.61/SF
Area
Scott 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 Rate 5%
$521,320
Cap Rate 7%
$372,371
Cap Rate 9%
$289,622
Alternative Uses
Best Use
Multifamily LT 5
$372.4K
$325.8K – $434.4K
NOI $26,066 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$342.0K
$299.3K – $399.0K
NOI $23,941 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$425.6K
$372.4K – $496.6K
NOI $29,794 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
593
Businesses Nearby
Explore this area
Business Placement
Demographics for 55379, MN
48,254
Population
18,028
Households
2.7
Avg Household Size
35
Median Age
40%
College-Educated
93%
High-School Grad
57.9 sq mi
ZIP Area
833
Density / Sq Mi
$109,824
Median Household Income
$55,390
Median Earnings
$1,540
Median Rent
$366,300
Median Home Value
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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 - Both apartments are vacant and freshly painted, with separate electric meters and in-unit laundry.
Where is this duplex located?
The property is located at 429 2nd Ave E Shakopee, MN.
What is the asking price?
The asking price for this property is $344,990.
What are key features of this property?
This property features: 1,784‑square‑foot duplex with two vacant two‑bedroom apartments; Separate electric meters for each unit; Main‑level apartment includes eat‑in kitchen and stacked laundry
