Updated Side-by-Side
For Sale
$635,000
1700 W 66th St, Richfield, MN 55423
Two residential units offer refreshed interiors, fireplaces, and convenient access to neighborhood amenities and I-35W.
Property Size4,619 SF
Price / SF$137.48
Days on Market12
Property Features for 1700 W 66th St
General Information
Standard status
Active
Size
4,619 SF
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,864
Building Details
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty - Southwest Regional
(651) 335-3912
Listed By:
Ryan M Platzke
(651) 335-3912
Source:
Exprealty
Added: Jul 29
Changed: Aug 8
Last Checked: Aug 8 at 7:31AM
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 Coldwell Banker Realty - Southwest Regional
Investment Insights
Based on property information with market context.
This side-by-side duplex contains 4,619 square feet across two residential units. Interior improvements include updated kitchens with newer cabinetry, granite counters, and stainless steel appliances, along with refreshed bathrooms and a lower-level bath with tiled finishes and glass shower doors. Hardwood flooring extends through the upper levels, while newer carpet has been installed below. Each unit includes a wood-burning fireplace, and the second unit has a fenced yard. A roof replacement is planned.
The property is located at 1700 W 66th St in Richfield, Minnesota, beside a neighborhood park and near local restaurants and everyday conveniences. Quick access to I-35W supports regional connectivity. The north unit also carries the address 6540 James Av. S.
The property is located at 1700 W 66th St in Richfield, Minnesota, beside a neighborhood park and near local restaurants and everyday conveniences. Quick access to I-35W supports regional connectivity. The north unit also carries the address 6540 James Av. S.
Key Highlights
- 4,619‑square‑foot side‑by‑side duplex at 1700 W 66th St, Richfield, MN
- Updated kitchens with newer cabinets, granite countertops, and stainless steel appliances
- Each unit features a wood‑burning fireplace
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
$52,887
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
8.33%
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%
$1,057,740
$1.1M
Cap Rate 7%
$755,529
$755.5K
Cap Rate 9%
$587,633
$587.6K
Market Conditions
NOI Build-Up for 4,619 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
$101.4K $21.96/SF
− Vacancy
−$5.3K −$1.14/SF
EGI
$96.2K $20.82/SF
− OpEx
−$43.3K −$9.37/SF
NOI
$52.9K $11.45/SF
Area
ZIP 55423
Vacancy
5.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
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%
$1,057,740
Cap Rate 7%
$755,529
Cap Rate 9%
$587,633
Alternative Uses
Best Use
Multifamily LT 5
$873.4K
$764.2K – $1.02M
NOI $61,138 @ 7.0% cap · market cap 9.63%
Second Best
Apartment 5plus
$755.5K
$661.1K – $881.5K
NOI $52,887 @ 7.0% cap · market cap 8.33%
Theoretical Best
Office A
$1.35M
$1.19M – $1.58M
NOI $94,832 @ 7.0% cap · market cap 14.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,006
Businesses Nearby
Explore this area
Business Placement
Demographics for 55423, MN
37,137
Population
16,792
Households
2.2
Avg Household Size
37
Median Age
44%
College-Educated
91%
High-School Grad
7.1 sq mi
ZIP Area
5,231
Density / Sq Mi
$84,102
Median Household Income
$52,890
Median Earnings
$1,334
Median Rent
$320,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer refreshed interiors, fireplaces, and convenient access to neighborhood amenities and I-35W.
Where is this duplex located?
The property is located at 1700 W 66th St Richfield, MN.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: 4,619‑square‑foot side‑by‑side duplex at 1700 W 66th St, Richfield, MN; Updated kitchens with newer cabinets, granite countertops, and stainless steel appliances; Each unit features a wood‑burning fireplace
