Two-Story Duplex with
New
For Sale
$269,900
239 3rd Ave W, Shakopee, MN 55379
Two separately entered one-bedroom units feature stucco exteriors, newer windows, and a newer roof.
Property Size1,656 SF
Price / SF$162.98
Days on Market5
Property Features for 239 3rd Ave W
General Information
Standard status
Active
Size
1,656 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,660
Building Details
Stories
2
Construction
stucco
Listing Agency:
Kubes Realty Inc
(612) 599-7440
Listed By:
Randolph J Kubes
(612) 599-7440
Source:
Exprealty
Added: Aug 12
Changed: Aug 16
Last Checked: Aug 16 at 4:58AM
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 Kubes Realty Inc
Investment Insights
Based on property information with market context.
This two-story duplex contains two distinct apartments, each offering 1 bedroom and 1 bathroom. Separate entrances serve the main-level and upper-level residences, creating clear separation between the units. The property includes a 2-car garage, stucco exterior, newer windows, and a newer roof. Total property size is 1656 square feet.
Set on a corner lot at 239 3rd Ave W in Shakopee, MN, the building combines a compact two-unit layout with dedicated garage space. The existing configuration provides a residential income property with two individually accessed apartments and established exterior improvements.
Set on a corner lot at 239 3rd Ave W in Shakopee, MN, the building combines a compact two-unit layout with dedicated garage space. The existing configuration provides a residential income property with two individually accessed apartments and established exterior improvements.
Key Highlights
- Two‑story duplex with 2 apartments
- Each unit includes 1 bedroom and 1 bathroom
- Separate entrances for the main‑level and upper‑level units
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
$24,195
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
8.96%
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%
$483,900
$483.9K
Cap Rate 7%
$345,643
$345.6K
Cap Rate 9%
$268,833
$268.8K
Market Conditions
NOI Build-Up for 1,656 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
$36.8K $22.20/SF
− Vacancy
−$2.2K −$1.33/SF
EGI
$34.6K $20.87/SF
− OpEx
−$10.4K −$6.26/SF
NOI
$24.2K $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 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%
$483,900
Cap Rate 7%
$345,643
Cap Rate 9%
$268,833
Alternative Uses
Best Use
Multifamily LT 5
$345.6K
$302.4K – $403.3K
NOI $24,195 @ 7.0% cap · market cap 8.96%
Second Best
Apartment 5plus
$317.5K
$277.8K – $370.4K
NOI $22,223 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$395.1K
$345.7K – $460.9K
NOI $27,656 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
545
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
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 separately entered one-bedroom units feature stucco exteriors, newer windows, and a newer roof.
Where is this duplex located?
The property is located at 239 3rd Ave W Shakopee, MN.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Two‑story duplex with 2 apartments; Each unit includes 1 bedroom and 1 bathroom; Separate entrances for the main‑level and upper‑level units
