Duplex with Renovated
305-307 Reno Street, Wayzata, MN 55391
For Sale
New
$774,900
Residential Income, Wayzata, MN
Property Size3,246 SF
Lot Size0.23 Acres
Price / SF$238.72
Days on Market4
Property Features for 305-307 Reno Street
General Information
Property type
Property subtype
Zoning description
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Subdivision
Lot features
High school district
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Annual Amount
Amenities
in-unit laundry
stainless steel appliances
quartz countertops
spiral staircases
Building Details
Year built
Listing Agency:
Ferrell Real Estate Group Inc
Listed By:
Stephanie L Ferrell
(612) 275-3969
Added: Nov 9
Changed: Nov 10
Last Checked: Nov 12 at 7:06AM
MLS# 7170853
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.
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Investment Insights
Based on property information with market context.
This 3,246-square-foot duplex, built in 1965, sits on a 0.23-acre lot at 305-307 Reno Street. One residence has received a full renovation that includes a new kitchen, baths and windows, plus refinished hardwood floors. The other has some remaining project work. Both units have their own laundry, and the property also features stainless steel appliances, quartz surfaces, spiral staircases and newer water heaters.
A detached tandem garage provides 600 square feet for parking and storage. The roof is new and carries a lifetime warranty. Downtown Wayzata is described as a 2–5 minute walk from the property.
A detached tandem garage provides 600 square feet for parking and storage. The roof is new and carries a lifetime warranty. Downtown Wayzata is described as a 2–5 minute walk from the property.
Key Highlights
- 3,246 square feet across two duplex units
- 0.23‑acre lot in Wayzata
- One unit renovated with a new kitchen, baths and windows, plus refinished hardwood floors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,426
Cap Rate
6.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$948,520
$948.5K
Cap Rate 7%
$677,514
$677.5K
Cap Rate 9%
$526,956
$527.0K
Market Conditions
NOI Build-Up for 3,246 SF
Gross rent
$72.1K $22.20/SF
− Vacancy
−$4.3K −$1.33/SF
EGI
$67.8K $20.87/SF
− OpEx
−$20.3K −$6.26/SF
NOI
$47.4K $14.61/SF
Area
Hennepin 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%
$948,520
Cap Rate 7%
$677,514
Cap Rate 9%
$526,956
Alternative Uses
Best Use
Multifamily LT 5
$677.5K
$592.8K – $790.4K
NOI $47,426 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$542.0K
$474.3K – $632.3K
NOI $37,940 @ 7.0% cap · market cap 4.90%
Theoretical Best
Office A
$774.4K
$677.6K – $903.5K
NOI $54,210 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Location Intelligence
Trade Area within ½ mile
895
Businesses Nearby
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Business Placement
Demographics for 55391, MN
15,782
Population
7,445
Households
2.1
Avg Household Size
48
Median Age
72%
College-Educated
99%
High-School Grad
16.5 sq mi
ZIP Area
956
Density / Sq Mi
$170,115
Median Household Income
$72,262
Median Earnings
$1,498
Median Rent
$795,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Duplexes in Hennepin County, MN
Properties on Market for Duplexes in Hennepin County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - One residence has updated kitchen and baths, while the other has remaining improvement work to complete.
Where is this duplex located?
The property is located at 305-307 Reno Street Wayzata, MN.
What is the asking price?
The asking price for this property is $774,900.
What are key features of this property?
This property features: 3,246 square feet across two duplex units; 0.23‑acre lot in Wayzata; One unit renovated with a new kitchen, baths and windows, plus refinished hardwood floors
