Side-by-Side Duplex with
For Sale
$499,900
309 Washington Avenue S, Edina, MN 55343
Residential Income, Edina, MN
Property Size2,125 SF
Lot Size0.23 Acres
Price / SF$235.25
Days on Market136
Property Features for 309 Washington Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Basement, Bedroom 4, Bedroom 2, Bedroom 3, Laundry Room, Bathroom 3, Bathroom 1
Parking features
Driveway, Garage - Detached, Open
Patio and Porch features
Deck
Fencing
Chain Link
Subdivision
West Minneapolis Heights
Lot features
Public Transit (w/in 6 blks)
High school district
Hopkins
Directions
Excelsior Blvd, south on Blake Rd, west on Maloney Ave, north on Washington Ave
Standard status
Active
APN
3011721220068
Size
2,125 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7108
Utilities
Heating system
Forced Air
Amenities
private rear patios
in-unit laundry
Building Details
Year built
1958
Building materials
Block, Frame
Roof type
Shingle
Listing Agency:
RE/MAX Advantage Plus · RE/MAX International
(763) 682-3030
Listed By:
Jim Diorio
(952) 226-7700
Added: May 23
Changed: Sep 24
Last Checked: Oct 5 at 11:06AM
MLS# 7070693
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 one-level side-by-side duplex contains 2,125 square feet and was built in 1958. The property includes two bedrooms, two bathrooms, hardwood flooring, private rear patios, and separate basement areas with laundry and storage. Double-pane windows tilt inward for cleaning and energy efficiency. Construction includes block and frame materials, with forced-air heating and a shingle roof.
Exterior improvements include a new roof and siding completed in 2025. Unit 311 has a furnace and central air system installed in 2019. The unfinished basement space may support additional finished area, while Unit 311 may allow a future third bedroom with an egress window. Parking consists of a detached garage, open spaces, and a driveway, with a deck and chain-link fencing also included.
The property is in Edina near shopping, dining, parks, bike trails, and major commuter routes.
Exterior improvements include a new roof and siding completed in 2025. Unit 311 has a furnace and central air system installed in 2019. The unfinished basement space may support additional finished area, while Unit 311 may allow a future third bedroom with an egress window. Parking consists of a detached garage, open spaces, and a driveway, with a deck and chain-link fencing also included.
The property is in Edina near shopping, dining, parks, bike trails, and major commuter routes.
Key Highlights
- 2,125‑square‑foot side‑by‑side duplex on a 0.23‑acre lot
- New roof and siding completed in 2025
- Unit 311 furnace and central air installed in 2019
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
$27,538
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
5.51%
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%
$550,760
$550.8K
Cap Rate 7%
$393,400
$393.4K
Cap Rate 9%
$305,978
$306.0K
Market Conditions
NOI Build-Up for 2,125 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
$42.1K $19.80/SF
− Vacancy
−$2.7K −$1.29/SF
EGI
$39.3K $18.51/SF
− OpEx
−$11.8K −$5.55/SF
NOI
$27.5K $12.96/SF
Area
Hennepin County, MN
Vacancy
6.50%
Lease Rate
$19.80 /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%
$550,760
Cap Rate 7%
$393,400
Cap Rate 9%
$305,978
Alternative Uses
Best Use
Multifamily LT 5
$393.4K
$344.2K – $459.0K
NOI $27,538 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$354.8K
$310.5K – $414.0K
NOI $24,838 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$507.0K
$443.6K – $591.5K
NOI $35,489 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,065
Businesses Nearby
Explore this area
Business Placement
Demographics for 55343, MN
26,307
Population
14,111
Households
1.9
Avg Household Size
38
Median Age
52%
College-Educated
97%
High-School Grad
7.7 sq mi
ZIP Area
3,416
Density / Sq Mi
$82,415
Median Household Income
$54,823
Median Earnings
$1,427
Median Rent
$350,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - One-level duplex with hardwood floors, private outdoor areas, separate basements, and in-unit laundry.
Where is this duplex located?
The property is located at 309 Washington Avenue S Edina, MN.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 2,125‑square‑foot side‑by‑side duplex on a 0.23‑acre lot; New roof and siding completed in 2025; Unit 311 furnace and central air installed in 2019
