Updated Three-Level
For Sale
$595,000
333 W 2nd Street, Waconia, MN 55387
Flexible configuration includes a remodeled upper-level rental unit with separate kitchen, bath, and laundry.
Property Size3,816 SF
Days on Market197
Property Features for 333 W 2nd Street
General Information
Standard status
Active
Size
3,816 SF
Property subtype
Duplex
Amenities
Boiler
Age Over 8 Years, Asphalt
Building Details
Building Size
3,816 SF
Year Built
1900
Listing Agency:
COLDWELL BANKER REALTY
Listed By:
COLDWELL BANKER REALTY
(973) 600-7198
Source:
Kw
Added: Feb 13
Changed: Aug 29
Last Checked: Aug 29 at 1:30PM
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
Investment Insights
Based on property information with market context.
Built in 1900, this three-level duplex combines historic details with extensive updates. The remodeled upper-level rental unit offers two bedrooms, one bath, a kitchen, and laundry. The main floor includes two bedrooms, a formal dining room, living room, eat-in kitchen, and remodeled bathroom. A lower-level area adds two more bedrooms, a family room, kitchen, and full bath.
Hardwood floors, original woodwork, and high ceilings complement the interior. Exterior features include a front porch, custom window boxes, landscaped gardens, and a brick patio. The property also provides a spacious 528 sq. ft. garage and additional off-street parking. Located at 333 W 2nd Street in Waconia, the home is steps from downtown and the lake.
Hardwood floors, original woodwork, and high ceilings complement the interior. Exterior features include a front porch, custom window boxes, landscaped gardens, and a brick patio. The property also provides a spacious 528 sq. ft. garage and additional off-street parking. Located at 333 W 2nd Street in Waconia, the home is steps from downtown and the lake.
Key Highlights
- Remodeled upper‑level rental unit with 2 bedrooms, 1 bath, kitchen, and laundry
- Main level includes 2 bedrooms, formal dining room, living room, eat‑in kitchen, and remodeled bathroom
- Lower level provides 2 bedrooms, family room, kitchen, and full bath
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
$51,210
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
8.61%
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%
$1,024,200
$1.0M
Cap Rate 7%
$731,571
$731.6K
Cap Rate 9%
$569,000
$569.0K
Market Conditions
NOI Build-Up for 3,816 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
$99.4K $26.04/SF
− Vacancy
−$6.3K −$1.64/SF
EGI
$93.1K $24.40/SF
− OpEx
−$41.9K −$10.98/SF
NOI
$51.2K $13.42/SF
Area
Carver County, MN
Vacancy
6.30%
Lease Rate
$26.04 /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%
$1,024,200
Cap Rate 7%
$731,571
Cap Rate 9%
$569,000
Alternative Uses
Best Use
Multifamily LT 5
$796.5K
$696.9K – $929.2K
NOI $55,754 @ 7.0% cap · market cap 9.37%
Second Best
Apartment 5plus
$731.6K
$640.1K – $853.5K
NOI $51,210 @ 7.0% cap · market cap 8.61%
Theoretical Best
Office A
$910.4K
$796.6K – $1.06M
NOI $63,729 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Explore this area
Business Placement
Demographics for 55387, MN
14,552
Population
5,711
Households
2.5
Avg Household Size
38
Median Age
49%
College-Educated
98%
High-School Grad
31.5 sq mi
ZIP Area
462
Density / Sq Mi
$109,279
Median Household Income
$62,716
Median Earnings
$1,306
Median Rent
$418,600
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 - Flexible configuration includes a remodeled upper-level rental unit with separate kitchen, bath, and laundry.
Where is this duplex located?
The property is located at 333 W 2nd Street Waconia, MN.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Remodeled upper‑level rental unit with 2 bedrooms, 1 bath, kitchen, and laundry; Main level includes 2 bedrooms, formal dining room, living room, eat‑in kitchen, and remodeled bathroom; Lower level provides 2 bedrooms, family room, kitchen, and full bath
