Turnkey Updated Duplex
340 S Olive Street Waconia, MN 55387
New
340 S Olive Street, Waconia, MN, 55387
$299,000
For Sale
$299,000
MULTI_FAMILY - Waconia, MN
Property Size1,828 SF
Lot Size0.25 Acres
Price / SF$163.57
Days on Market5
Property Features for 340 S Olive Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 3
- Rooms
- Bathroom 3, Bedroom 4, Basement, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3
- Parking features
- Garage - Detached
- Exterior features
- Vinyl
- Standard status
- Active
- APN
- 755030050
- Size
- 1,828 SF
- Lot size
- 0.25 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 4252
Utilities
- Heating system
- Forced Air
Building Details
- Year built
- 1924
- Roof type
- Shingle
Listing Agency
RE/MAX Advantage Plus
(952) 253-5600
216 Water Street, Savage, MN
Listed by
Andrew Fischer
(952) 226-7700
Added: Jul 13 Checked: Jul 17 at 3:06 pm
MLS# 7109091
Listing URL
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.
Turnkey two-unit duplex at 340 S Olive Street, with a main-level 2BR/2BA unit and an upper 340 1/2 unit. The main-level unit is currently leased at $1,793/month total (rent plus utilities/pet fees). Renovations since 2023 include fresh paint and new trim, an updated bathroom with new flooring and vanity, electric radiant heaters, a converted den now used as a bath, an added bedroom, new sub-panel, spray foam insulation, a full re-pipe to PEX, new LVP flooring throughout the kitchen and entry, a new water softener, and additional improvements.
The property is described as being steps from downtown Waconia, with shops, restaurants, Lake Waconia, and community events within easy walking distance.
The upper unit has just become available and features refinished hardwood floors, quartz kitchen countertops, all-new stainless appliances, an updated kitchen sink and disposal, new LVP flooring, and a newer flat roof membrane. Landlord-paid water and gas average $150/month, helping keep expenses predictable.
The property is described as being steps from downtown Waconia, with shops, restaurants, Lake Waconia, and community events within easy walking distance.
The upper unit has just become available and features refinished hardwood floors, quartz kitchen countertops, all-new stainless appliances, an updated kitchen sink and disposal, new LVP flooring, and a newer flat roof membrane. Landlord-paid water and gas average $150/month, helping keep expenses predictable.
Key Highlights
- Two‑unit duplex (340 Olive St and 340 1/2 Olive St) built in 1924
- Main‑level unit is a 2BR/2BA currently leased at $1,793/month total (rent + utilities/pet fees)
- Recent upgrades since 2023 include fresh paint, new trim, updated bathroom with new flooring and vanity, and added bedroom
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.6k | $22.20 |
| − Vacancy | −$2.4k | −$1.33 |
| EGI | $38.2k | $20.87 |
| − OpEx | −$11.4k | −$6.26 |
| NOI | $26.7k | $14.61 |
1,828 SF · lease $22.20/SF/yr · vacancy 5.98% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$381.5K
$333.9K – $445.1K
NOI $26,708 @ 7.0% cap · market cap 8.93%
Second Best
Apartment 5plus
$350.4K
$306.6K – $408.9K
NOI $24,531 @ 7.0% cap · market cap 8.20%
Theoretical Best
Office A
$436.1K
$381.6K – $508.8K
NOI $30,529 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Two-unit duplex with extensive updates since 2023 and one unit currently leased for income.
Where is this duplex located?
The property is located at 340 S Olive Street Waconia, MN.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two‑unit duplex (340 Olive St and 340 1/2 Olive St) built in 1924; Main‑level unit is a 2BR/2BA currently leased at $1,793/month total (rent + utilities/pet fees); Recent upgrades since 2023 include fresh paint, new trim, updated bathroom with new flooring and vanity, and added bedroom
