Updated Duplex with Detached
For Sale
$320,000
345 2nd Avenue SW, Milaca, MN 56353
Residential Income, Milaca, MN
Property Size2,076 SF
Lot Size0.41 Acres
Price / SF$154.14
Days on Market49
Property Features for 345 2nd Avenue SW
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family, Residential-Single Family
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Basement, Bedroom 2, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
Open, Garage - Detached, Driveway
Exterior features
Fiber Board
Subdivision
Fifth Add To Milaca
Lot features
Corner Lot, Tree Coverage - Medium
High school district
Milaca
Directions
Milaca - Hwy. 23 / 4th Street, go north on 2nd Ave SW - Home on right
Standard status
Active
APN
210460070
Size
2,076 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3434
Utilities
Heating system
Radiant, Oil, Hot Water(Heating), Other (Heating), Baseboard
Building Details
Year built
1920
Building materials
Block, Concrete, Frame
Roof type
Shingle
Listing Agency:
RE/MAX Advantage Plus · RE/MAX International
(320) 264-9241
Listed By:
Samantha Severson · License #40603177
(952) 226-7700
Added: Jul 29
Changed: Sep 12
Last Checked: Sep 15 at 6:06AM
MLS# 7118423
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 two-level duplex in Milaca includes a three-bedroom main-floor residence and a two-bedroom upper apartment. Both units have received interior improvements, including refreshed cabinetry, updated fixtures, and new lighting. The main unit also has laundry access with a newer washer and dryer. The shingle roof was replaced in 2022.
Each residence is separately metered for utilities. The detached garage provides three stalls and has its own electric meter installed in 2024. Current leases extend through 2026 for the upper unit and mid-June 2027 for the lower unit. Residents are responsible for gas, electricity, lawn care, and snow removal. The property sits on 0.414 acres at 345 2nd Avenue SW in Milaca, Minnesota, and was built in 1920.
Each residence is separately metered for utilities. The detached garage provides three stalls and has its own electric meter installed in 2024. Current leases extend through 2026 for the upper unit and mid-June 2027 for the lower unit. Residents are responsible for gas, electricity, lawn care, and snow removal. The property sits on 0.414 acres at 345 2nd Avenue SW in Milaca, Minnesota, and was built in 1920.
Key Highlights
- Two‑unit layout with a 3‑bedroom main‑level residence and 2‑bedroom upper unit
- Upper unit lease extends through 2026; lower unit lease runs through mid June 2027
- 2,076 square feet on 0.414 acres
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
$27,859
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
8.71%
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%
$557,180
$557.2K
Cap Rate 7%
$397,986
$398.0K
Cap Rate 9%
$309,544
$309.5K
Market Conditions
NOI Build-Up for 2,076 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
$54.1K $26.04/SF
− Vacancy
−$3.4K −$1.64/SF
EGI
$50.7K $24.40/SF
− OpEx
−$22.8K −$10.98/SF
NOI
$27.9K $13.42/SF
Area
Mille Lacs 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%
$557,180
Cap Rate 7%
$397,986
Cap Rate 9%
$309,544
Alternative Uses
Best Use
Multifamily LT 5
$433.3K
$379.2K – $505.5K
NOI $30,332 @ 7.0% cap · market cap 9.48%
Second Best
Apartment 5plus
$398.0K
$348.2K – $464.3K
NOI $27,859 @ 7.0% cap · market cap 8.71%
Theoretical Best
Office A
$495.3K
$433.4K – $577.8K
NOI $34,670 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Explore this area
Business Placement
Demographics for 56353, MN
9,314
Population
4,048
Households
2.3
Avg Household Size
40
Median Age
17%
College-Educated
92%
High-School Grad
189.8 sq mi
ZIP Area
49
Density / Sq Mi
$77,170
Median Household Income
$41,946
Median Earnings
$882
Median Rent
$239,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 leased units with separate utility metering and a three-stall detached garage.
Where is this duplex located?
The property is located at 345 2nd Avenue SW Milaca, MN.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Two‑unit layout with a 3‑bedroom main‑level residence and 2‑bedroom upper unit; Upper unit lease extends through 2026; lower unit lease runs through mid June 2027; 2,076 square feet on 0.414 acres
