Up-Down Duplex with Detached
New
For Sale
$320,000
345 2nd Avenue SW, Milaca, MN 56353
MULTI_FAMILY - Milaca, MN
Property Size2,076 SF
Lot Size0.41 Acres
Price / SF$154.14
Days on Market2
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 1, Bedroom 4, Bedroom 2, Basement, Bedroom 3, Bathroom 2, Bedroom 5, Bathroom 1
Parking features
Driveway, Garage - Detached, Open
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, Other (Heating), Oil, Baseboard, Hot Water(Heating)
Amenities
laundry
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: Jul 30
Last Checked: Jul 30 at 6:06PM
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 up/down duplex in Milaca, MN includes a 3-bedroom main-level unit and a 2-bedroom upper unit. The property has recent updates in both units, including painted cabinets, updated fixtures, and new lighting. The main level offers laundry access with a new washer/dryer. The roof was replaced in 2022.
Current leases are in place for immediate occupancy continuity, with the upper unit lease through 2026 and the lower unit lease through mid June 2027. Utilities are separately metered, and tenant-paid expenses include gas, electricity, lawn care, and snow removal.
A detached 3-stall garage on the property includes a separate electric meter installed in 2024, providing added flexibility for owner use or additional income opportunities.
Current leases are in place for immediate occupancy continuity, with the upper unit lease through 2026 and the lower unit lease through mid June 2027. Utilities are separately metered, and tenant-paid expenses include gas, electricity, lawn care, and snow removal.
A detached 3-stall garage on the property includes a separate electric meter installed in 2024, providing added flexibility for owner use or additional income opportunities.
Key Highlights
- Up/down duplex in Milaca, MN: 3‑bedroom main‑level unit and 2‑bedroom upper unit
- Upper lease in place through 2026 and lower unit lease in place through mid‑June 2027
- Roof replaced in 2022
Financial Insights For Apartment 5plus
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 | $54.1k | $26.04 |
| − Vacancy | −$3.4k | −$1.64 |
| EGI | $50.7k | $24.40 |
| − OpEx | −$22.8k | −$10.98 |
| NOI | $27.9k | $13.42 |
2,076 SF · lease $26.04/SF/yr · vacancy 6.30% · expense 45.00%
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
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
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
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 - Up/down duplex with separately metered utilities, two active leases, and a detached 3-stall garage with its own electric meter.
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: Up/down duplex in Milaca, MN: 3‑bedroom main‑level unit and 2‑bedroom upper unit; Upper lease in place through 2026 and lower unit lease in place through mid‑June 2027; Roof replaced in 2022
