Two-Unit
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 Market94
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, Basement, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Bathroom 2, Bathroom 1
Parking features
Open, Garage - Detached, Driveway
Patio and Porch features
Porch
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
Additional Details
Tenant in Place
Yes
Individually Metered Utilities
gas, electricity
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3434
Utilities
Heating system
Oil, Hot Water(Heating), Baseboard, Other (Heating), Radiant
Amenities
on-site 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: Oct 24
Last Checked: Oct 30 at 9:06AM
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.
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Investment Insights
Based on property information with market context.
This 2,076-square-foot duplex in Milaca has two apartments: a three-bedroom unit on the main floor and a two-bedroom unit above. Both have received cabinet painting, fixture replacements, and new lighting. The main-floor apartment has laundry access with a washer and dryer. The shingle roof was replaced in 2022, and the property occupies a 0.414-acre lot.
The apartments have separate utility meters. A detached three-stall garage has its own electric meter, installed in 2024. The upper apartment is leased through 2026, while the main-floor lease runs through mid-June 2027. Tenants are responsible for gas, electricity, lawn care, and snow removal.
The apartments have separate utility meters. A detached three-stall garage has its own electric meter, installed in 2024. The upper apartment is leased through 2026, while the main-floor lease runs through mid-June 2027. Tenants are responsible for gas, electricity, lawn care, and snow removal.
Key Highlights
- Two apartments: three bedrooms on the main floor and two bedrooms upstairs
- Upper apartment lease extends through 2026; main‑floor lease runs through mid‑June 2027
- Detached three‑stall garage with separate electric meter added in 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,859
Cap Rate
8.71%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - A three-bedroom main-floor apartment and a two-bedroom upper residence create a distinct up-and-down layout.
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 apartments: three bedrooms on the main floor and two bedrooms upstairs; Upper apartment lease extends through 2026; main‑floor lease runs through mid‑June 2027; Detached three‑stall garage with separate electric meter added in 2024
