Duplex With Two-Car
For Sale
$344,990
429 2nd Avenue E, Shakopee, MN 55379
MULTI_FAMILY - Shakopee, MN
Property Size1,784 SF
Lot Size0.23 Acres
Price / SF$193.38
Days on Market55
Property Features for 429 2nd Avenue E
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Basement, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2
Parking features
Garage - Detached
Exterior features
Vinyl
Subdivision
City Of Shakopee
High school district
Shakopee
Directions
101 to Sommerville; South on Sommerville to 2nd Ave; Parking in alley by garage is best access
Standard status
Active
APN
270012030
Size
1,784 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2158
Utilities
Heating system
Baseboard, Forced Air
Building Details
Year built
1885
Listing Agency:
RE/MAX Results · RE/MAX International
(612) 314-1520
Listed By:
Taylor Doolittle
(952) 829-2900
Added: Jun 26
Changed: Aug 12
Last Checked: Aug 19 at 5:06PM
MLS# 7048779
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 duplex contains two vacant two-bedroom units within 1,784 square feet. The main-level residence includes an eat-in kitchen, full bathroom, stacked in-unit laundry, and two bedrooms. Upstairs, the second unit features white shaker cabinetry, stone-look counters, a gas range, private full bathroom, and a knotty-pine living room. Both units have been freshly painted and carpeted, while separate electric meters support distinct utility management.
The property sits on a 0.23-acre lot with mature maple trees, a covered front porch, gravel parking, and a detached two-car garage accessed from the alley. Its Shakopee location is a few blocks from downtown shops and restaurants, with access to Hwy 169, Canterbury Park, and the Minnesota River.
The property sits on a 0.23-acre lot with mature maple trees, a covered front porch, gravel parking, and a detached two-car garage accessed from the alley. Its Shakopee location is a few blocks from downtown shops and restaurants, with access to Hwy 169, Canterbury Park, and the Minnesota River.
Key Highlights
- Two‑bedroom units on the main and upper levels
- 1,784 square feet across two residential units
- Separate electric meters for each unit
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
$26,066
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
7.56%
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%
$521,320
$521.3K
Cap Rate 7%
$372,371
$372.4K
Cap Rate 9%
$289,622
$289.6K
Market Conditions
NOI Build-Up for 1,784 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
$39.6K $22.20/SF
− Vacancy
−$2.4K −$1.33/SF
EGI
$37.2K $20.87/SF
− OpEx
−$11.2K −$6.26/SF
NOI
$26.1K $14.61/SF
Area
Scott County, MN
Vacancy
5.98%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$521,320
Cap Rate 7%
$372,371
Cap Rate 9%
$289,622
Alternative Uses
Best Use
Multifamily LT 5
$372.4K
$325.8K – $434.4K
NOI $26,066 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$342.0K
$299.3K – $399.0K
NOI $23,941 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$425.6K
$372.4K – $496.6K
NOI $29,794 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
593
Businesses Nearby
Explore this area
Business Placement
Demographics for 55379, MN
48,254
Population
18,028
Households
2.7
Avg Household Size
35
Median Age
40%
College-Educated
93%
High-School Grad
57.9 sq mi
ZIP Area
833
Density / Sq Mi
$109,824
Median Household Income
$55,390
Median Earnings
$1,540
Median Rent
$366,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Vacant two-unit property with separate electric meters, in-unit laundry, and a detached garage.
Where is this duplex located?
The property is located at 429 2nd Avenue E Shakopee, MN.
What is the asking price?
The asking price for this property is $344,990.
What are key features of this property?
This property features: Two‑bedroom units on the main and upper levels; 1,784 square feet across two residential units; Separate electric meters for each unit
