Building Details

Building Size 2,230 SF

Year Built 1968

Year Renovated 2026

Listing Agency: Keller Williams Premier Realty Lake Minnetonka

Listed By: The Holmers Group Show Phone

Source: Hancockgroupmn

Added: Oct 8 Changed: Oct 26 Last Checked: Oct 26 at 2:33PM

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Investment Insights

Based on property information with market context.

This 2,230-square-foot duplex, built in 1968, contains two updated residences. Interior work completed in 2026 includes new carpet and luxury vinyl plank flooring, fresh paint, updated light switches, and new appliances. Garage and utility room floors were also painted. Both units have newer furnaces installed within the past five years. Exterior work in 2010 included new columns and shutters, paint, and professional landscaping; a new roof is currently being installed.

The property is a short walk from the Lake Minnetonka Regional Trail, with trail access toward downtown Excelsior and its restaurants and shops. Dining options in Tonka Bay are also nearby.

Key Highlights

• 2,230‑square‑foot duplex built in 1968
• Both residences have newer furnaces installed within the past five years
• 2026 interior updates include carpet, luxury vinyl plank flooring, paint, light switches, and appliances

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$28,899

Cap Rate

5.03%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$577,980 $578.0K

Cap Rate 7%

$412,843 $412.8K

Cap Rate 9%

$321,100 $321.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,230 SF

Gross rent

$44.2K $19.80/SF

− Vacancy

−$2.9K −$1.29/SF

EGI

$41.3K $18.51/SF

− OpEx

−$12.4K −$5.55/SF

NOI

$28.9K $12.96/SF

Area

Hennepin County, MN

Vacancy

6.50%

Lease Rate

$19.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$577,980

Cap Rate 7%

$412,843

Cap Rate 9%

$321,100

Alternative Uses

Best Use

Multifamily LT 5

$412.8K

$361.2K – $481.7K (±1% cap)

NOI $28,899 @ 7.0% cap · market cap 5.03%

Second Best

Apartment 5plus

$372.4K

$325.8K – $434.4K (±1% cap)

NOI $26,065 @ 7.0% cap · market cap 4.53%

Theoretical Best

Office A

$532.0K

$465.5K – $620.7K (±1% cap)

NOI $37,242 @ 7.0% cap · market cap 6.48%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

242

Businesses Nearby

Explore this area Business Placement

Demographics for 55331, MN

19,568

Population

8,275

Households

2.4

Avg Household Size

46

Median Age

71%

College-Educated

99%

High-School Grad

16.3 sq mi

ZIP Area

1,200

Density / Sq Mi

$160,029

Median Household Income

$75,771

Median Earnings

$1,208

Median Rent

$707,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Both residences feature recent interior finish, appliance, and mechanical updates.

Where is this duplex located?

The property is located at 5570 & 5580 Shorewood Lane Excelsior, MN.

What is the asking price?

The asking price for this property is $574,900.

What are key features of this property?

This property features: 2,230‑square‑foot duplex built in 1968; Both residences have newer furnaces installed within the past five years; 2026 interior updates include carpet, luxury vinyl plank flooring, paint, light switches, and appliances