Building Details

Year Built 1979

Listing Agency: Elcor Realty Of Rochester Inc

Listed By: Jay Hancock Real Estate Show Phone

Source: Jayhancockrealestate

Added: Oct 7 Changed: Oct 13 Last Checked: Oct 12 at 7:02PM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Elcor Realty Of Rochester Inc

Investment Insights

Based on property information with market context.

Built in 1979, this up-and-down duplex contains 2,717 square feet across two residences. The upper home has two bedrooms and two bathrooms, plus a four-season porch and kitchen views toward Medicine Lake. The lower home includes two bedrooms, one full bathroom, private laundry, a patio, and additional storage. Both units have separate electric and gas meters, furnaces, and air-conditioning systems. A heated three-stall garage provides parking, workspace, and locked storage for each residence.

The property is in Medicine Lake, near the lake, parks, and trails, and falls within Wayzata Schools. Downtown Minneapolis is a 15-minute drive away. The grounds include a level backyard with a firepit.

Key Highlights

• Up‑and‑down duplex with two‑bedroom residences on each level
• Upper unit has 2 bathrooms; lower unit has 1 full bathroom
• 2,717 square feet; built in 1979

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$35,210

Cap Rate

5.04%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$704,200 $704.2K

Cap Rate 7%

$503,000 $503.0K

Cap Rate 9%

$391,222 $391.2K

Market Conditions

NOI Build-Up for 2,717 SF

Gross rent

$53.8K $19.80/SF

− Vacancy

−$3.5K −$1.29/SF

EGI

$50.3K $18.51/SF

− OpEx

−$15.1K −$5.55/SF

NOI

$35.2K $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%

$704,200

Cap Rate 7%

$503,000

Cap Rate 9%

$391,222

Alternative Uses

Best Use

Multifamily LT 5

$503.0K

$440.1K – $586.8K (±1% cap)

NOI $35,210 @ 7.0% cap · market cap 5.04%

Second Best

Apartment 5plus

$453.7K

$397.0K – $529.3K (±1% cap)

NOI $31,757 @ 7.0% cap · market cap 4.54%

Theoretical Best

Office A

$648.2K

$567.2K – $756.3K (±1% cap)

NOI $45,375 @ 7.0% cap · market cap 6.49%

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

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick HVAC Service Law Firm Kitchen & Bath Showroom Plumbing Service (Bike/Boat/Book/etc) Store Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

131

Businesses Nearby

Explore this area Business Placement

Demographics for 55441, MN

18,415

Population

8,340

Households

2.2

Avg Household Size

39

Median Age

56%

College-Educated

97%

High-School Grad

8.6 sq mi

ZIP Area

2,141

Density / Sq Mi

$100,288

Median Household Income

$56,522

Median Earnings

$1,589

Median Rent

$463,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Separate electric and gas meters, furnaces, and air-conditioning systems serve the two residences.

Where is this duplex located?

The property is located at 7 Kaiser Avenue Medicine Lake, MN.

What is the asking price?

The asking price for this property is $699,000.

What are key features of this property?

This property features: Up‑and‑down duplex with two‑bedroom residences on each level; Upper unit has 2 bathrooms; lower unit has 1 full bathroom; 2,717 square feet; built in 1979