2616 39th AVE S Minneapolis, MN 55406
2 Beds
2 Baths
1,500 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Duplex Side by Side
Listing Status Active
Purchase Type For Sale
Square Footage 1,500 sqft
Price per Sqft $280
Subdivision Dormans 1St Add
MLS Listing ID 7038928
Bedrooms 2
Year Built 1957
Annual Tax Amount $7,225
Tax Year 2026
Contingent None
Lot Size 5,227 Sqft
Lot Dimensions 40x129.23x40x129.23
Property Sub-Type Duplex Side by Side
Property Description
This fully renovated side-by-side duplex presents a compelling, numbers-driven investment opportunity with immediate cash flow, low capital risk, and a highly defensible location premium.
Income & Financial Metrics:
Unit 1 Rent: $1,495/mo on month-to-month lease.
Unit 2 Rent: $1,545/mo on month-to-month lease.
Total Monthly Income: $3,040.
Annual Gross Income: $36,480.
Key Investment Metrics (Pro Forma):
GRM: 11.5.
Estimated Expenses (25%): $9,120/year ($760/month).
Estimated NOI: $27,360/year ($2,280/month).
Estimated Cap Rate: 6.5%.
Estimated Cash Flow (Before Financing):
$2,280/mo.
Estimated Cash Flow (With Financing – Illustrative):
25% down ~$180–$300/mo positive.
30% down ~$350–$500/mo positive.
40% down ~$700–$900/mo positive.
These metrics position the asset competitively, offering both stability and yield.
Tenant Profile:
Fully leased with two A+ tenants.
Immediate income continuity.
Reduced vacancy risk.
Capital Improvements:
$30,000 invested (Q4 2025). Updated kitchens, lighting, flooring, and finishes. Hardwood floors, updated counters/backsplash, newer appliances (gas stoves).
Minimal near-term capital needs.
Property Configuration:
Side-by-side duplex (preferred layout).
Each unit: 1 bed,1 bath (750 sq ft).
Separate entrances, Private basements with laundry. Alley access with off-street pluls street parking.
Location – Rare, Micro-Market Advantage:
Located on a quiet, dead-end street lined with mature trees & historic homes, just one block off West River Road, this property sits in a high-demand micro-location that is exceptionally difficult to replicate.
Direct access to West River Parkway and Mississippi River trails offering premier biking, walking, and outdoor lifestyle appeal.
Key advantages:
Dead-end street. Privacy and low traffic.
Walkability to parks, transit, shopping, and restaurants.
Strong tenant demand drivers.
Surrounded by higher-value homes supporting long-term stability.
Opportunities in this specific pocket are extremely limited, reinforcing long-term value.
Investment Summary: Proven income. Attractive cap rate. Recent improvements. Strong tenants. Irreplaceable location.
This property offers a balanced profile of immediate cash flow and long-term upside in a location that stands apart from typical duplex offerings!
Location
State MN
County Hennepin
Zoning Residential-Multi-Family
Rooms
Basement Block, Full
Interior
Heating Forced Air
Fireplace No
Exterior
Parking Features Other
Roof Type Age Over 8 Years,Asphalt
Building
Lot Description Public Transit (w/in 6 blks)
Story One
Foundation 1344
Sewer City Sewer/Connected
Water City Water/Connected
Level or Stories One
New Construction false
Schools
School District Minneapolis
