2616 39th Avenue S, Minneapolis, MN 55406

New Listing
$420,000
Property Type: Multi-Family Bedrooms: 2 Baths: 2 Square Footage: 2,844 Lot Size (sq. ft.): 5,227 Status: Coming Soon
Current Price: $420,000 List Date: 5/11/2026 Last Modified: 5/12/2026

Overview

Description

Turnkey Duplex Investment! Strong In-Place Income in Rare River-Adjacent Micro-Location! 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!

Listing Details MLS# 7038928

General Property Information

Lot Measurement
Acres
Multiple PIDs?
No
Owner Occupied
No
Waterfront Present
No
Year Built
1957
Yearly/Seasonal
Yearly
Zoning
Residential-Multi-Family
Main Floor Total SqFt
1500
Above Ground SqFt
1500
Below Grd Total SqFt
1344
Total SqFt
2844
Foundation Size
1344
Style
(MF) Duplex Side X Side
Total Finished Sqft
1500.00
Lot Dimensions
40x129.23x40x129.23
Acres
0.12
Assessment Pending
No
Garage Stalls
0

Property Features

Accessible: None Basement: Concrete Block; Full Construction Status: Previously Owned Exterior: Brick/Stone; Fiber Board Foundation: Concrete Block Fuel: Electric; Natural Gas Heating: Forced Air Lot Description: Public Transit (w/in 6 blks) Owner Pays: Maintenance/Repair; Sewer; Trash Collection; Water Parking Characteristics: Other Rental License Type: Standard Road Frontage: City Street Roof: Age Over 8 Years; Asphalt Shingles Sellers Terms: Cash; Conventional; FHA Sewer: City Sewer/Connected Stories: One Tenant Pays: Broadband; Cable TV; Electricity; Gas; Heat Unit 1 Appliances: Dryer; Microwave; Range; Refrigerator; Washer Unit 1 Bath Description: Main Floor Full Bath Unit 1 Dining Room Description: Eat In Kitchen Water: City Water/Connected

Contract Information

Contingency
None
Original List Price
420000
ListPrice
420000
Owner is an Agent?
No
Auction?
No

Location Tax and Other Information

House Number
2616
Street Name
39th
Street Suffix
Avenue
Street Direction Suffix
S
Postal City
Minneapolis
County
Hennepin
State
MN
Zip Code
55406
Complex/Dev/Subdivision
Dormans 1st Add

Assessments

Tax With Assessments
7225
Assessment Balance
0

Building Information

Finished SqFt Above Ground
1500

More Information

Income and Expenses

Annual Gross Expenses
5456
Annual Gross Income
36480
Annual Insurance Expense
3200
Annual Maintenance Expense
250
Annual Net Income
31024
Annual Repair Expense
250
Annual Trash Expense
400
Annual Water/Sewer Expense
1356
Total Annual Expenses
5456
Annual Caretaker Expense
0
Annual Electric Expense
0
Annual Fuel Expense
0
Misc Monthly Income
0
Misc. Annual Income
0

Lease Details

Land Leased
Not Applicable

Miscellaneous Information

Homestead
No

Ownership

Fractional Ownership
No

Public Survey Info

Range#
23
Section#
31
Township#
29

Unit 1

Furnished?
No
Leased?
Yes
Level
Main Level
Unit Number
Yes
Annual Rent
17940
Finished SqFt
750
Full Baths
Yes
Monthly Rent
1495
No. of Units Like This
Yes
Oth Parking Spaces
Yes
Total Baths
Yes
Total Bedrooms
Yes
Total Rooms
6

Unit 2

Furnished?
No
Leased?
Yes
Unit Number
2
Annual Rent
18540
Finished SqFt
750
Full Baths
Yes
Monthly Rent
1545
No. of Units Like This
Yes
Oth Parking Spaces
Yes
Total Baths
Yes
Total Bedrooms
Yes
Total Rooms
6

Unit Details

Total Units
2

Office/Member Info

Association
MAAR

Location, Tax and Other Information

Legal Description
LOT 009 BLOCK 028 DORMANS 1ST ADDN TO MPLS
Listing City
Minneapolis
Map Page
107
Municipality
Minneapolis
School District
Minneapolis
School District Phone
612-668-0000
Zip Plus 4
1804
Property ID Number
3102923420116
Tax Year
2026
Tax Amount
7225
In Foreclosure?
No
Potential Short Sale?
No
Lender Owned?
No

Directions & Remarks

Public Remarks
Turnkey Duplex Investment! Strong In-Place Income in Rare River-Adjacent Micro-Location! 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!
Directions
94 to Riverside, to E Franklin, to Seabury Ave to S 39th Ave.

Accessible

None
Yes

Basement

Concrete Block
Yes
Full
Yes

Construction Status

Previously Owned
Yes

Exterior

Brick/Stone
Yes
Fiber Board
Yes

Foundation

Concrete Block
Yes

Fuel

Electric
Yes
Natural Gas
Yes

Heating

Forced Air
Yes

Lot Description

Public Transit (w/in 6 blks)
Yes

Owner Pays

Maintenance/Repair
Yes
Sewer
Yes
Trash Collection
Yes
Water
Yes

Parking Characteristics

Other
Yes

Rental License Type

Standard
Yes

Road Frontage

City Street
Yes

Roof

Age Over 8 Years
Yes
Asphalt Shingles
Yes

Sellers Terms

Cash
Yes
Conventional
Yes
FHA
Yes

Sewer

City Sewer/Connected
Yes

Stories

One
Yes

Water

City Water/Connected
Yes

Tenant Pays

Broadband
Yes
Cable TV
Yes
Electricity
Yes
Gas
Yes
Heat
Yes

Unit 1 Appliances

Dryer
Yes
Microwave
Yes
Range
Yes
Refrigerator
Yes
Washer
Yes

Unit 1 Bath Description

Main Floor Full Bath
Yes

Unit 1 Dining Room Description

Eat In Kitchen
Yes

Documents

Listing Office: Keller Williams Realty Integrity
IDX
Last Updated: May - 12 - 2026
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.