402 W 7th Street, Red Wing, MN 55066 (MLS# 7002412)

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Owner Occupied: No
Waterfront Present: No
Year Built: 1880
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Main Floor Total SqFt: 1529
Above Ground SqFt: 2449
Below Grd Total SqFt: 200
Total SqFt: 2649
Foundation Size: 1502
Style: (MF) Triplex
Total Finished Sqft: 2449.00
Power Company: Xcel Energy
Lot Dimensions: 60 x 76
Acres: 0.1
Assessment Pending: No
# Carport Spaces: 0
Garage Stalls: 0

Property Features

Accessible: None Amenities Shared: Porch Assumable Loan: Not Assumable Basement: Owner Access; Partial; Unfinished Construction Status: Previously Owned Electric: 100 Amp Service; Circuit Breakers Exterior: Vinyl Foundation: Stone Fuel: Natural Gas Heating: Boiler Laundry: In Unit Lot Description: Corner Lot Owner Pays: Broadband; Electricity; Sewer; Water Rental License Type: Airbnb; Standard Road Frontage: City Street; Curbs; Paved Streets; Sidewalks Road Responsibility: Public Maintained Road Roof: Age Over 8 Years; Asphalt Shingles; Pitched Sellers Terms: Cash; Conventional Sewer: City Sewer/Connected Stories: Two Tenant Pays: Broadband; Electricity Topography: Level Unit 1 Amenities: Kitchen Window; Tile Floors Unit 1 Appliances: Microwave; Range; Refrigerator Unit 1 Bath Description: Main Floor Full Bath Unit 1 Cooling: Window Unit 1 Dining Room Description: Eat In Kitchen Unit 1 Special Search: Main Floor Bedroom; Renovated Unit 2 Amenities: Ceiling Fan(s); Kitchen Window; Tile Floors Unit 2 Appliances: Dryer; Range; Refrigerator; Washer Unit 2 Bath Description: Main Floor Full Bath Unit 2 Cooling: Window Unit 2 Dining Room Description: Eat In Kitchen Unit 2 Special Search: Main Floor Bedroom; Renovated; Main Floor Laundry Unit 3 Amenities: Walk-In Closet; Ceiling Fan(s); Kitchen Window; Tile Floors Unit 3 Appliances: Dryer; Exhaust Fan/Hood; Range; Refrigerator; Washer Unit 3 Bath Description: Upper Level Full Bath Unit 3 Cooling: Window Unit 3 Dining Room Description: Living/Dining Room Unit 3 Special Search: Renovated; All Living Fac. on One Level Water: City Water/Connected

Contract Information

Off Market Date: 2026-03-31
Contingency: None
Original List Price: 265000
ListPrice: 265000
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

House Number: 402
Street Direction Prefix: W
Street Name: 7th
Street Suffix: Street
Postal City: Red Wing
County: Goodhue
State: MN
Zip Code: 55066
Complex/Dev/Subdivision: City/Red Wing

Assessments

Tax With Assessments: 3776
Assessment Balance: 0
Assessment Installment: 0

Basement

Foundation Dimensions: Irregular
Owner Access: Yes
Partial: Yes
Unfinished: Yes

More Information

Building Information

Finished SqFt Above Ground: 2449

Income and Expenses

Annual Electric Expense: 2033
Annual Gross Expenses: 19380
Annual Gross Income: 41911
Annual Insurance Expense: 2274
Annual Net Income: 22531
Annual Repair Expense: 3935
Annual Water/Sewer Expense: 4239
Total Annual Expenses: 19380
Annual Caretaker Expense: 0
Annual Fuel Expense: 0
Annual Maintenance Expense: 0
Annual Trash Expense: 0
Misc Monthly Income: 0
Misc. Annual Income: 0

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

DP Resource: Yes
Homestead: No

Ownership

Fractional Ownership: No

Unit 1

Furnished?: Yes
Leased?: No
Level: Main Level
Unit Number: Yes
Annual Rent: 14311
Finished SqFt: 707
Full Baths: Yes
Monthly Expense: 287
Monthly Rent: 1200
No. of Units Like This: Yes
Total Baths: Yes
Total Bedrooms: Yes
Total Rooms: 4

Unit 2

Furnished?: No
Lease Expiration Date: 2026-01-30
Leased?: Yes
Level: Main Level
Unit Number: 2
Annual Rent: 15600
Finished SqFt: 822
Full Baths: Yes
Monthly Expense: 140
Monthly Rent: 1300
No. of Units Like This: Yes
Total Baths: Yes
Total Bedrooms: 2
Total Rooms: 7

Unit 3

Furnished?: No
Lease Expiration Date: 2026-07-31
Leased?: Yes
Level: 2nd Level
Unit Number: 3
Annual Rent: 12000
Finished SqFt: 920
Full Baths: Yes
Monthly Expense: 140
Monthly Rent: 1000
No. of Units Like This: Yes
Total Baths: Yes
Total Bedrooms: 2
Total Rooms: 8

Unit Details

Total Units: 3

Office/Member Info

Association: SPAAR

Location, Tax and Other Information

Legal Description: ORIGINAL PLAT LOT-005 BLOCK-005 DOC#649793 SELY 75.94FT LOT 5 BLK 5 ID# 5-0050-04500
Listing City: Red Wing
Map Page: 999
Municipality: Red Wing
School District: Red Wing
School District Phone: 651-385-4500
Zip Plus 4: 1032
Property ID Number: 550050470
Tax Year: 2025
Tax Amount: 3776
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: This triplex is a great investment opportunity! Unit 1 is located on the main level and it is used as a fully furnished Short Term Rental. This unit is warm and inviting and offers a bright living room, large kitchen with a walk-out bay window, and one spacious bedroom with an ensuite full bath that has a beautiful tile surround. Unit 2 is a Long Term Rental located on the main level and it features a large living room, 2 bedrooms, office, eat-in kitchen, full bath and an in unit washer and dryer. Unit 3 is located on the upper level and has a living room, kitchen, 2 bedrooms, walk-in closet, storage closet, laundry room and a full bath. Units 2 and 3 have Long Term Rental Licenses with the City of Red Wing and Unit 1 has a Short Term Rental License. The building last passed the City of Red Wing's rental inspection in late 2025. In the last few years, the owners have added a whole house water softener, put in a new boiler that heats units 1 and 2, installed new water heaters in both Units 1 and 2, installed new flooring in the entryway and kitchen of Unit 1, and installed new flooring throughout Unit 3.
Directions: The property is located on the NW corner of W 7th St and Bush St in Downtown Red Wing.

Accessible

None: Yes

Amenities Shared

Porch: Yes

Assumable Loan

Not Assumable: Yes

Construction Status

Previously Owned: Yes

Electric

100 Amp Service: Yes
Circuit Breakers: Yes

Exterior

Vinyl: Yes

Foundation

Stone: Yes

Fuel

Natural Gas: Yes

Heating

Boiler: Yes

Laundry

In Unit: Yes

Lot Description

Corner Lot: Yes

Owner Pays

Broadband: Yes
Electricity: Yes
Sewer: Yes
Water: Yes

Patio, Porch and Deck Features

Side Porch: Yes

Rental License Type

Airbnb: Yes
Standard: Yes

Road Frontage

City Street: Yes
Curbs: Yes
Paved Streets: Yes
Sidewalks: Yes

Road Responsibility

Public Maintained Road: Yes

Roof

Age Over 8 Years: Yes
Asphalt Shingles: Yes
Pitched: Yes

Sellers Terms

Cash: Yes
Conventional: Yes

Sewer

City Sewer/Connected: Yes

Stories

Two: Yes

Topography

Level: Yes

Water

City Water/Connected: Yes

No. of Ranges

Three: Yes

No. of Refrigerators

Three: Yes

Tenant Pays

Broadband: Yes
Electricity: Yes

Unit 1 Amenities

Kitchen Window: Yes
Tile Floors: Yes

Unit 1 Appliances

Microwave: Yes
Range: Yes
Refrigerator: Yes

Unit 1 Bath Description

Main Floor Full Bath: Yes

Unit 1 Cooling

Window: Yes

Unit 1 Dining Room Description

Eat In Kitchen: Yes

Unit 1 Special Search

Main Floor Bedroom: Yes
Renovated: Yes

Unit 2 Amenities

Ceiling Fan(s): Yes
Kitchen Window: Yes
Tile Floors: Yes

Unit 2 Appliances

Dryer: Yes
Range: Yes
Refrigerator: Yes
Washer: Yes

Unit 2 Bath Description

Main Floor Full Bath: Yes

Unit 2 Cooling

Window: Yes

Unit 2 Dining Room Description

Eat In Kitchen: Yes

Unit 2 Special Search

Main Floor Bedroom: Yes
Renovated: Yes
Main Floor Laundry: Yes

Unit 3 Amenities

Walk-In Closet: Yes
Ceiling Fan(s): Yes
Kitchen Window: Yes
Tile Floors: Yes

Unit 3 Appliances

Dryer: Yes
Exhaust Fan/Hood: Yes
Range: Yes
Refrigerator: Yes
Washer: Yes

Unit 3 Bath Description

Upper Level Full Bath: Yes

Unit 3 Cooling

Window: Yes

Unit 3 Dining Room Description

Living/Dining Room: Yes

Unit 3 Special Search

Renovated: Yes
All Living Fac. on One Level: Yes