2616 39th Avenue S Minneapolis, MN 55406
Active Contingent MLS# 7038928
2 beds 2 baths 1,500 sq ft Multi-family
Details for 2616 39th Avenue S
MLS# 7038928
Description for 2616 39th Avenue S, Minneapolis, MN, 55406
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 Information
Property Type: Multi-family, Duplex Side by Side
Status: Active Contingent-Inspection
Bedrooms: 2
Bathrooms: 2
Lot Size: 0.12 Acres
Square Feet: 1,500 sq ft
Year Built: 1957
Foundation: 1,344 sq ft
Stories: 1 Story
Subdivision: Dormans 1st Add
Number Of Units Total: 2
County: Hennepin
Days On Market: 23
Construction Status: Previously Owned
School Information
District: 1 - Minneapolis
Interior Features
Square Footage above: 1,500 sq ft
Basement: Full, Concrete Block
Utilities
Water: City Water/Connected
Sewer: City Sewer/Connected
Heating: Forced Air, Natural Gas, Electric
Exterior / Lot Features
Open Parking: 2
Parking Description: Other
Exterior: Fiber Board, Brick/Stone
Roof: Age Over 8 Years, Asphalt Shingles
Lot Dimensions: 40x129.23x40x129.23
Zoning: Residential-Multi-Family
Additional Exterior/Lot Features: Public Transit (w/in 6 blks), Road Frontage - City
Unit Information
Unit 1 Units Total: 1
Unit 1 Actual Rent: 1495
Unit 1 Baths Total: 1
Unit 1 Beds Total: 1
Unit 1 Rooms Total: 6
Unit 2 Units Total: 1
Unit 2 Actual Rent: 1545
Unit 2 Baths Total: 1
Unit 2 Beds Total: 1
Unit 2 Rooms Total: 6
Driving Directions
94 to Riverside, to E Franklin, to Seabury Ave to S 39th Ave.
Financial Considerations
Tenant Pays: Broadband,Cable T.V.,Electric,Gas,Heat
Owner Pays: Maintenance/Repair,Sewer,Trash,Water
Gross Income: 36480
Expense: 5456
Tax/Property ID: 3102923420116
Tax Amount: 7225
Tax Year: 2026
HomeStead Description: Non-Homesteaded
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Interest rate and annual percentage rate (APR) are based on current market conditions, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Estimated closing costs used in the APR calculation are assumed to be paid by the borrower at closing. If the closing costs are financed, the loan, APR and payment amounts will be higher. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. Contact us for details. Additional loan programs may be available. Accuracy is not guaranteed, and all products may not be available in all borrower's geographical areas and are based on their individual situation. This is not a credit decision or a commitment to lend.
Sales History & Tax Summary for 2616 39th Avenue S
Sales History
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Tax Summary
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Schools
Schools nearby 2616 39th Avenue S
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The schools shown represent both the assigned schools and schools by distance based on local school and district attendance boundaries. Attendance boundaries change based on various factors and proximity does not guarantee enrollment eligibility. Please consult your real estate agent and/or the school district to confirm the schools this property is zoned to attend. Information is deemed reliable but not guaranteed.
SchoolDigger ® Rating
The SchoolDigger rating system is a 1-5 scale with 5 as the highest rating. SchoolDigger ranks schools based on test scores supplied by each state's Department of Education. They calculate an average standard score by normalizing and averaging each school's test scores across all tests and grades.
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