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2616 39th Avenue S, Minneapolis, MN 55406

$399,000

Property Type: Multi-Family Bedrooms: 2 Baths: 2 Square Footage: 2,844 Lot Size (sq. ft.): 5,227 Status: Pending

Current Price: $399,000 List Date: 5/14/2026 Last Modified: 6/10/2026

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 cont ... (Read more) 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

Off Market Date: 2026-06-09
Contingency: None
Original List Price: 420000
ListPrice: 399000
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

DP Resource: Yes
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

TISH.pdf ›

COA.pdf ›

Listing Office: Keller Williams Realty Integrity

Last Updated: June - 10 - 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.