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340 S Olive Street, Waconia, MN 55387

New Listing

$299,000

Property Type: Multi-Family Bedrooms: 4 Baths: 3 Square Footage: 3,028 Lot Size (sq. ft.): 10,454 Status: Active

Current Price: $299,000 List Date: 7/16/2026 Last Modified: 7/17/2026

Overview

Description

Turnkey Duplex Steps from Downtown Waconia! Welcome to 340 Olive St, a beautifully updated two-unit property just blocks from Waconia's charming downtown — shops, restaurants, Lake Waconia, and community events all within easy walking distance. This is a rare opportunity to own a fully renovated multifamily home with immediate cash flow and flexibility for an owner-occupant or investor. The main-level unit is a spacious 2BR/2BA currently leased at $1,793/month total (rent + utilities/pet fees), generating reliable income from day one. Recent upgrades include fresh paint, new trim, updated bathroom with new flooring and vanity, electric radiant heaters, a converted den now used as a bath, an added bedroom, new sub-panel, spray foam insulation, a full re-pipe to PEX, new LVP flooring throughout the kitchen and entry, a new water softener, and more — nearly every major system and finish has been touched since 2023. The upper unit (340 ½) just became available, offering a fantastic ... (Read more)

Listing Details MLS# 7109091

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Owner Occupied: No
Waterfront YN: No
Year Built: 1924
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Main Floor Total SqFt: 1000
Above Ground SqFt: 1828
Below Grd Total SqFt: 1200
Total SqFt: 3028
Foundation Size: 1024
Style: (MF) Duplex Up and Down
Total Finished Sqft: 1828.00
Garage Stalls: Yes
Lot Dimensions: 60x140
Acres: 0.24
Assessment Pending: No

Property Features

Accessible: None Basement: Concrete Block; Unfinished Construction Status: Previously Owned Electric: Circuit Breakers Exterior: Vinyl Fencing: None Foundation: Concrete Block Fuel: Electric; Natural Gas Heating: Forced Air Owner Pays: Gas; Insurance; Maintenance/Repair; Taxes; Water Parking Characteristics: Gravel Lot; Paved Lot Pool Description: None Rental License Type: Standard Road Frontage: City Street Roof: Asphalt Shingles Sewer: City Sewer/Connected Stories: Two Tenant Pays: Electricity; Lawn; Snow Removal; Trash Collection Unit 1 Amenities: Walk-In Closet; Broadband Available; Cable; Ethernet Wired; Hardwood Floors; Main Floor Primary Bedroom; Porch Unit 1 Appliances: Dishwasher; Freezer; Range; Refrigerator; Water Softener-Owned Unit 1 Bath Description: Main Floor 3/4 Bath; Main Floor Full Bath; Upper Level Full Bath Unit 1 Cooling: Window Unit 1 Dining Room Description: Living/Dining Room Unit 1 Special Search: Main Floor Bedroom Unit 2 Amenities: Broadband Available; Cable; Ethernet Wired; Hardwood Floors Unit 2 Appliances: Freezer; Microwave; Range; Refrigerator Unit 2 Bath Description: Upper Level Full Bath Unit 2 Cooling: Window Unit 2 Dining Room Description: Eat In Kitchen Water: City Water/Connected

Contract Information

Contingency: None
Original List Price: 299000
ListPrice: 299000
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

House Number: 340
Street Direction Prefix: S
Street Name: Olive
Street Suffix: Street
Postal City: Waconia
County: Carver
State: MN
Zip Code: 55387
Complex/Dev/Subdivision: Volkenants 3rd Add

Assessments

Tax With Assessments: 4252
Assessment Balance: 0

Building Information

Finished SqFt Above Ground: 1828

More Information

Income and Expenses

Annual Fuel Expense: 900
Annual Gross Expenses: 3800
Annual Gross Income: 39432
Annual Insurance Expense: 2000
Annual Water/Sewer Expense: 900
Total Annual Expenses: 3475
Annual Caretaker Expense: 0
Annual Electric Expense: 0
Annual Maintenance Expense: 0
Annual Repair Expense: 0
Annual Trash Expense: 0

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

DP Resource: Yes
Homestead: No

Ownership

Fractional Ownership: No

Parking Characteristics

Garage Dimensions: 10x26
Garage Square Feet: 260
Gravel Lot: Yes
Paved Lot: Yes

Public Survey Info

Range#: 25
Section#: 24
Township#: 116

Unit 1

Furnished?: No
Lease Expiration Date: 2027-05-31
Leased?: Yes
Unit Number: Yes
3/4 Baths: Yes
Annual Rent: 21516
Finished SqFt: 1024
Full Baths: Yes
Monthly Expense: 3800
Monthly Rent: 1793
No. of Units Like This: Yes
Total Baths: 2
Total Bedrooms: 2
Total Rooms: 7

Unit 2

Furnished?: No
Leased?: No
Unit Number: 2
Annual Rent: 17916
Full Baths: Yes
Monthly Expense: 316
Monthly Rent: 1493
No. of Units Like This: Yes
Total Baths: Yes
Total Bedrooms: 2
Total Rooms: 4

Unit Details

Total Units: 2

Office/Member Info

Association: SPAAR

Location, Tax and Other Information

Legal Description: S1/2 OF LOT 5 SUBDIVISIONNAME VOLKENANTS 3RD ADDITION LOT 006 BLOCK 002 SUBDIVISIONCD 75503 SECTION 24 TOWNSHIP 116 RANGE 025
Listing City: Waconia
Map Page: 129
Municipality: Waconia
School District: Waconia
School District Phone: 952-442-0600
Zip Plus 4: 280
Property ID Number: 755030050
Tax Year: 2026
Tax Amount: 4252
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: Turnkey Duplex Steps from Downtown Waconia! Welcome to 340 Olive St, a beautifully updated two-unit property just blocks from Waconia's charming downtown — shops, restaurants, Lake Waconia, and community events all within easy walking distance. This is a rare opportunity to own a fully renovated multifamily home with immediate cash flow and flexibility for an owner-occupant or investor. The main-level unit is a spacious 2BR/2BA currently leased at $1,793/month total (rent + utilities/pet fees), generating reliable income from day one. Recent upgrades include fresh paint, new trim, updated bathroom with new flooring and vanity, electric radiant heaters, a converted den now used as a bath, an added bedroom, new sub-panel, spray foam insulation, a full re-pipe to PEX, new LVP flooring throughout the kitchen and entry, a new water softener, and more — nearly every major system and finish has been touched since 2023. The upper unit (340 ½) just became available, offering a fantastic opportunity to set market rent or move in yourself. This unit has refinished hardwood floors, quartz kitchen countertops, all-new stainless appliances, an updated kitchen sink and disposal, new LVP flooring and a newer flat roof membrane. Landlord-paid water and gas average just $150/month, keeping expenses predictable. Don't miss the Open House Thursday, 7/16 from 5–7 PM. Properties like this, with this level of care and updates in this location, don't last long.
Directions: #212 to Olive to home

Accessible

None: Yes

Basement

Concrete Block: Yes
Unfinished: Yes

Construction Status

Previously Owned: Yes

Electric

Circuit Breakers: Yes

Exterior

Vinyl: Yes

Fencing

None: Yes

Foundation

Concrete Block: Yes

Fuel

Electric: Yes
Natural Gas: Yes

Heating

Forced Air: Yes

Owner Pays

Gas: Yes
Insurance: Yes
Maintenance/Repair: Yes
Taxes: Yes
Water: Yes

Pool Description

None: Yes

Rental License Type

Standard: Yes

Road Frontage

City Street: Yes

Roof

Asphalt Shingles: Yes

Sewer

City Sewer/Connected: Yes

Stories

Two: Yes

Water

City Water/Connected: Yes

No. of Ranges

Two: Yes

No. of Refrigerators

Two: Yes

Tenant Pays

Electricity: Yes
Lawn: Yes
Snow Removal: Yes
Trash Collection: Yes

Unit 1 Amenities

Walk-In Closet: Yes
Broadband Available: Yes
Cable: Yes
Ethernet Wired: Yes
Hardwood Floors: Yes
Main Floor Primary Bedroom: Yes
Porch: Yes

Unit 1 Appliances

Dishwasher: Yes
Freezer: Yes
Range: Yes
Refrigerator: Yes
Water Softener-Owned: Yes

Unit 1 Bath Description

Main Floor 3/4 Bath: Yes
Main Floor Full Bath: Yes
Upper Level Full Bath: Yes

Unit 1 Cooling

Window: Yes

Unit 1 Dining Room Description

Living/Dining Room: Yes

Unit 1 Special Search

Main Floor Bedroom: Yes

Unit 2 Amenities

Broadband Available: Yes
Cable: Yes
Ethernet Wired: Yes
Hardwood Floors: Yes

Unit 2 Appliances

Freezer: Yes
Microwave: Yes
Range: Yes
Refrigerator: Yes

Unit 2 Bath Description

Upper Level Full Bath: Yes

Unit 2 Cooling

Window: Yes

Unit 2 Dining Room Description

Eat In Kitchen: Yes

Listing Office: RE/MAX Advantage Plus

Last Updated: July - 17 - 2026

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