Find Your Dream Home: Search 10,000+ Homes for Sale

501 W 3rd Street, Monticello, MN 55362

New Listing

$417,000

Investment Property in Monticello! This well-maintained triplex offers an excellent opportunity to generate immediate rental income in a convenient location close to shopping, dining, parks, schools, and commuter routes.

Spacious shared breezeway providing convenient access to all three units and the attached garage. With both front and backyard entrances, this welcoming common area offers easy access for tenants and guests alike.

Main floor common laundry room featuring coin-operated washer and dryer, utility sink, ample cabinetry, and countertop workspace.

Updated lower-level unit featuring an open-concept kitchen and dining area with durable flooring, recessed lighting, and modern finishes throughout. (UNIT 3 LL)

The stylish kitchen offers ample cabinetry, generous counter space, and a peninsula-style breakfast bar, creating a functional and inviting space for everyday living. (UNIT 3 LL)

Spacious lower-level family room offering plenty of room for relaxing or entertaining. (UNIT 3 LL)

The thoughtfully designed lower-level unit offers abundant living space, charming architectural details, and easy access to the kitchen, bedrooms, and bath. (UNIT 3 LL)

The open layout offers flexibility to suit a variety of needs and uses. (UNIT 3 LL)

Conveniently located just off the entry, this functional area features built-in cabinetry and additional countertop areas that provide convenient storage, workspace, or serving space. (UNIT 3 LL)

Back Entry/Mudroom Area: Rear entrance to the lower-level unit featuring a large tiled entry area, built-in cabinetry, and coat hooks for added storage and organization. (UNIT 3 LL)

Full bath featuring a large vanity, abundant storage, and attractive modern finishes throughout. (UNIT 3 LL)

Comfortable lower level bedroom located off the kitchen area, featuring a walk-in closet and window for natural light. A functional and private retreat offering ample storage and everyday convenience. (UNIT 3 LL)

2nd lower level bedroom located off the living area, featuring a walk-in closet and easy access to the unit's main living spaces. (UNIT 3 LL)

Main Floor Kitchen: Bright and functional kitchen featuring abundant cabinetry, generous countertop space, and a convenient peninsula for additional seating, serving, or meal preparation. (UNIT 1 MF)

Located directly off the kitchen and adjacent to the living room, this bright dining space features a large bay window that fills the room with natural light. (UNIT 1 MF)

Living area featuring a striking fireplace surround that serves as a warm focal point, with plenty of room for relaxing and gathering. (UNIT 1 MF)

Spacious living room adjacent to the dining area and offering convenient access to two bedrooms and a full bathroom. A separate entrance provides added flexibility and privacy for occupants. (UNIT 1 MF)

Main floor primary bedroom featuring neutral finishes and abundant natural light from windows, creating a bright and comfortable retreat. (UNIT 1 MF)

Flexible room with durable wood-look flooring, ample natural light, and a closet, making it ideal as a second bedroom, home office, or hobby space. (UNIT 1 MF)

Updated full bathroom featuring a large vanity, tub/shower surround, and durable flooring with a clean, modern feel. (UNIT 1 MF)

Bright, open-concept living space featuring an updated kitchen with abundant cabinetry, generous counter space, and a seamless flow into the living area. (UNIT 2 UL)

Comfortable living area and unique architectural details that create an open feel with plenty of character. (UNIT 2 UL)

Functional kitchen designed to maximize efficiency, featuring extensive cabinetry and an appealing layout. (UNIT 2 UL)

Open to the living area, the kitchen has a spacious peninsula with seating, making it easy to cook, dine, and entertain. (UNIT 2 UL)

Inviting upper-level bedroom with direct access to a private 3/4 bathroom for added comfort and convenience. (UNIT 2 UL)

Thoughtfully updated bathroom with contemporary fixtures, decorative tilework, and a sleek vanity. (UNIT 2 UL)

Clean lines and updated finishes create an attractive, low-maintenance bathroom space. (UNIT 2 UL)

Stylish glass shower enclosure and smart use of space create a bright, contemporary feel. (UNIT 2 UL)

Outdoor living is enhanced by a generous yard, mature trees, and convenient access to the home's separate living spaces.

Generous half-acre lot offers exceptional outdoor space while keeping schools, parks, and community conveniences nearby.

Storage shed with extra flooring, shelving, tile materials, existing composting area, and the firewood/logs stacked by the shed will all remain with the property.

Aerial view highlights the property's expansive half-acre lot, mature tree canopy, and convenient in-town location.

Property Type: Multi-Family Bedrooms: 5 Baths: 3 Square Footage: 2,977 Lot Size (sq. ft.): 21,780 Status: Coming Soon

Current Price: $417,000 List Date: 6/04/2026 Last Modified: 6/04/2026

Overview

Description

Excellent turnkey triplex investment opportunity in Monticello! This fully occupied property features two 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit with established tenants and lease agreements in place, offering immediate cash flow and stable rental income. Numerous updates have been completed throughout the property, including remodeled kitchens, bathrooms, flooring, fixtures, and finishes that contribute to strong tenant appeal and pride of ownership. Major improvements include a new roof (2025), new water heater (2025), and new furnace (2021), helping minimize future capital expenses. Separate electric meters serve each unit, and the property is situated on a spacious half-acre lot, offering exceptional outdoor space and flexibility rarely found with multifamily properties. Conveniently located near downtown Monticello, parks, schools, shopping, dining, and major commuter routes, this well-maintained property offers immediate cash flow, a strong rental history, and ... (Read more)

Listing Details MLS# 7083432

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Owner Occupied: No
Waterfront Present: No
Year Built: 1956
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Main Floor Total SqFt: 1398
Above Ground SqFt: 1898
Below Grd Total SqFt: 1079
Total SqFt: 2977
Foundation Size: 1079
Style: (MF) Triplex
Total Finished Sqft: 2977.00
Garage Stalls: 2
Lot Dimensions: 132x165x132x165
Acres: 0.5
Assessment Pending: No

Property Features

Accessible: None Amenities Shared: Coin-op Laundry Owned; Common Laundry Facility Basement: Concrete Block Construction Status: Previously Owned Exterior: Metal Foundation: Concrete Block Fuel: Electric; Natural Gas Heating: Baseboard; Forced Air Laundry: Common Area; Main Level Lock Box Type: Combo Lot Description: Corner Lot Owner Pays: Broadband; Electricity; Grounds Care; Insurance; Maintenance/Repair; Management; Sewer; Taxes; Trash Collection; Water Road Frontage: City Street Roof: Age 8 Years or Less; Asphalt Shingles Sellers Terms: Cash; Conventional Sewer: City Sewer/Connected Stories: One and One Half Tenant Pays: Electricity Unit 1 Appliances: Dishwasher; Range; Refrigerator Unit 1 Bath Description: Main Floor Full Bath Unit 1 Dining Room Description: Living/Dining Room Unit 1 Fireplace Char: Living Room Unit 1 Special Search: Main Floor Bedroom Unit 2 Appliances: Range; Refrigerator Unit 3 Appliances: Range; Refrigerator Unit 3 Bath Description: Full Basement Unit 3 Dining Room Description: Kitchen/Dining Room Unit 3 Fireplace Char: Electric Water: City Water/Connected

Contract Information

Contingency: None
Original List Price: 417000
ListPrice: 417000
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

House Number: 501
Street Direction Prefix: W
Street Name: 3rd
Street Suffix: Street
Postal City: Monticello
County: Wright
State: MN
Zip Code: 55362
Complex/Dev/Subdivision: Lower Monticello

Assessments

Tax With Assessments: 4906
Assessment Balance: 0

Building Information

Finished SqFt Above Ground: 1898
Finished SqFt Below Ground: 1079

More Information

Income and Expenses

Annual Caretaker Expense: 6450
Annual Fuel Expense: 1800
Annual Gross Expenses: 27000
Annual Gross Income: 50100
Annual Insurance Expense: 3438
Annual Maintenance Expense: 1000
Annual Net Income: 17538
Annual Trash Expense: 656
Annual Water/Sewer Expense: 1656
Misc. Annual Income: 500
Total Annual Expenses: 32542
Annual Electric Expense: 0
Annual Repair Expense: 0
Misc Monthly Income: 0

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

Homestead: No

Ownership

Fractional Ownership: No

Parking Characteristics

Garage Dimensions: 35x21
Garage Square Feet: 735

Public Survey Info

Range#: 25
Section#: 11
Township#: 121

Unit 1

Furnished?: No
Lease Expiration Date: 2027-05-31
Leased?: Yes
Level: Main Level
Unit Number: Yes
# of Fireplaces: Yes
Annual Rent: 18600
Finished SqFt: 1040
Full Baths: Yes
Monthly Rent: 1550
No. of Units Like This: Yes
Total Baths: Yes
Total Bedrooms: 2
Total Rooms: 7

Unit 2

Furnished?: No
Lease Expiration Date: 2027-04-30
Leased?: Yes
Level: 2nd Level
Unit Number: 2
3/4 Baths: Yes
Annual Rent: 14280
Finished SqFt: 500
Monthly Rent: 1190
No. of Units Like This: Yes
Total Baths: Yes
Total Bedrooms: Yes
Total Rooms: 4

Unit 3

Furnished?: No
Lease Expiration Date: 2027-04-30
Leased?: Yes
Level: Below Ground
Unit Number: 3
# of Fireplaces: Yes
Annual Rent: 18360
Finished SqFt: 1079
Full Baths: Yes
Monthly Rent: 1530
No. of Units Like This: Yes
Total Baths: Yes
Total Bedrooms: 2
Total Rooms: 7

Unit Details

Total Units: 3

Office/Member Info

Association: SPAAR

Location, Tax and Other Information

Legal Description: SECT-11 TWP-121 RANGE-025 LOWER MONTICELLO LOT-004 BLOCK-013 LT4 EX TR DES IN BK171-31 &LT5 BLK13
Listing City: Monticello
Map Page: 31
Municipality: Monticello
School District: Monticello
School District Phone: 763-272-2000
Zip Plus 4: 725
Property ID Number: 155015013040
Tax Year: 2026
Tax Amount: 4906
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: Excellent turnkey triplex investment opportunity in Monticello! This fully occupied property features two 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit with established tenants and lease agreements in place, offering immediate cash flow and stable rental income. Numerous updates have been completed throughout the property, including remodeled kitchens, bathrooms, flooring, fixtures, and finishes that contribute to strong tenant appeal and pride of ownership. Major improvements include a new roof (2025), new water heater (2025), and new furnace (2021), helping minimize future capital expenses. Separate electric meters serve each unit, and the property is situated on a spacious half-acre lot, offering exceptional outdoor space and flexibility rarely found with multifamily properties. Conveniently located near downtown Monticello, parks, schools, shopping, dining, and major commuter routes, this well-maintained property offers immediate cash flow, a strong rental history, and long-term investment potential. Income and expense information available upon request.
Directions: Hwy 25 to W 3rd St, west to property on left.

Accessible

None: Yes

Amenities Shared

Coin-op Laundry Owned: Yes
Common Laundry Facility: Yes

Basement

Concrete Block: Yes

Construction Status

Previously Owned: Yes

Exterior

Metal: Yes

Foundation

Concrete Block: Yes

Fuel

Electric: Yes
Natural Gas: Yes

Heating

Baseboard: Yes
Forced Air: Yes

Laundry

Common Area: Yes
Main Level: Yes

Lock Box Type

Combo: Yes

Lot Description

Corner Lot: Yes

Owner Pays

Broadband: Yes
Electricity: Yes
Grounds Care: Yes
Insurance: Yes
Maintenance/Repair: Yes
Management: Yes
Sewer: Yes
Taxes: Yes
Trash Collection: Yes
Water: Yes

Patio, Porch and Deck Features

Front Porch: Yes
Patio: Yes

Road Frontage

City Street: Yes

Roof

Age 8 Years or Less: Yes
Asphalt Shingles: Yes

Sellers Terms

Cash: Yes
Conventional: Yes

Sewer

City Sewer/Connected: Yes

Stories

One and One Half: Yes

Water

City Water/Connected: Yes

No. of Ranges

Three: Yes

No. of Refrigerators

Three: Yes

Tenant Pays

Electricity: Yes

Unit 1 Appliances

Dishwasher: Yes
Range: Yes
Refrigerator: Yes

Unit 1 Bath Description

Main Floor Full Bath: Yes

Unit 1 Dining Room Description

Living/Dining Room: Yes

Unit 1 Fireplace Char

Living Room: Yes

Unit 1 Special Search

Main Floor Bedroom: Yes

Unit 2 Appliances

Range: Yes
Refrigerator: Yes

Unit 3 Appliances

Range: Yes
Refrigerator: Yes

Unit 3 Bath Description

Full Basement: Yes

Unit 3 Dining Room Description

Kitchen/Dining Room: Yes

Unit 3 Fireplace Char

Electric: Yes

Documents

MLS Flyer 501 W 3rd.pdf ›

Features and Utilities 501 W 3rd.pdf ›

MLS Aerial 501 W 3rd.pdf ›

Listing Office: RE/MAX Advantage Plus

Last Updated: June - 04 - 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.