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603 23rd Avenue SW, Rochester, MN 55902

$249,500

Property Type: Multi-Family Bedrooms: 4 Baths: 2 Square Footage: 3,276 Lot Size (sq. ft.): 4,356 Status: Active

Current Price: $249,500 List Date: 4/06/2026 Last Modified: 6/26/2026

Overview

Description

Fantastic investment opportunity in a convenient southwest Rochester location just minutes from Mayo Clinic, shopping, dining, and major roadways. This licensed duplex (renewal in progress) offers strong rental potential for both owner-occupants and investors alike. This property features two separate units with central air conditioning and new appliances, providing excellent income-producing possibilities or flexible living arrangements. Ideal for long-term rentals, traveling professionals, or housed-hacking opportunities. Extensive repairs and improvements have recently been completed, with additional updates currently in progress, offering buyers added value and continued property Don't miss your chance to own a multi-family property in a highly desirable rental market with consistent demand.

Listing Details MLS# 7049727

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Owner Occupied: No
Waterfront YN: No
Year Built: 1900
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Main Floor Total SqFt: 819
Above Ground SqFt: 1638
Below Grd Total SqFt: 1638
Total SqFt: 3276
Foundation Size: 819
Style: (MF) Duplex Up and Down
Total Finished Sqft: 1638.00
Lot Dimensions: 132x91
Acres: 0.1
Assessment Pending: No
Garage Stalls: 0

Property Features

Accessible: None Amenities Shared: Common Laundry Facility; Deck; Porch Basement: Full Construction Materials: Frame Construction Status: Previously Owned Electric: 150 Amp Service; Circuit Breakers Existing Financing: Free and Clear; Lease Purchase Exterior: Vinyl Fencing: None Foundation: Concrete Block Fuel: Natural Gas Heating: Forced Air Internet Options: Cable Laundry: Common Area; In Basement Lock Box Type: Supra Lot Description: Public Transit (w/in 6 blks); Tree Coverage - Medium Owner Pays: All Utilities Pool Description: None Road Frontage: City Street; Paved Streets Road Responsibility: Public Maintained Road Roof: Age 8 Years or Less; Asphalt Shingles Sellers Terms: Cash; Conventional Sewer: City Sewer/Connected Stories: Two Tenant Pays: Cable TV; Trash Collection Topography: Rolling Water: City Water/Connected

Contract Information

Contingency: None
Original List Price: 300000
ListPrice: 249500
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

House Number: 603
Street Name: 23rd
Street Suffix: Avenue
Street Direction Suffix: SW
Postal City: Rochester
County: Olmsted
State: MN
Zip Code: 55902
Complex/Dev/Subdivision: Hillcrest Sub

Assessments

Tax With Assessments: 3740
Assessment Balance: 0

Building Information

Finished SqFt Above Ground: 1638

More Information

Income and Expenses

Annual Electric Expense: 2182
Annual Fuel Expense: 2373
Annual Gross Expenses: 6385
Annual Gross Income: 31200
Annual Insurance Expense: 1813
Annual Net Income: 24815
Total Annual Expenses: 10108
Annual Caretaker Expense: 0
Annual Maintenance Expense: 0
Annual Repair Expense: 0
Annual Trash Expense: 0
Annual Water/Sewer Expense: 0
Misc. Annual Income: 0

Lease Details

Land Leased: Not Applicable

Lock Box Type

Lock Box Source: SEMR
Supra: Yes

Miscellaneous Information

DP Resource: Yes
Homestead: No

Ownership

Fractional Ownership: No

Public Survey Info

Range#: 14
Section#: 4
Township#: 106

Unit 1

Furnished?: No
Leased?: Yes
Level: Main Level
Unit Number: Yes
Annual Rent: 16200
Finished SqFt: 813
Full Baths: Yes
Monthly Expense: 421
Monthly Rent: 1350
No. of Units Like This: Yes
Oth Parking Spaces: 4
Total Baths: Yes
Total Bedrooms: 2
Total Rooms: 5

Unit 2

Furnished?: No
Leased?: No
Level: 2nd Level
Unit Number: 2
Annual Rent: 15000
Finished SqFt: 813
Full Baths: Yes
Monthly Expense: 421
Monthly Rent: 1250
No. of Units Like This: Yes
Total Baths: Yes
Total Bedrooms: 2
Total Rooms: 5

Unit Details

Total Units: 2

Office/Member Info

Association: SEMR

Location, Tax and Other Information

High School: Mayo
Legal Description: SECT-04 TWP-106 RANGE-014 HILLCREST SUB LOT-023 BEG AT A PT IN N LINE LOT 23 WH IS 139.3FT E OF NWCOR SD LOT TH E171.3FT TO CEN RD TH SWLY AL CEN RD 92.2FT TH W150.9FT TH N90FT TO BEG
Listing City: Rochester
Map Page: 999
Municipality: Rochester
School District: Rochester
School District Phone: 507-328-3000
Zip Plus 4: 970
Property ID Number: 640414042631
Tax Year: 2026
Tax Amount: 3740
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: Fantastic investment opportunity in a convenient southwest Rochester location just minutes from Mayo Clinic, shopping, dining, and major roadways. This licensed duplex (renewal in progress) offers strong rental potential for both owner-occupants and investors alike. This property features two separate units with central air conditioning and new appliances, providing excellent income-producing possibilities or flexible living arrangements. Ideal for long-term rentals, traveling professionals, or housed-hacking opportunities. Extensive repairs and improvements have recently been completed, with additional updates currently in progress, offering buyers added value and continued property Don't miss your chance to own a multi-family property in a highly desirable rental market with consistent demand.
Directions: From west 2nd Street SW turn left (South) on 23rd Ave, home near top of hill on right side of street.

Accessible

None: Yes

Amenities Shared

Common Laundry Facility: Yes
Deck: Yes
Porch: Yes

Basement

Full: Yes

Construction Materials

Frame: Yes

Construction Status

Previously Owned: Yes

Electric

150 Amp Service: Yes
Circuit Breakers: Yes

Existing Financing

Free and Clear: Yes
Lease Purchase: Yes

Exterior

Vinyl: Yes

Fencing

None: Yes

Foundation

Concrete Block: Yes

Fuel

Natural Gas: Yes

Heating

Forced Air: Yes

Internet Options

Cable: Yes

Laundry

Common Area: Yes
In Basement: Yes

Lot Description

Public Transit (w/in 6 blks): Yes
Tree Coverage - Medium: Yes

Owner Pays

All Utilities: Yes

Patio, Porch and Deck Features

Covered: Yes
Porch: Yes

Pool Description

None: Yes

Road Frontage

City Street: Yes
Paved Streets: Yes

Road Responsibility

Public Maintained Road: Yes

Roof

Age 8 Years or Less: Yes
Asphalt Shingles: Yes

Sellers Terms

Cash: Yes
Conventional: Yes

Sewer

City Sewer/Connected: Yes

Stories

Two: Yes

Topography

Rolling: Yes

Water

City Water/Connected: Yes

No. of Ranges

Two: Yes

No. of Refrigerators

Two: Yes

Tenant Pays

Cable TV: Yes
Trash Collection: Yes

Listing Office: Keller Williams Premier Realty

Last Updated: June - 26 - 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.