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Neal Lawson

neal@mndreamteam.com +1(612) 418-5892

$ 374,900

Est. payment -/mo

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Active

640 Minnesota AVE S Oronoco, MN 55960

3,550 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Triplex

Listing Status Active

Purchase Type For Sale

Square Footage 3,550 sqft

Price per Sqft $105

Subdivision Ottman Sub

MLS Listing ID 6693134

Year Built 1920

Annual Tax Amount $4,250

Tax Year 2024

Contingent None

Lot Size 0.410 Acres

Acres 0.41

Lot Dimensions 540

Property Sub-Type Triplex

Property Description

Incredible investment opportunity in the growing community of Oronoco, MN. This well-maintained triplex has been owned by the same landlord for over 20 years and is now primed for increased rental income and long-term value. The property includes three separate units: a spacious 4-bedroom, 2-bath main unit spanning 2,000 sq. ft. across the main and second floors; a 2-bedroom, 1-bath basement unit with 800 sq. ft.; and a 600 sq. ft. efficiency unit with 1 bath on the third floor.

Current rents are below market, with Unit A vacant, Unit B renting at $850/month, and Unit C at $750/month. Market rent projections show strong upside, with potential to achieve $1,900 for Unit A, $950 for Unit B, and $850 for Unit C.

Each unit is separately metered for gas and electric, and tenants are responsible for their own utilities, including internet. The owner currently covers water, sewer, and trash. Shared laundry is available in the basement, and there is a separate meter for both the mechanical room and laundry area. The property features a dual heating setup with both a boiler system and furnace as well as updated vinyl windows and metal siding and a new roof in 2017.

Recent updates include a new water heater within the past five years. The property has also recently been connected to city sewer and water—an essential infrastructure upgrade that supports continued growth in Oronoco.

This is a great opportunity for an owner-occupant to live in one unit while generating income from the others. It also makes for a smart first investment or a strong addition to an existing rental portfolio. With solid bones, recent improvements, and significant rent growth potential, this triplex offers excellent value-add potential. Implementation of a RUBS (Ratio Utility Billing System) could further optimize returns. Don't miss your chance to invest in a cash-flowing asset in a rapidly developing area.

Location

State MN

County Olmsted

Zoning Residential-Multi-Family

Rooms

Basement Full, Sump Pump

Interior

Heating Boiler, Forced Air

Fireplace No

Exterior

Parking Features Gravel, Parking Lot

Roof Type Architectural Shingle

Building

Story More Than 2 Stories

Foundation 1075

Sewer City Sewer/Connected

Water City Water/Connected

Level or Stories More Than 2 Stories

Structure Type Metal Siding

New Construction false

Schools

Elementary Schools Overland

Middle Schools Dakota

High Schools Century

School District Rochester

Listed by Alex Brainard • Harbor Realty & Management Group LLC

Neal Lawson

Broker Associate | License ID: 502039225

+1(612) 418-5892

Neal Lawson

640 Minnesota AVE S Oronoco, MN 55960

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

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