340 S Olive Street, Waconia, MN 55387

Property 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 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.