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1015 Lake St W
Minneapolis, MN 55408
Verizon | Palm Beach Tan · Retail Property For Sale
Investment Highlights
- Dense, Urban Infill Location in One of Minneapolis’s Most Desirable Neighborhoods
- Strong Historical Occupancy
- Surrounded By Numerous New Construction Class A Multi-Family & Hospitality Developments
- A, Two-Tenant Retail Building in Uptown with Rare Off-Street Parking
- Excellent Access For Workday Commuters
- Seven Points (Formerly Calhoun Square) Redevelopment
Executive Summary
Northmarq is pleased to present the opportunity to acquire a fee-simple interest in a two-tenant, Class A, urban infill retail building situated at 1015 W Lake Street in Minneapolis, MN (the “Property”). The Property consists of a 6,486-square-foot, shallow bay retail building that is currently 100% leased to Verizon and Palm Beach Tan.
Located in the highly sought after Uptown neighborhood of Minneapolis, the Property benefits from its frontage on West Lake St, a major east/west thoroughfare experiencing more than 17,115 vehicles per day, in addition to excellent foot traffic with a Walk Score of 98 and Bike Score of 95. Less than 2 miles to the CBD and just one (1) mile west of Interstate 35, the Property sits near the Chain of Lakes and Midtown Greenway offering tremendous access to public transportation.
The Property is surrounded by more than 2,000 new construction multifamily units, including The Asher, a six-story, 1175-unit mixed-use development; Buzza Lofts (136 units); The Walkway Apartments (92 units); Daymark Uptown (318 units); Uptown Lake Apartments (163 units); and The Moxy Minneapolis Uptown, a 6-story, 124-room hotel, built in 2017.
Located in the highly sought after Uptown neighborhood of Minneapolis, the Property benefits from its frontage on West Lake St, a major east/west thoroughfare experiencing more than 17,115 vehicles per day, in addition to excellent foot traffic with a Walk Score of 98 and Bike Score of 95. Less than 2 miles to the CBD and just one (1) mile west of Interstate 35, the Property sits near the Chain of Lakes and Midtown Greenway offering tremendous access to public transportation.
The Property is surrounded by more than 2,000 new construction multifamily units, including The Asher, a six-story, 1175-unit mixed-use development; Buzza Lofts (136 units); The Walkway Apartments (92 units); Daymark Uptown (318 units); Uptown Lake Apartments (163 units); and The Moxy Minneapolis Uptown, a 6-story, 124-room hotel, built in 2017.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
6,486 SF
Building Class
B
Year Built
2008
Price
$2,385,000
Price Per SF
$367.72
Cap Rate
7.33%
NOI
$174,799
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.36
Lot Size
0.41 AC
Zoning
C-2 - Neighborhood Corridor Commercial District
Parking
18 Spaces (2.76 Spaces per 1,000 SF Leased)
Frontage
129’ on Lake St
Property Taxes
| Parcel Number | 04-028-24-11-0096 | Improvements Assessment | $485,600 |
| Land Assessment | $1,064,400 | Total Assessment | $1,550,000 |
Property Taxes
Parcel Number
04-028-24-11-0096
Land Assessment
$1,064,400
Improvements Assessment
$485,600
Total Assessment
$1,550,000
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