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2429 Nicollet Ave 19,683 SF 100% Leased Office Building Minneapolis, MN 55404 $3,400,000 ($172.74/SF) 7.03% Cap Rate
INVESTMENT HIGHLIGHTS
- Completely renovated building in 2016 - High end finishes, all new mechanicals, windows, roof, HVAC, Elevator *see full list in supplements.
- Open floor plan - high ceilings
- Two large parking lots on either side of the building - very rare in mpls
EXECUTIVE SUMMARY
The building is fully Leased. There is a possibility for an owner/user to occupy the main floor (7,000sf) in 12 months.
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Loft/Creative Space
Building Size
19,683 SF
Building Class
B
Year Built/Renovated
1957/2016
Price
$3,400,000
Price Per SF
$172.74
Cap Rate
7.03%
NOI
$239,000
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
6,561 SF
Building FAR
0.59
Lot Size
0.76 AC
Zoning
C3 - C3 - Commercial and high density residential.
Parking
55 Spaces (2.79 Spaces per 1,000 SF Leased)
AMENITIES
- Bus Line
- Signage
- Kitchen
- Bicycle Storage
- Shower Facilities
1 1
Walk Score®
Walker's Paradise (94)
Bike Score®
Biker's Paradise (96)
PROPERTY TAXES
| Parcel Number | 34-029-24-13-0315 | Total Assessment | $2,780,000 (2024) |
| Land Assessment | $600,000 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $2,180,000 (2024) | Tax Year | 2025 Payable 2025 |
PROPERTY TAXES
Parcel Number
34-029-24-13-0315
Land Assessment
$600,000 (2024)
Improvements Assessment
$2,180,000 (2024)
Total Assessment
$2,780,000 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025 Payable 2025
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2429 Nicollet Ave
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