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2429 Nicollet Ave 19,683 SF 100% Leased Office Building Minneapolis, MN 55404 $3,400,000 ($172.74/SF) 7.06% Cap Rate
Executive Summary
Fully architecturally driven building renovation completed in 2016. New mechanicals, roof, HVAC. Two gourmet kitchens were added, roof top deck with southern exposure. Six new bathrooms, including showers in the basement bathrooms. New flooring through-out, including polished concrete for the majority of the building. Custom work booths on both floors. Modern lighting added throughout.
The site was doubled in size with the addition of a south parking lot so that there is now 54+ parking spaces - a rarity for the neighborhood.
Owner user on the 1st floor. This is approximately 7,000sf that could be available within 6 months.
The site was doubled in size with the addition of a south parking lot so that there is now 54+ parking spaces - a rarity for the neighborhood.
Owner user on the 1st floor. This is approximately 7,000sf that could be available within 6 months.
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
7.06%
NOI
$240,000
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
Exceptionally walkable
90/100
Moderately drivable
60/100
Exceptional public transit
90/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 34-029-24-13-0315 | Improvements Assessment | $2,180,000 |
| Land Assessment | $600,000 | Total Assessment | $2,780,000 |
Property Taxes
Parcel Number
34-029-24-13-0315
Land Assessment
$600,000
Improvements Assessment
$2,180,000
Total Assessment
$2,780,000
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2429 Nicollet Ave
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