Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1920 3Rd Ave S Minneapolis, MN 55404

    Sponsored
    For Sale
    $1,634,000

    Commercial - Minneapolis, MN

    Lot size:
    0.22 Acres
    Days on Market:
    15
    Last Refresh:
    Feb 20 at 1:06 am

    Property Features for 1920 3Rd Ave S

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Residential-Multi-Family
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    19
    APN
    2702924430125
    Parking features
    Driveway
    Exterior features
    Brick/Stone
    Appliances
    Range, Refrigerator
    Lot size
    0.22 Acres

    Utilities

    Heating system
    Hot Water (Heating)

    Building Details

    Year built
    1915
    Building materials
    Block, Brick, Concrete, Stone
    Architectural style
    Other

    We can help!

    Listing Contact
    James Faillettaz

    Keller Williams Premier Realty (651) 379-5252

    Listing agent James Faillettaz (651) 379-5252

    Listing date Feb 6, 2026

    MLS# 7013628 Listing URL

    Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Charming Minneapolis Apartment Building

    This historic and charming 19-unit apartment building in Minneapolis offers strong value-add potential. The property features interiors with exposed brick kitchen walls, natural woodwork, and original hardwood floors, providing timeless character. With 7 occupied units and the remaining units completely vacant, this building presents a rare opportunity to renovate, reposition, and lease at market rents with less tenant disruption. The lot size is 0.22 acres. This property is ideal for investors seeking scale, flexibility, and long-term upside through a thoughtful renovation.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    this is homely ... Marketing & Advertising

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Law Firm Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Anoka
    State
    Minnesota
    Longitude
    -93.273123
    Latitude
    44.963118

    Nearby Similar for Sale

    • $600,000
      0.17 Acres

      Minneapolis Multi-Use Commercial Property

      6,009 SF multi-use commercial property in the heart of Minneapolis.
      2318 1St Ave S, Minneapolis, MN 55404
      View Details
    • $3,600,000
      8,400 SF

      Restaurant, Bar, and Event Venue

      Operating restaurant, bar, and event venue in NE Minneapolis.
      2501 NE Marshall St NE, Minneapolis, MN 55418
      View Details
    • $498,000
      4,220 SF

      Versatile Commercial Property in Minneapolis

      4,220 SF commercial property in Minneapolis' Diamond Lake neighborhood.
      5609 Chicago Ave S, Minneapolis, MN 55417
      View Details
    • $575,000
      0.14 Acres

      Minneapolis Multifamily Near Powderhorn Park

      Six-unit apartment building near Powderhorn Park with classic charm.
      1117 E 31St St, Minneapolis, MN 55407
      View Details
    • $1,950,000
      0.40 Acres

      Corner Lot in Longfellow Neighborhood

      Highly visible corner lot in Minneapolis' Longfellow neighborhood.
      4215 E Lake St, Minneapolis, MN 55406
      View Details
    • $4,500,000
      1.44 Acres

      Iconic Waterfront Restaurant Opportunity

      Premier Minneapolis restaurant and bar with Mississippi River frontage.
      1900 Marshall St NE, Minneapolis, MN 55415
      View Details
    • $990,000
      0.23 Acres

      Minneapolis Multifamily Investment Opportunity

      Value-add 8-unit multifamily property in South Minneapolis with strong upside.
      5733 Bossen Ter, Minneapolis, MN 55417
      View Details
    • $499,000

      Versatile Minneapolis Commercial Property

      Adaptable commercial space with live/work potential and downtown views.
      233 Groveland Ave, Minneapolis, MN 55403
      View Details
    • New
      Contact for pricing
      Pending

      Mixed-Use Property in Kingfield

      Mixed-use property for sale or lease in Minneapolis' Kingfield neighborhood.
      4421-4423 Nicollet Ave S, Minneapolis, MN 55419
      View Details
    • $1,300,000
      0.41 Acres

      Minneapolis Apartment Building with Solar

      Well-maintained 13-unit apartment building with income-generating solar panels.
      1900 Vincent Ave N, Minneapolis, MN 55411
      View Details
    • Contact for pricing
      0.36 Acres

      Turnkey Commercial Building For Lease

      3,720 SF commercial building suitable for food service.
      1919 Riverside Ave, Minneapolis, MN 55454
      View Details
    • New
      $799,900
      0.25 Acres

      Turnkey Automotive Business & Real Estate

      Established automotive business with real estate in prime Minneapolis location.
      4201 E Lake St, Minneapolis, MN 55406
      View Details

    FAQs

    What type of property is this?
    Apartment building - 19-unit apartment building with value-add potential in Minneapolis.
    Where is this apartment building located?
    The property is located at 1920 3Rd Ave S Minneapolis, MN.
    What is the asking price?
    The asking price for this property is $1,634,000.
    What are key features of this property?
    This property features: - Historic 19-unit apartment building with scale for investors.; - Significant value-add potential through renovation and repositioning of vacant units.; - Opportunity to lease vacant units at market rents with minimal tenant disruption.
    (651) 379-5252
    Request Owner's contact information
    1920 3Rd Ave S Minneapolis, MN 55404
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1920 3Rd Ave S
    Minneapolis, MN 55404
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1920 3Rd Ave S Minneapolis, MN 55404
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    James Faillettaz
    (651) 379-5252 (612) 323-9332
    Learn more
    Google sign-in failed. Please try again or use another login method.