Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Minneapolis Multi-Use Commercial Property Title is generated by Realmo AI

    2318 1st Avenue S, Minneapolis, MN 55404

    View on Map
    Claim this Listing
    For Sale
    $600,000

    Commercial - Minneapolis, MN

    Lot size:
    0.17 Acres
    Added:
    Sep 3, 2025
    Days on Market:
    256
    Last Refresh:
    May 16 at 5:06 pm

    Property Features for 2318 1st Avenue S

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Business/Commercial,Residential-Multi-Family
    Parking features
    Driveway, Guest, Parking Lot, Paved or Surfaced, Unassigned
    Exterior features
    Brick/Stone
    Standard status
    Active
    APN
    3402924120043
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    19764

    Utilities

    Heating system
    Baseboard, Hot Water (Heating), Radiant

    Building Details

    Year built
    1920
    Flooring type
    Carpet, Tile, Wood
    Architectural style
    Other

    We can help!

    Listing Contact
    Nicoli Holm
    Nicoli Holm

    Listing agent Nicoli Holm

    Listing office Keller Williams Realty Integrity 7401 Metro Blvd No. 350, Edina, MN

    Listing date Sep 3, 2025

    MLS# 6782793 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.

    HighLights

    • Prime location near Eat Street, Minneapolis Institute of Art, and Midtown Global Market, offering high demand and strong tenant mix.
    • Flexible RM3/BFI3 zoning allows for office, residential, or institutional uses, providing multiple development options.
    • 6,009 SF building with 3 separate entrances, suitable for multi‑tenant use or conversion.
    • Rare urban luxury: 9 off‑street parking stalls.
    • Vacant and ready for immediate occupancy, repositioning, redevelopment, or lease‑up strategy.
    • Solid 1920s brick construction with timeless architectural appeal.

    Overview

    Located in Minneapolis, this 6,009 square foot multi-use commercial property, built in 1920, is situated on a corner lot. The building is currently configured as professional office space and features three separate entrances across three floors plus a lower level, allowing for multi-tenant use or conversion to mixed-use, residential, or institutional operations. The RM3/BFI3 zoning supports a range of uses including dwellings, professional offices, and institutional tenants. There are nine off-street parking stalls. The property is move-in ready or available for immediate redevelopment or lease-up strategy. Located steps from Eat Street, the Minneapolis Institute of Art, and Midtown Global Market, the property is located within a vibrant and transit-connected neighborhood. The surrounding tenant mix, bike and bus accessibility, and proximity to downtown create a high-demand environment for professional users and long-term investment stability. The building has approximately 4,862 square feet finished. The property is suitable for adaptive reuse, multi-tenant office leasing, or future residential conversion.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Romer & Company, PC Accounting Firm

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Anoka
    State
    Minnesota
    Longitude
    -93.276907
    Latitude
    44.959359

    Nearby Similar for Sale

    • $4,500,000

      Iconic Waterfront Restaurant Opportunity

      Premier restaurant and bar with Mississippi River waterfront real estate.
      1900 Marshall Street NE, Minneapolis, MN 55415
      View Details
    • $162,600

      Warehouse District Business Condo

      Office condo in the heart of Minneapolis' North Loop.
      718 Washington Avenue N 201, Minneapolis, MN 55401
      View Details
    • $675,000
      3,678 SF

      Seward Neighborhood Fourplex Opportunity

      Well-maintained Minneapolis fourplex with value-add potential in Seward neighborhood.
      2100 25th Avenue S, Minneapolis, MN 55406
      View Details
    • $6,000,000

      Retail and Office Building

      High visibility retail and office space near light rail.
      2720 University Avenue SE, Minneapolis, MN 55414
      View Details
    • $145,200

      Warehouse District Business Condo

      Office condo in the North Loop, downtown Minneapolis.
      718 Washington Avenue N 205, Minneapolis, MN 55401
      View Details
    • $750,000
      1,365 SF

      Mixed-Use Property Near Lake Bde Maka Ska

      Mixed-use property with commercial space and residential apartment near lake.
      3101 Irving Avenue S, Minneapolis, MN 55408
      View Details
    • $4,990,000

      Versatile Minneapolis Specialty Building

      Three-story building with offices, classrooms, and commercial kitchen.
      4021 Thomas Avenue N, Minneapolis, MN 55412
      View Details
    • $99,900

      Northeast Minneapolis Opportunity

      Rare property near Central Ave, ideal for various uses.
      2639 Jackson Street NE, Minneapolis, MN 55418
      View Details
    • $3,100,000

      Iconic Minneapolis Hospitality Property

      Unique restaurant and entertainment destination in Northeast Minneapolis.
      2501 Marshall Street NE, Minneapolis, MN 55418
      View Details
    • $939,900

      Minneapolis Multifamily Investment Opportunity

      8-unit multifamily property in South Minneapolis with value-add potential.
      5733 Bossen Terrace, Minneapolis, MN 55417
      View Details
    • $699,950

      Minneapolis Town-home Style Apartment Building

      Six-unit building near downtown Minneapolis, universities, and public transportation.
      924 21st Avenue S, Minneapolis, MN 55404
      View Details
    • $1,700,000
      10,464 SF

      Minneapolis Corner Lot Opportunity

      Highly visible corner lot in Longfellow neighborhood, Minneapolis.
      4215 E Lake Street, Minneapolis, MN 55406
      View Details

    FAQs

    What type of property is this?
    Office units - 6,009 SF multi-use commercial property in the heart of Minneapolis.
    Where is this office units located?
    The property is located at 2318 1st Avenue S Minneapolis, MN.
    What is the asking price?
    The asking price for this property is $600,000.
    What are key features of this property?
    This property features: Prime location near Eat Street, Minneapolis Institute of Art, and Midtown Global Market, offering high demand and strong tenant mix.; Flexible RM3/BFI3 zoning allows for office, residential, or institutional uses, providing multiple development options.; 6,009 SF building with 3 separate entrances, suitable for multi‑tenant use or conversion.
    (612) 286-6813
    We can help!
    Listing Contact
    Nicoli Holm
    Nicoli Holm
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    2318 1st Avenue S, Minneapolis, MN 55404
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!