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    2318 1st Avenue S Minneapolis, MN 55404

    View on Map
    For Sale
    $600,000

    Commercial - Minneapolis, MN

    Lot size:
    0.17 Acres
    Added:
    Sep 3, 2025
    Days on Market:
    211
    Last Refresh:
    Apr 1 at 5:06 am

    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

    TaxYear
    2025
    TaxAnnualAmount
    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.

    Overview

    Minneapolis Multi-Use Commercial Property

    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

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    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
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    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
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