Two-Tenant Retail Asset with Strong
For Sale
Contact for pricing
1015 W LAKE ST, Minneapolis, MN 55408
Class A storefront offering 17,000+ VPD frontage and two tenants, Verizon and Palm Beach Tan.
Property Size6,486 SF
Price / SF$367.72
Days on Market57
Property Features for 1015 W LAKE ST
General Information
Standard status
Active
Size
6,486 SF
Class
A
Property subtype
Retail
Zoning
C-2
Occupancy
100%
Lease Type
Net
Investment Type
Net Lease
Net Operating Income
$174,799
Building Details
Year Built
2008
Stories
1
Units
1
Tenancy
Multi
Listing Agency:
Northmarq - Chicago
(312) 777-2437
Listed By:
Isaiah Harf · License #IL 471019332
Source:
Crexi
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 10 at 3:12PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Northmarq - Chicago
Investment Insights
Based on property information with market context.
Northmarq is pleased to present the opportunity to acquire a fee simple interest in a Class A, two-tenant retail asset in Minneapolis. The property consists of 6,486 SF and is 100% leased to Verizon and Palm Beach Tan. Designed for storefront retail occupancy, the building is set up to support two distinct tenant spaces within a single retail asset.
The location is positioned along West Lake Street with 17,000+ VPD frontage, providing visibility to passing traffic. The site is also described as highly walkable, with a 98 Walk Score, and offers immediate access to the CBD, I-35, and Minneapolis’ Chain of Lakes. The surrounding area includes more than 2,000 new multifamily units and ongoing mixed-use development, supporting a dense urban retail environment.
For buyers, this is a turnkey, fee simple retail acquisition with existing income from two established tenants already in place. The combination of strong street frontage and walkability can be attractive for tenants seeking consistent everyday consumer access in a well-developed Uptown setting, with convenient connections to major routes and nearby activity along the Chain of Lakes.
The location is positioned along West Lake Street with 17,000+ VPD frontage, providing visibility to passing traffic. The site is also described as highly walkable, with a 98 Walk Score, and offers immediate access to the CBD, I-35, and Minneapolis’ Chain of Lakes. The surrounding area includes more than 2,000 new multifamily units and ongoing mixed-use development, supporting a dense urban retail environment.
For buyers, this is a turnkey, fee simple retail acquisition with existing income from two established tenants already in place. The combination of strong street frontage and walkability can be attractive for tenants seeking consistent everyday consumer access in a well-developed Uptown setting, with convenient connections to major routes and nearby activity along the Chain of Lakes.
Key Highlights
- 6,486 SF Class A two‑tenant retail asset built in 2008 at 1015 W Lake Street in Minneapolis, MN
- 100% leased to Verizon and Palm Beach Tan
- Strong West Lake Street frontage with 17,000+ VPD
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$78,114
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.28%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,562,280
$1.6M
Cap Rate 7%
$1,115,914
$1.1M
Cap Rate 9%
$867,933
$867.9K
Market Conditions
NOI Build-Up for 6,486 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$120.6K $18.60/SF
− Vacancy
−$9.0K −$1.40/SF
EGI
$111.6K $17.21/SF
− OpEx
−$33.5K −$5.16/SF
NOI
$78.1K $12.04/SF
Area
Minneapolis, MN
Vacancy
7.50%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,562,280
Cap Rate 7%
$1,115,914
Cap Rate 9%
$867,933
Alternative Uses
Best Use
Retail
$1.12M
$976.4K – $1.30M
NOI $78,114 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.35M – $1.81M
NOI $108,320 @ 7.0% cap · market cap 4.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,157
Businesses Nearby
143k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 38%
Dining 32%
Shops & Services 20%
Apparel 3%
Cub Foods
Groceries
30,982 visits/mo
0.1 miles
Lunds & Byerlys
Groceries
23,584 visits/mo
0.3 miles
McDonald's
Dining
16,650 visits/mo
0.2 miles
Speedway
Shops & Services
14,134 visits/mo
0.3 miles
Chipotle Mexican Grill
Dining
10,300 visits/mo
0.5 miles
Demographics for 55408, MN
33,718
Population
17,874
Households
1.9
Avg Household Size
30
Median Age
59%
College-Educated
91%
High-School Grad
2.7 sq mi
ZIP Area
12,488
Density / Sq Mi
$72,421
Median Household Income
$49,753
Median Earnings
$1,385
Median Rent
$387,500
Median Home Value
Market
Vacancy Rate% for Retail in Minneapolis, MN
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Frequently Asked Questions
What type of property is this?
Storefront property - Class A storefront offering 17,000+ VPD frontage and two tenants, Verizon and Palm Beach Tan.
Where is this storefront property located?
The property is located at 1015 W LAKE ST Minneapolis, MN.
What is the asking price?
The asking price for this property is $2,385,000.
What are key features of this property?
This property features: 6,486 SF Class A two‑tenant retail asset built in 2008 at 1015 W Lake Street in Minneapolis, MN; 100% leased to Verizon and Palm Beach Tan; Strong West Lake Street frontage with 17,000+ VPD
