Add Listing
    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

    1024 E 38Th St Minneapolis, MN 55407

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Fully built-out restaurant for sale in Minneapolis.

    Property size:
    2,300 SF
    Lot size:
    0.33 Acres

    Property Features for 1024 E 38Th St

    General Information

    Standard status
    Active
    Zoning
    C1-Neighborhood Commercial District
    Size
    2,300 SF
    Lot size
    0.33 Acres

    Building Details

    Year built
    1957

    We can help!

    Listing Contact
    Andy Manthei
    Andy Manthei
    Source: Crexi

    Listing Agency: Suntide Commercial Realty Listing Agent: Andy Manthei

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Turnkey Restaurant Opportunity

    This fully built-out turnkey restaurant offers an exceptional opportunity for immediate startup capability in a highly active commercial corridor of Minneapolis. The area demonstrates stability and growth, making it suitable for long-term business success. The space can accommodate diverse operational strategies, whether launching a new brand or expanding an existing concept. Located along 38th Street East, just east of I-35W and west of Hiawatha Avenue, the property benefits from consistent daily traffic flow, dense surrounding residential neighborhoods, and established commercial activity, ideal for attracting both local patrons and destination diners. The property size is 2300 square feet. Equipment included in the sale, with an equipment list available to interested buyers. This property is suitable for conventional restaurants and other restaurant concepts.
    Location Intelligence

    Current Use by Public Records

    Master Water Stewards Government Office The Tiny Diner Restaurant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Anoka
    State
    Minnesota
    Longitude
    -93.2590609
    Latitude
    44.9343927

    Nearby Similar for Sale

    • $464,800
      Pending

      Minneapolis Commercial Property For Sale

      Versatile commercial property in Minneapolis’ Diamond Lake neighborhood.
      5609 Chicago Ave S, Minneapolis, MN 55417
      View Details
    • $799,900
      0.25 Acres

      Turnkey Automotive Business & Real Estate

      Established automotive sales business with real estate in Minneapolis.
      4201 E Lake St, Minneapolis, MN 55406
      View Details
    • $445,000
      0.24 Acres

      Victory Neighborhood Retail Center

      Classic 1920s brick retail center in Victory neighborhood.
      3854 Thomas Ave N, Minneapolis, MN 55412
      View Details
    • $550,000
      0.10 Acres

      Corner Mixed-Use Minneapolis Opportunity

      Mixed-use property in prime Minneapolis location with upside potential.
      3701 Lyndale Ave S, Minneapolis, MN 55409
      View Details
    • $1,510,850
      13,000 SF

      Warehouse District Office/Live-Work Condo

      Street-level business condo in Minneapolis' Warehouse District.
      718 Washington Ave N 101, Minneapolis, MN 55401
      View Details
    • $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
    • $4,500,000
      1.44 Acres

      Iconic Waterfront Restaurant Opportunity

      Premier restaurant and bar with Mississippi River waterfront real estate.
      1900 Marshall St NE, Minneapolis, MN 55415
      View Details
    • $374,900
      0.43 Acres

      North Loop Office/Retail Condos

      Two commercial condos in the thriving North Loop neighborhood.
      400 N 1St St, Minneapolis, MN 55401
      View Details
    • $550,000
      0.11 Acres

      Versatile Commercial Space, Minneapolis

      Adaptable commercial space suitable for diverse business ventures.
      2942 Oakland Ave, Minneapolis, MN 55407
      View Details
    • Contact for pricing
      1,600 SF

      Affordable Office/Retail Space in Minneapolis

      1,600 SF lower level office/retail in vibrant Como neighborhood.
      1820 Como Ave SE, Minneapolis, MN 55414
      View Details
    • $599,900
      0.43 Acres

      North Loop Office/Retail Condos

      Two commercial condos in the thriving North Loop neighborhood.
      400 N 1St St, Minneapolis, MN 55401
      View Details
    • $6,000,000
      14,000 SF

      Retail and Office Building

      High visibility retail and office space near light rail.
      2720 University Ave SE, Minneapolis, MN 55414
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Fully built-out restaurant for sale in Minneapolis.
    Where is this conventional restaurant located?
    The property is located at 1024 E 38Th St Minneapolis, MN.
    What are key features of this property?
    This property features: - Turnkey restaurant ready for immediate operation; - Located in a high-traffic, growing commercial corridor; - Includes equipment (equipment list provided to interested buyers)
    Request Owner's contact information
    1024 E 38Th St Minneapolis, MN 55407
    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.
    1024 E 38Th St
    Minneapolis, MN 55407
    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
    1024 E 38Th St Minneapolis, MN 55407
    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
    Andy Manthei
    Andy Manthei
    Real Estate License ID: 20366237
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!