Historic Apartment
For Sale
$669,900
107 Island Ave W, Minneapolis, MN 55401
Historic residential asset near Nicollet Island Park with walkable access to downtown Minneapolis.
Property Size4,400 SF
Price / SF$152.25
Days on Market48
Property Features for 107 Island Ave W
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Nicollet Island
Additional Details
Multifamily Units
22
Building Details
Year Built
1900
Buildings
6
Listing Agency:
Assembly MN LLC
Listed By:
Danielle Cifuentes
(612) 598-6027
Source:
Bethanynelsongroup
Added: Sep 13
Changed: Oct 26
Last Checked: Oct 28 at 11:19AM
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 Assembly MN LLC
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Investment Insights
Based on property information with market context.
This apartment property is housed in a historic residence dating to 1900. The asset occupies the northern end of Nicollet Island, offering a residential setting within an established urban environment.
The property sits between Minneapolis’s North Loop and Northeast areas, with Nicollet Island Park nearby and downtown access within a walkable setting. Nearby destinations identified for the property include The Guthrie Theater, Stone Arch Bridge, Saint Anthony, and Aster Café. The property may be acquired independently or as part of a portfolio that includes five additional island properties.
The property sits between Minneapolis’s North Loop and Northeast areas, with Nicollet Island Park nearby and downtown access within a walkable setting. Nearby destinations identified for the property include The Guthrie Theater, Stone Arch Bridge, Saint Anthony, and Aster Café. The property may be acquired independently or as part of a portfolio that includes five additional island properties.
Key Highlights
- Historic residence dating to 1900
- Located at the northern end of Nicollet Island
- Near Nicollet Island Park
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,047
Cap Rate
8.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,180,940
$1.2M
Cap Rate 7%
$843,529
$843.5K
Cap Rate 9%
$656,078
$656.1K
Market Conditions
NOI Build-Up for 4,400 SF
Gross rent
$114.6K $26.04/SF
− Vacancy
−$7.2K −$1.64/SF
EGI
$107.4K $24.40/SF
− OpEx
−$48.3K −$10.98/SF
NOI
$59.0K $13.42/SF
Area
Minneapolis, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,180,940
Cap Rate 7%
$843,529
Cap Rate 9%
$656,078
Alternative Uses
Best Use
Apartment 5plus
$843.5K
$738.1K – $984.1K
NOI $59,047 @ 7.0% cap · market cap 8.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$918.5K – $1.22M
NOI $73,482 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
3,033
Businesses Nearby
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Business Placement
Demographics for 55401, MN
12,029
Population
8,988
Households
1.3
Avg Household Size
35
Median Age
79%
College-Educated
99%
High-School Grad
0.8 sq mi
ZIP Area
15,036
Density / Sq Mi
$115,651
Median Household Income
$89,599
Median Earnings
$2,010
Median Rent
$401,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Historic residential asset near Nicollet Island Park with walkable access to downtown Minneapolis.
Where is this apartment building located?
The property is located at 107 Island Ave W Minneapolis, MN.
What is the asking price?
The asking price for this property is $669,900.
What are key features of this property?
This property features: Historic residence dating to 1900; Located at the northern end of Nicollet Island; Near Nicollet Island Park
