Historic Apartment
New
For Sale
$649,900
111 Island Ave W, Minneapolis, MN 55401
Historic residential property offering an urban island setting with access to downtown Minneapolis and nearby cultural destinations.
Property Size4,400 SF
Price / SF$147.70
Days on Market2
Property Features for 111 Island Ave W
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
22
Building Details
Year Built
1900
Buildings
6
Tenancy
Multi
Listing Agency:
Assembly MN LLC
Listed By:
Danielle Cifuentes
(612) 598-6027
Source:
Homesminn
Added: Sep 14
Last Checked: Sep 14 at 2:20PM
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
Investment Insights
Based on property information with market context.
This 4,400-square-foot apartment property dates to 1900 and is situated on the northern end of Nicollet Island. Its historic residential character is paired with an urban setting that places the property near downtown Minneapolis while retaining an island environment.
The property is close to Nicollet Island Park and within walking distance of The Guthrie Theatre, Stone Arch Bridge, Saint Anthony, and Aster Café. It is positioned between the North Loop and Northeast neighborhoods and is available for purchase as a stand-alone property or as part of a larger island portfolio.
The property is close to Nicollet Island Park and within walking distance of The Guthrie Theatre, Stone Arch Bridge, Saint Anthony, and Aster Café. It is positioned between the North Loop and Northeast neighborhoods and is available for purchase as a stand-alone property or as part of a larger island portfolio.
Key Highlights
- 4,400‑square‑foot apartment property
- Built in 1900
- Located on the northern end of Nicollet Island
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
$59,047
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
9.09%
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%
$1,180,940
$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
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
$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 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%
$1,180,940
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 9.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$918.5K – $1.22M
NOI $73,482 @ 7.0% cap · market cap 11.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
22
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,033
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic residential property offering an urban island setting with access to downtown Minneapolis and nearby cultural destinations.
Where is this apartment building located?
The property is located at 111 Island Ave W Minneapolis, MN.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 4,400‑square‑foot apartment property; Built in 1900; Located on the northern end of Nicollet Island
