Historic Apartment
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 Market47
Property Features for 111 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
Tenancy
Multi
Listing Agency:
Assembly MN LLC
Listed By:
Danielle Cifuentes
(612) 598-6027
Source:
Homesminn
Added: Sep 14
Changed: Oct 26
Last Checked: Oct 28 at 1:31PM
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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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$59,047
Cap Rate
9.09%
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 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.
How Realmo checks its estimates
Property Analytics
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
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
