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

    318-328 S 3rd St Minneapolis, MN

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Land with skyway access, near transit and entertainment venues.

    Type:LAND
    Lot size:
    0.48 Acres
    Added:
    Jul 20, 2021
    Days on Market:
    1740
    Last Refresh:
    Apr 5 at 8:54 pm

    Property Features for 318-328 S 3rd St

    General Information

    Standard status
    Active
    Lot size
    0.48 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Joshua Huempfner

    Listing agent Joshua Huempfner

    Listing office Upland Real Estate Group, Inc

    Listing date Jul 20, 2021

    Source Moodyscre

    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 Upland Real Estate Group, Inc

    Overview

    Downtown Land with Skyway Access

    This commercial land offers a skyway access opportunity and is situated two blocks from the Metro Light Rail Transit Line. The location is also minutes from U.S. Bank Stadium, Target Center, and Target Field. Zoned B4-1 (Downtown Business District), the zoning code permits entertainment, residential, and public uses, complementing the mixed-use nature of the area. The B4 Zoning District allows for the highest density office development within the downtown area.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Anoka
    State
    Minnesota
    Longitude
    -93.2636
    Latitude
    44.979

    Nearby Similar for Sale

    • $799,900

      Turnkey Automotive Business & Real Estate

      Established automotive sales business with real estate in Minneapolis.
      4201 E Lake Street, Minneapolis, MN 55406
      View Details
    • $464,800

      Minneapolis Commercial Property For Sale

      Versatile commercial property in Minneapolis’ Diamond Lake neighborhood.
      5609 Chicago Avenue S, Minneapolis, MN 55417
      View Details
    • $4,500,000

      Iconic Waterfront Restaurant Opportunity

      Premier restaurant and bar with Mississippi River waterfront real estate.
      1900 Marshall Street NE, Minneapolis, MN 55415
      View Details
    • $162,600

      Warehouse District Business Condo

      Office condo in the heart of Minneapolis' North Loop.
      718 Washington Avenue N 201, Minneapolis, MN 55401
      View Details
    • $550,000

      Versatile Commercial Space, Minneapolis

      Adaptable commercial space suitable for diverse business ventures.
      2942 Oakland Avenue, Minneapolis, MN 55407
      View Details
    • $11,000

      Turnkey Commercial Building For Lease

      3,720 SF commercial building suitable for food service.
      1919 Riverside Avenue, Minneapolis, MN 55454
      View Details
    • $6,000,000

      Retail and Office Building

      High visibility retail and office space near light rail.
      2720 University Avenue SE, Minneapolis, MN 55414
      View Details
    • $145,200

      Warehouse District Business Condo

      Office condo in the North Loop, downtown Minneapolis.
      718 Washington Avenue N 205, Minneapolis, MN 55401
      View Details
    • $600,000

      Minneapolis Multi-Use Commercial Property

      6,009 SF multi-use commercial property in the heart of Minneapolis.
      2318 1st Avenue S, Minneapolis, MN 55404
      View Details
    • $4,990,000

      Versatile Minneapolis Specialty Building

      Three-story building with offices, classrooms, and commercial kitchen.
      4021 Thomas Avenue N, Minneapolis, MN 55412
      View Details
    • $3,100,000

      Iconic Minneapolis Hospitality Property

      Unique restaurant and entertainment destination in Northeast Minneapolis.
      2501 Marshall Street NE, Minneapolis, MN 55418
      View Details
    • $2,400

      Prime Commercial Office Space Available

      1,500 sq. ft. office space perfect for small business.
      1011 W Broadway Avenue, Minneapolis, MN 55411
      View Details

    FAQs

    What type of property is this?
    Land - Land with skyway access, near transit and entertainment venues.
    Where is this land located?
    The property is located at 318-328 S 3rd St Minneapolis, MN.
    What is the asking price?
    The asking price for this property is $3,500,000.
    What are key features of this property?
    This property features: Skyway access opportunity; Located **2 blocks from Metro Light Rail Transit Line**; Zoned B4‑1 (Downtown Business District) allowing entertainment, residential, and public uses
    (612) 227-0757 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Joshua Huempfner
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!