Building Details

Year Built 2022

Listing Agency: Value Homes Realty Group LLC

Listed By: Eric Ollestad Show Phone

Source: Searchhousesnow

Added: May 27 Changed: Sep 14 Last Checked: Oct 5 at 8:53PM

Report an Issue

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 Value Homes Realty Group LLC

Investment Insights

Based on property information with market context.

The James at MCAD is a new-construction multifamily property completed in 2022. It is located in the Whittier neighborhood of Minneapolis, one block from the Minneapolis College of Art and Design. The property features 6 units with a total of 18 bedrooms and 15 bathrooms. The units are designed with a roommate-friendly layout, each featuring 3-bedroom floor plans with 2 to 2.5 bathrooms. The units include quartz countertops, premium cabinetry, stainless steel appliances, in-unit laundry, and private balconies. The property is designed for long-term durability and minimal maintenance. The property has demonstrated strong income performance, with rents supporting a minimum of $15,000+ per month. The property is near the “Eat Street” corridor on Nicollet Avenue, the Minneapolis Institute of Art, nearby parks, and the Midtown Greenway. It also offers connectivity with access to I-35W and I-94, allowing travel to Downtown Minneapolis, Uptown, and the University of Minnesota. The area features transit accessibility and is within a high-density rental submarket. The property is 7530 square feet.

Key Highlights

• New construction built in 2022 in a high‑demand rental location.
• Strong income performance with proven rental income of $15,000+ per month.
• Prime location near Minneapolis College of Art and Design.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$101,050

Cap Rate

5.18%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,021,000 $2.0M

Cap Rate 7%

$1,443,571 $1.4M

Cap Rate 9%

$1,122,778 $1.1M

Market Conditions

NOI Build-Up for 7,530 SF

Gross rent

$196.1K $26.04/SF

− Vacancy

−$12.4K −$1.64/SF

EGI

$183.7K $24.40/SF

− OpEx

−$82.7K −$10.98/SF

NOI

$101.1K $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%

$2,021,000

Cap Rate 7%

$1,443,571

Cap Rate 9%

$1,122,778

Alternative Uses

Best Use

Apartment 5plus

$1.44M

$1.26M – $1.68M (±1% cap)

NOI $101,050 @ 7.0% cap · market cap 5.18%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.80M

$1.57M – $2.10M (±1% cap)

NOI $125,755 @ 7.0% cap · market cap 6.45%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Building Supply HVAC Service Electrical Service Auto Parts Store Pet Grooming Service (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,622

Businesses Nearby

Explore this area Business Placement

Demographics for 55404, MN

29,322

Population

14,372

Households

2

Avg Household Size

32

Median Age

35%

College-Educated

81%

High-School Grad

1.8 sq mi

ZIP Area

16,290

Density / Sq Mi

$43,932

Median Household Income

$35,970

Median Earnings

$1,063

Median Rent

$294,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

10-Unit Apartment Buildings

338 NE 18th Ave, Minneapolis, MN 55418

$1,100,000

0.44 Acres

View details

11-Unit Residential Apartment Building

3010 20th Ave S, Minneapolis, MN 55407

$1,125,000

7,344 SF

View details

12-Unit Apartment Building

2212 Bryant Ave S, Minneapolis, MN 55405

$1,250,000

View details

8-Unit Apartment Building

2641 Hennepin Ave, Minneapolis, MN 55408

$1,450,000

View details

11-Unit Multifamily Building

3545 12th Ave S, Minneapolis, MN 55407

$1,275,000

9,849 SF

View details

11-Unit Apartment Building Near Park

3521 12th Avenue South, Minneapolis, MN 55407

$1,175,000

View details

Modern Six-Unit Apartment Buildings

814 6th St SE, Minneapolis, MN 55414

$2,300,000

4,893 SF

View details

Oversized Two-Bedroom Apartment Building

2007 Aldrich Ave S, Minneapolis, MN 55405

$1,700,000

View details

22-Unit Apartment Building

2110 Park Ave, Minneapolis, MN 55404

$2,068,000

15,300 SF

View details

Two-Story Multifamily Building

3021 Longfellow Ave, Minneapolis, MN 55407

$1,225,000

5,040 SF

View details

18-Unit Apartment Building with Garages

3412 Bloomington Ave, Minneapolis, MN 55407

$1,700,000

17,400 SF

View details

21-Unit Apartment Building

2637 Pleasant Ave, Minneapolis, MN 55408

$2,500,000

20,700 SF

View details

Frequently Asked Questions

What type of property is this?

Apartment building - New construction multifamily property near Minneapolis College of Art and Design.

Where is this apartment building located?

The property is located at 2413 1st Ave S Minneapolis, MN.

What is the asking price?

The asking price for this property is $1,950,000.

What are key features of this property?

This property features: New construction built in 2022 in a high‑demand rental location.; Strong income performance with proven rental income of $15,000+ per month.; Prime location near Minneapolis College of Art and Design.