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 Market23
Property Features for 107 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
Listing Agency:
Assembly MN LLC
Listed By:
Danielle Cifuentes
(612) 598-6027
Source:
Bethanynelsongroup
Added: Sep 13
Changed: Sep 24
Last Checked: Oct 4 at 2:41PM
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 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.
Property Analytics
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Current Use
Lease Details
22
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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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
