Historic Apartment
New
For Sale
$749,900
15 Maple Pl, Minneapolis, MN 55401
Built in 1900 on Nicollet Island with convenient access to downtown Minneapolis and nearby cultural destinations.
Property Size4,560 SF
Price / SF$164.45
Days on Market4
Property Features for 15 Maple Pl
General Information
Standard status
Active
Size
4,560 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Assembly MN LLC
Listed By:
Danielle Cifuentes
(612) 598-6027
Source:
Vibemn
Added: Sep 12
Last Checked: Sep 14 at 1:25PM
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 at 15 Maple Pl comprises 22 units distributed among six historic homes, with a total property size of 4,560 square feet. The buildings date from the late nineteenth century through the turn of the century, and the property is identified with a 1900 build year.
Located on the northern end of Nicollet Island, the property offers an island setting near Nicollet Island Park while remaining close to downtown Minneapolis. The North Loop and Northeast neighborhoods are nearby, along with The Guthrie Theater, Stone Arch Bridge, Saint Anthony, and Aster Café. The property may be purchased individually or as part of a larger offering that includes five additional island properties and a vacant lot adjacent to Maple Pl.
Located on the northern end of Nicollet Island, the property offers an island setting near Nicollet Island Park while remaining close to downtown Minneapolis. The North Loop and Northeast neighborhoods are nearby, along with The Guthrie Theater, Stone Arch Bridge, Saint Anthony, and Aster Café. The property may be purchased individually or as part of a larger offering that includes five additional island properties and a vacant lot adjacent to Maple Pl.
Key Highlights
- 22 units across six historic homes
- 4,560‑square‑foot property with a 1900 build year
- Located at 15 Maple Pl 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
$61,194
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
8.16%
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%
$1,223,880
$1.2M
Cap Rate 7%
$874,200
$874.2K
Cap Rate 9%
$679,933
$679.9K
Market Conditions
NOI Build-Up for 4,560 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
$118.7K $26.04/SF
− Vacancy
−$7.5K −$1.64/SF
EGI
$111.3K $24.40/SF
− OpEx
−$50.1K −$10.98/SF
NOI
$61.2K $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%
$1,223,880
Cap Rate 7%
$874,200
Cap Rate 9%
$679,933
Alternative Uses
Best Use
Apartment 5plus
$874.2K
$764.9K – $1.02M
NOI $61,194 @ 7.0% cap · market cap 8.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$951.9K – $1.27M
NOI $76,154 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
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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 - Built in 1900 on Nicollet Island with convenient access to downtown Minneapolis and nearby cultural destinations.
Where is this apartment building located?
The property is located at 15 Maple Pl Minneapolis, MN.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: 22 units across six historic homes; 4,560‑square‑foot property with a 1900 build year; Located at 15 Maple Pl on the northern end of Nicollet Island
