Historic Apartment
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 Market49
Property Features for 15 Maple Pl
General Information
Standard status
Active
Size
4,560 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Nicollet Island
Building Details
Year Built
1900
Listing Agency:
Assembly MN LLC
Listed By:
Danielle Cifuentes
(612) 598-6027
Source:
Vibemn
Added: Sep 12
Changed: Oct 25
Last Checked: Oct 28 at 12:15PM
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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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 / Yr
$61,194
Cap Rate
8.16%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
3,033
Businesses Nearby
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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
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
