Mixed-Use Property with Event
For Sale
$2,750,000
1501 E Lake Street, Minneapolis, MN 55407
Two buildings combine restaurant, event, office, and storefront spaces with on-site parking.
Property Size18,555 SF
Price / SF$148.21
Days on Market60
Property Features for 1501 E Lake Street
General Information
Standard status
Active
Size
18,555 SF
Property subtype
Commercial
Zoning
Business/Commercial
Site & Location
Neighborhood
Powderhorn
Mixed-Use Components
restaurant, event, office, retail
Additional Details
Sprinkler System
Yes
Equipment Included
Yes
Taxes and HOA fees
Annual Taxes
$62,676
Building Details
Building Size
18,555 SF
Year Built
2002
Buildings
2
Stories
3
Units
5
Tenancy
Multi
Listing Agency:
BRIX Real Estate
(612) 927-2749
Listed By:
Adam Duckwall
(651) 353-4650
Source:
Homecrownrealty
Added: Aug 27
Changed: Oct 24
Last Checked: Oct 23 at 8:31PM
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 BRIX Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The property spans 6 parcels and includes 2 buildings with more than 15,000 square feet of finished space. Its mix of uses includes 2 restaurant spaces with equipment, an upper-level event and wedding venue, a lower-level office suite, and 2 storefront rental spaces. More than 3,000 square feet of basement area remains unfinished. A fire sprinkler system serves the property, which was built in 2002 and is zoned Business/Commercial.
A parking lot accommodates more than 40 vehicles. The property is located at 1501 E Lake Street in Minneapolis.
A parking lot accommodates more than 40 vehicles. The property is located at 1501 E Lake Street in Minneapolis.
Key Highlights
- 6 parcels with 2 buildings and more than 15,000 finished square feet
- Two restaurant spaces include equipment
- Upper‑level event and wedding space; lower‑level office suite
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$251,595
Cap Rate
9.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,031,900
$5.0M
Cap Rate 7%
$3,594,214
$3.6M
Cap Rate 9%
$2,795,500
$2.8M
Market Conditions
NOI Build-Up for 18,555 SF
Gross rent
$345.1K $18.60/SF
− Vacancy
−$9.7K −$0.52/SF
EGI
$335.5K $18.08/SF
− OpEx
−$83.9K −$4.52/SF
NOI
$251.6K $13.56/SF
Area
Minneapolis, MN
Vacancy
2.80%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,031,900
Cap Rate 7%
$3,594,214
Cap Rate 9%
$2,795,500
Alternative Uses
Best Use
Specialty Retail
$3.59M
$3.14M – $4.19M
NOI $251,595 @ 7.0% cap · market cap 9.15%
Second Best
Retail
$3.19M
$2.79M – $3.72M
NOI $223,467 @ 7.0% cap · market cap 8.13%
Theoretical Best
Office A
$4.43M
$3.87M – $5.16M
NOI $309,879 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
3,796
Businesses Nearby
30k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 80%
Dining 20%
U.S. Bank
Shops & Services
10,842 visits/mo
0.4 miles
Marathon
Shops & Services
10,333 visits/mo
0.2 miles
Advance Auto Parts
Shops & Services
3,137 visits/mo
0.2 miles
Fiesta Mexicana
Dining
3,129 visits/mo
0.2 miles
La Carreta
Dining
2,854 visits/mo
0.1 miles
Demographics for 55407, MN
38,506
Population
15,979
Households
2.4
Avg Household Size
34
Median Age
48%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
9,627
Density / Sq Mi
$78,206
Median Household Income
$46,388
Median Earnings
$1,219
Median Rent
$317,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Minneapolis, MN
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two buildings combine restaurant, event, office, and storefront spaces with on-site parking.
Where is this mixed-use property located?
The property is located at 1501 E Lake Street Minneapolis, MN.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 6 parcels with 2 buildings and more than 15,000 finished square feet; Two restaurant spaces include equipment; Upper‑level event and wedding space; lower‑level office suite
