Historic Apartment
For Sale
$549,900
167 Nicollet St, Minneapolis, MN 55401
A 1900 historic residence offering apartment use on Nicollet Island near downtown Minneapolis.
Property Size3,060 SF
Price / SF$179.71
Days on Market49
Property Features for 167 Nicollet St
General Information
Standard status
Active
Size
3,060 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Nicollet Island
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 12
Changed: Oct 25
Last Checked: Oct 28 at 10:08AM
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 3,060-square-foot historic apartment property dates to 1900 and is situated on Nicollet Island in Minneapolis. The asset combines period character with a residential setting suited to apartment use.
The property occupies the island’s northern end between the North Loop and Northeast neighborhoods, with access to Nicollet Island Park and downtown Minneapolis. The surrounding area includes the Guthrie Theatre, Stone Arch Bridge, Saint Anthony, and Aster Café, supporting a walkable urban environment with nearby cultural, recreational, and dining destinations.
The property occupies the island’s northern end between the North Loop and Northeast neighborhoods, with access to Nicollet Island Park and downtown Minneapolis. The surrounding area includes the Guthrie Theatre, Stone Arch Bridge, Saint Anthony, and Aster Café, supporting a walkable urban environment with nearby cultural, recreational, and dining destinations.
Key Highlights
- 3,060‑square‑foot historic apartment property
- Built in 1900
- Located on Nicollet Island in Minneapolis
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,064
Cap Rate
7.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$821,280
$821.3K
Cap Rate 7%
$586,629
$586.6K
Cap Rate 9%
$456,267
$456.3K
Market Conditions
NOI Build-Up for 3,060 SF
Gross rent
$79.7K $26.04/SF
− Vacancy
−$5.0K −$1.64/SF
EGI
$74.7K $24.40/SF
− OpEx
−$33.6K −$10.98/SF
NOI
$41.1K $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%
$821,280
Cap Rate 7%
$586,629
Cap Rate 9%
$456,267
Alternative Uses
Best Use
Apartment 5plus
$586.6K
$513.3K – $684.4K
NOI $41,064 @ 7.0% cap · market cap 7.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$730.1K
$638.8K – $851.7K
NOI $51,104 @ 7.0% cap · market cap 9.29%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
22
Residential units
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 - A 1900 historic residence offering apartment use on Nicollet Island near downtown Minneapolis.
Where is this apartment building located?
The property is located at 167 Nicollet St Minneapolis, MN.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 3,060‑square‑foot historic apartment property; Built in 1900; Located on Nicollet Island in Minneapolis
