Historic Island Apartment
For Sale
$449,900
183 Island Ave E, Minneapolis, MN 55401
Residential income property near Nicollet Island Park with immediate access to downtown Minneapolis and nearby urban districts.
Property Size1,980 SF
Price / SF$227.22
Days on Market49
Property Features for 183 Island Ave E
General Information
Standard status
Active
Size
1,980 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:
Brickandbanister
Added: Sep 12
Changed: Oct 26
Last Checked: Oct 28 at 9:11AM
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-building offering is situated in a historic home dating to 1900 on Nicollet Island. The property is part of a collection comprising 22 units across six historic homes, with the homes described as available individually or together as a portfolio.
The setting places residents near Nicollet Island Park and within reach of downtown Minneapolis, the North Loop, and Northeast. The surrounding area also includes the Guthrie Theater, Stone Arch Bridge, Saint Anthony, and Aster Café, supporting a walkable urban living environment. The listed address is 183 Island Ave E, Minneapolis, MN 55401.
The setting places residents near Nicollet Island Park and within reach of downtown Minneapolis, the North Loop, and Northeast. The surrounding area also includes the Guthrie Theater, Stone Arch Bridge, Saint Anthony, and Aster Café, supporting a walkable urban living environment. The listed address is 183 Island Ave E, Minneapolis, MN 55401.
Key Highlights
- Historic apartment property dating to 1900
- Part of a six‑home collection totaling 22 units
- Located on Nicollet Island near Nicollet Island Park
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,571
Cap Rate
5.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$531,420
$531.4K
Cap Rate 7%
$379,586
$379.6K
Cap Rate 9%
$295,233
$295.2K
Market Conditions
NOI Build-Up for 1,980 SF
Gross rent
$51.6K $26.04/SF
− Vacancy
−$3.2K −$1.64/SF
EGI
$48.3K $24.40/SF
− OpEx
−$21.7K −$10.98/SF
NOI
$26.6K $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%
$531,420
Cap Rate 7%
$379,586
Cap Rate 9%
$295,233
Alternative Uses
Best Use
Apartment 5plus
$379.6K
$332.1K – $442.9K
NOI $26,571 @ 7.0% cap · market cap 5.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$472.4K
$413.3K – $551.1K
NOI $33,067 @ 7.0% cap · market cap 7.35%
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
2,412
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 - Residential income property near Nicollet Island Park with immediate access to downtown Minneapolis and nearby urban districts.
Where is this apartment building located?
The property is located at 183 Island Ave E Minneapolis, MN.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Historic apartment property dating to 1900; Part of a six‑home collection totaling 22 units; Located on Nicollet Island near Nicollet Island Park
