Historic Apartment
For Sale
$549,900
187 Island Ave E, Minneapolis, MN 55401
Historic residential property on Nicollet Island with access to downtown Minneapolis and nearby park amenities.
Property Size1,980 SF
Price / SF$277.73
Days on Market50
Property Features for 187 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:
Putyourrootsdown
Added: Sep 11
Changed: Oct 25
Last Checked: Oct 28 at 3:15PM
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.
Built in 1900, this historic residential property occupies the northern end of Nicollet Island in Minneapolis. The setting combines established architectural character with a secluded island environment and access to nearby urban destinations.
The property is positioned between the North Loop and Northeast areas, with Nicollet Island Park, The Guthrie Theater, Stone Arch Bridge, Saint Anthony, and Aster Café identified among the nearby destinations. It is offered as a stand-alone acquisition and may also be available within a portfolio of five additional island properties.
The property is positioned between the North Loop and Northeast areas, with Nicollet Island Park, The Guthrie Theater, Stone Arch Bridge, Saint Anthony, and Aster Café identified among the nearby destinations. It is offered as a stand-alone acquisition and may also be available within a portfolio of five additional island properties.
Key Highlights
- 1900 construction date
- Located on the northern end of Nicollet Island
- Positioned between the North Loop and Northeast areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,571
Cap Rate
4.83%
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 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$472.4K
$413.3K – $551.1K
NOI $33,067 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
2,412
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
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Historic residential property on Nicollet Island with access to downtown Minneapolis and nearby park amenities.
Where is this apartment building located?
The property is located at 187 Island Ave E 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: 1900 construction date; Located on the northern end of Nicollet Island; Positioned between the North Loop and Northeast areas
