New Multifamily Asset Near
For Sale
$1,950,000
2413 1st Ave S, Minneapolis, MN 55404
New construction multifamily property near Minneapolis College of Art and Design.
Property Size7,530 SF
Price / SF$258.96
Days on Market149
Property Features for 2413 1st Ave S
General Information
Standard status
Active
Size
7,530 SF
Building Details
Year Built
2022
Listing Agency:
Value Homes Realty Group LLC
Listed By:
Eric Ollestad
(612) 481-7841
Source:
Searchhousesnow
Added: May 27
Changed: Oct 16
Last Checked: Oct 7 at 1:22PM
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 Value Homes Realty Group LLC
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Investment Insights
Based on property information with market context.
The James at MCAD is a new-construction multifamily property completed in 2022. It is located in the Whittier neighborhood of Minneapolis, one block from the Minneapolis College of Art and Design. The property features 6 units with a total of 18 bedrooms and 15 bathrooms. The units are designed with a roommate-friendly layout, each featuring 3-bedroom floor plans with 2 to 2.5 bathrooms. The units include quartz countertops, premium cabinetry, stainless steel appliances, in-unit laundry, and private balconies. The property is designed for long-term durability and minimal maintenance. The property has demonstrated strong income performance, with rents supporting a minimum of $15,000+ per month. The property is near the “Eat Street” corridor on Nicollet Avenue, the Minneapolis Institute of Art, nearby parks, and the Midtown Greenway. It also offers connectivity with access to I-35W and I-94, allowing travel to Downtown Minneapolis, Uptown, and the University of Minnesota. The area features transit accessibility and is within a high-density rental submarket. The property is 7530 square feet.
Key Highlights
- New construction built in 2022 in a high‑demand rental location.
- Strong income performance with proven rental income of $15,000+ per month.
- Prime location near Minneapolis College of Art and Design.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$101,050
Cap Rate
5.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,021,000
$2.0M
Cap Rate 7%
$1,443,571
$1.4M
Cap Rate 9%
$1,122,778
$1.1M
Market Conditions
NOI Build-Up for 7,530 SF
Gross rent
$196.1K $26.04/SF
− Vacancy
−$12.4K −$1.64/SF
EGI
$183.7K $24.40/SF
− OpEx
−$82.7K −$10.98/SF
NOI
$101.1K $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%
$2,021,000
Cap Rate 7%
$1,443,571
Cap Rate 9%
$1,122,778
Alternative Uses
Best Use
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $101,050 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.57M – $2.10M
NOI $125,755 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
2,622
Businesses Nearby
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Business Placement
Demographics for 55404, MN
29,322
Population
14,372
Households
2
Avg Household Size
32
Median Age
35%
College-Educated
81%
High-School Grad
1.8 sq mi
ZIP Area
16,290
Density / Sq Mi
$43,932
Median Household Income
$35,970
Median Earnings
$1,063
Median Rent
$294,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - New construction multifamily property near Minneapolis College of Art and Design.
Where is this apartment building located?
The property is located at 2413 1st Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: New construction built in 2022 in a high‑demand rental location.; Strong income performance with proven rental income of $15,000+ per month.; Prime location near Minneapolis College of Art and Design.
