Fully Renovated Office/Flex
2429 Nicollet Avenue S Minneapolis, MN 55404
2429 Nicollet Avenue S, Minneapolis, MN, 55404
$3,400,000
For Sale
$3,400,000
Fully renovated office/flex building with two parking lots totaling 55 spaces and an on-site elevator.
Property Size19,683 SF
Lot Size0.75 Acres
Price / SF$172.74
Days on Market272
Property Features for 2429 Nicollet Avenue S
General Information
- Standard status
- Active
- Size
- 19,683 SF
- Lot size
- 0.75 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1957
Listing agency
Leverage Realty
(612) 275-3742
Listed by
Travis C Meldahl
(612) 275-3742
Source
Juverealestate
Added: Oct 24, 2025 Updated: Jul 21 at 7:26PM Checked: Jul 22 at 6:21AM
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 Leverage Realty
Investment Insights
Based on property information with market context.
This fully renovated office/flex building sits on a 3/4-acre site and features substantial interior and systems upgrades. The 2016 renovation included new electric, plumbing, heating/cooling, a new roof, new exterior and interior finishes, and installation of a new elevator.
The property includes two parking lots positioned on either side of the building, providing parking for 55 cars. It is fully leased, and appointments require notifying the listing agent. The site is located on Nicollet Avenue S, and the remarks note Nicollet Avenue is fully opened to the south.
The property includes two parking lots positioned on either side of the building, providing parking for 55 cars. It is fully leased, and appointments require notifying the listing agent. The site is located on Nicollet Avenue S, and the remarks note Nicollet Avenue is fully opened to the south.
Key Highlights
- Fully renovated office/flex building with an on‑site elevator
- 2016 renovation: new electric, plumbing, heating/cooling, roof, and high‑end exterior and interior finishes
- 3/4‑acre site with two parking lots on either side of the building totaling 55 car spaces
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $411.0k | $20.88 |
| − Vacancy | −$83.0k | −$4.22 |
| EGI | $328.0k | $16.66 |
| − OpEx | −$82.0k | −$4.17 |
| NOI | $246.0k | $12.50 |
19,683 SF · lease $20.88/SF/yr · vacancy 20.20% · expense 25.00%
Alternative Uses
Best Use
Office B
$3.51M
$3.07M – $4.10M
NOI $245,972 @ 7.0% cap · market cap 7.23%
Second Best
Industrial
$2.99M
$2.61M – $3.48M
NOI $209,011 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$4.70M
$4.11M – $5.48M
NOI $328,717 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
LiveMore ScreenLess
Charitable Organization
Hello Cookie
Big Box & Wholesale Store
Zeus Jones
Advertising Agency
Tiny Tiger Creative
Marketing & Advertising
The Contingent Plan
Employment Agency
Similar For Sale Nearby
Similar Off Market Nearby
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- La tortilla Catering — 2840 5th Ave S, Minneapolis, MN 55408
- Cooks of Hope LLC — 2940 Harriet Ave, Minneapolis, MN 55408
- Haute Box Catering — 2940 Harriet Ave, Minneapolis, MN 55408
FAQs
What type of property is this?
Flex space - Fully renovated office/flex building with two parking lots totaling 55 spaces and an on-site elevator.
Where is this flex space located?
The property is located at 2429 Nicollet Avenue S Minneapolis, MN.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: Fully renovated office/flex building with an on‑site elevator; 2016 renovation: new electric, plumbing, heating/cooling, roof, and high‑end exterior and interior finishes; 3/4‑acre site with two parking lots on either side of the building totaling 55 car spaces
