Renovated Office
For Sale
$3,400,000
2429 Nicollet Ave S, Minneapolis, MN 55404
Extensively renovated office property offering 23,825 square feet for owner-user or investment use.
Property Size19,683 SF
Price / SF$172.74
Days on Market75
Property Features for 2429 Nicollet Ave S
General Information
Standard status
Active
Size
19,683 SF
Site & Location
Neighborhood
Whittier
Building Details
Year Built
1957
Listing Agency:
Leverage Realty
Listed By:
Travis C Meldahl
(612) 275-3742
Source:
Homesearchlive
Added: Aug 15
Changed: Oct 25
Last Checked: Oct 26 at 5:44PM
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
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Investment Insights
Based on property information with market context.
This office building contains 23,825 square feet and has undergone extensive renovation. The property is described as being in great condition, providing an updated setting for office operations or continued investment ownership.
Located at 2429 Nicollet Ave in Minneapolis, Minnesota, the property offers an established office asset within the city. The source information supports both owner-user and investor ownership considerations.
Located at 2429 Nicollet Ave in Minneapolis, Minnesota, the property offers an established office asset within the city. The source information supports both owner-user and investor ownership considerations.
Key Highlights
- 23,825‑square‑foot office building
- Extensively renovated property
- Located at 2429 Nicollet Ave, Minneapolis, MN 55404
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$245,972
Cap Rate
7.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,919,440
$4.9M
Cap Rate 7%
$3,513,886
$3.5M
Cap Rate 9%
$2,733,022
$2.7M
Market Conditions
NOI Build-Up for 19,683 SF
Gross rent
$411.0K $20.88/SF
− Vacancy
−$83.0K −$4.22/SF
EGI
$328.0K $16.66/SF
− OpEx
−$82.0K −$4.17/SF
NOI
$246.0K $12.50/SF
Area
Minneapolis, MN
Vacancy
20.20%
Lease Rate
$20.88 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,919,440
Cap Rate 7%
$3,513,886
Cap Rate 9%
$2,733,022
Alternative Uses
Best Use
Office B
$3.51M
$3.07M – $4.10M
NOI $245,972 @ 7.0% cap · market cap 7.23%
Second Best
—
—
no second resolved use
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 authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,607
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 Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Extensively renovated office property offering 23,825 square feet for owner-user or investment use.
Where is this office building located?
The property is located at 2429 Nicollet Ave 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: 23,825‑square‑foot office building; Extensively renovated property; Located at 2429 Nicollet Ave, Minneapolis, MN 55404
