Street-Level Retail Condo
For Sale
Contact for pricing
2640-2650 Nicollet Ave, Minneapolis, MN 55408
Street-level retail condo offers a hood-ready kitchen setup, walk-in refrigerator/freezer, and glass pack bay doors.
Property Size7,745 SF
Price / SF$225.82
Days on Market420
Property Features for 2640-2650 Nicollet Ave
General Information
Standard status
Active
Size
7,745 SF
Total Parking Spaces
20
Property subtype
RETAIL
Zoning
CM2
Additional Details
Floor
Main
Asking Price
$1,795,000
Amenities
Hood Ready with Sleeve in Place for Venting
Walk-In Refrigerator and Freezer
Glass Pack Bay Doors for Indoor/Outdoor Concepts on Nicollet
Building Details
Year Built
2019
Listing Agency:
Grand Real Estate Advisors
Listed By:
Edward (Ted) J LaFave
(612) 875-3858
Source:
Moodyscre
Added: Jul 21, 2025
Changed: Aug 19
Last Checked: Sep 12 at 9:39AM
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 Grand Real Estate Advisors
Investment Insights
Based on property information with market context.
This street-level retail condo unit is available on the main floor of the Good Dwelling apartment building, which totals 80 units. The space was built in 2019 and includes a hood-ready setup with a sleeve in place for venting, along with a walk-in refrigerator and freezer. Glass pack bay doors provide indoor/outdoor access options for compatible concepts.
The property is located along Nicollet Avenue in the area described as "Eat Street". It also includes a 20-stall surface parking lot, supporting day-to-day customer access.
The listing reflects a Corridor Mixed-Use (CM2) zoning designation and offers the unit as a retail condo within the apartment building, positioned as a street-level storefront for a food-oriented operation that needs venting and cold storage.
The property is located along Nicollet Avenue in the area described as "Eat Street". It also includes a 20-stall surface parking lot, supporting day-to-day customer access.
The listing reflects a Corridor Mixed-Use (CM2) zoning designation and offers the unit as a retail condo within the apartment building, positioned as a street-level storefront for a food-oriented operation that needs venting and cold storage.
Key Highlights
- Street‑level retail condo with hood‑ready kitchen setup, including sleeve in place for venting
- Walk‑in refrigerator and freezer included
- Glass pack bay doors for indoor/outdoor concepts on Nicollet Avenue
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$93,277
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.33%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,865,540
$1.9M
Cap Rate 7%
$1,332,529
$1.3M
Cap Rate 9%
$1,036,411
$1.0M
Market Conditions
NOI Build-Up for 7,745 SF
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.
Gross rent
$144.1K $18.60/SF
− Vacancy
−$10.8K −$1.40/SF
EGI
$133.3K $17.21/SF
− OpEx
−$40.0K −$5.16/SF
NOI
$93.3K $12.04/SF
Area
Minneapolis, MN
Vacancy
7.50%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,865,540
Cap Rate 7%
$1,332,529
Cap Rate 9%
$1,036,411
Alternative Uses
Best Use
Retail
$1.33M
$1.17M – $1.55M
NOI $93,277 @ 7.0% cap · market cap 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,346 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,918
Businesses Nearby
151k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 64%
Shops & Services 18%
Groceries 14%
Apparel 3%
McDonald's
Dining
26,957 visits/mo
0.4 miles
Aldi
Groceries
21,610 visits/mo
0.5 miles
McDonald's
Dining
19,069 visits/mo
0.4 miles
Taco Bell
Dining
19,009 visits/mo
0.5 miles
Dollar Tree
Shops & Services
16,867 visits/mo
0.4 miles
Demographics for 55408, MN
33,718
Population
17,874
Households
1.9
Avg Household Size
30
Median Age
59%
College-Educated
91%
High-School Grad
2.7 sq mi
ZIP Area
12,488
Density / Sq Mi
$72,421
Median Household Income
$49,753
Median Earnings
$1,385
Median Rent
$387,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Minneapolis, MN
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Frequently Asked Questions
What type of property is this?
Retail space - Street-level retail condo offers a hood-ready kitchen setup, walk-in refrigerator/freezer, and glass pack bay doors.
Where is this retail space located?
The property is located at 2640-2650 Nicollet Ave Minneapolis, MN.
What is the asking price?
The asking price for this property is $1,749,000.
What are key features of this property?
This property features: Street‑level retail condo with hood‑ready kitchen setup, including sleeve in place for venting; Walk‑in refrigerator and freezer included; Glass pack bay doors for indoor/outdoor concepts on Nicollet Avenue
