Grocery Store Condo with
2650 Nicollet Avenue # Main Level- Retail Condo, Minneapolis, MN 55408
For Sale
$1,750,000
Food-service infrastructure and existing equipment support grocery or restaurant operations.
Property Size7,745 SF
Price / SF$225.95
Days on Market19
Property Features for 2650 Nicollet Avenue # Main Level- Retail Condo
General Information
Standard status
Size
Total Parking Spaces
Zoning
Site & Location
Neighborhood
Restaurant
Commercial Hood
Equipment Included
Additional Details
Floor
Asking Price
Currently Operating
Taxes and HOA fees
Annual Taxes
Amenities
hood ready
commercial kitchen
walk-in refrigerator/freezer
glass pack bay doors
Electric,Natural Gas
No
11-15
70 x 110
Building,Fixture/Equipment
City Water/Connected
0.524
151 x 150
7745
Parking Lot,Paved Lot,Unassigned,Open
Building Details
Building Size
Year Built
Listing Agency:
Grand Real Estate Advisors
(612) 656-1200
Listed By:
Ryan Wedekind
Source:
Imetroproperty
Added: Oct 21
Changed: Nov 7
Last Checked: Nov 7 at 2:24PM
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
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Investment Insights
Based on property information with market context.
This 7,745-square-foot street-level retail condominium occupies the ground floor of a 2019 apartment building with 80 units. The space is currently operating as a grocery store and includes a commercial kitchen, a walk-in refrigerator and freezer, and a venting sleeve for a hood. Existing equipment includes refrigerated and frozen display cases, combi ovens, and merchandisers.
Glass bay doors provide a connection between the interior and Nicollet Avenue. The property includes a 20-stall paved surface parking lot and is located in the Eat Street corridor. Zoning is Business/Commercial.
Glass bay doors provide a connection between the interior and Nicollet Avenue. The property includes a 20-stall paved surface parking lot and is located in the Eat Street corridor. Zoning is Business/Commercial.
Key Highlights
- 7,745‑square‑foot retail condominium on the street level of a 2019, 80‑unit apartment building
- Currently operating as a grocery store
- Commercial kitchen, walk‑in refrigerator/freezer, and venting sleeve for a hood
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$105,018
Cap Rate
6.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,100,360
$2.1M
Cap Rate 7%
$1,500,257
$1.5M
Cap Rate 9%
$1,166,867
$1.2M
Market Conditions
NOI Build-Up for 7,745 SF
Gross rent
$144.1K $18.60/SF
− Vacancy
−$4.0K −$0.52/SF
EGI
$140.0K $18.08/SF
− OpEx
−$35.0K −$4.52/SF
NOI
$105.0K $13.56/SF
Area
Minneapolis, MN
Vacancy
2.80%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,100,360
Cap Rate 7%
$1,500,257
Cap Rate 9%
$1,166,867
Alternative Uses
Best Use
Specialty Retail
$1.50M
$1.31M – $1.75M
NOI $105,018 @ 7.0% cap · market cap 6.00%
Second Best
Retail
$1.33M
$1.17M – $1.55M
NOI $93,277 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,346 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,918
Businesses Nearby
151k
Monthly Visits Nearby
Balanced
Demand for This Use
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
Similar Off Market Nearby
- Sunshine Foods — 3300 4th Ave S, Minneapolis, MN 55408
- Lj MultiServices LLC “LG travel — 403 W Lake St, Minneapolis, MN 55408
- La Loteria Market — 349 e lake st, minneapolis, mn 55408
- COLONIAL MARKET AND RESTAURANT — 2750 Nicollet Ave, Minneapolis, MN 55408
- Shuang Hur Supermarket Minneapolis — 2712 Nicollet Ave, Minneapolis, MN 55408
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Food-service infrastructure and existing equipment support grocery or restaurant operations.
Where is this grocery and convenience store located?
The property is located at 2650 Nicollet Avenue # Main Level- Retail Condo Minneapolis, MN.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 7,745‑square‑foot retail condominium on the street level of a 2019, 80‑unit apartment building; Currently operating as a grocery store; Commercial kitchen, walk‑in refrigerator/freezer, and venting sleeve for a hood
