Mixed-Use Property Near Lake Bde Maka
For Sale
Contact for pricing
3101 Irving Ave S, Minneapolis, MN 55408
Mixed-use property with office, apartment, and ample parking.
Property Size4,033 SF
Price / SF$172.33
Days on Market104
Property Features for 3101 Irving Ave S
General Information
Standard status
Active
Size
4,033 SF
Property subtype
OFFICE
Listing Agency:
KW Commercial Minneapolis
(612) 382-3842
Listed By:
Emily Kosokar
Source:
Moodyscre
Added: May 15
Changed: Aug 9
Last Checked: Aug 25 at 7:53AM
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 KW Commercial Minneapolis
Investment Insights
Based on property information with market context.
This mixed-use property features a main level with 1,365 square feet of office space, including four offices, a reception area, a kitchenette, and a bathroom. An additional 1,400 square feet of dry basement storage is available. The upper level contains a 1,300-square-foot, two-bedroom apartment with an approximately 600-square-foot deck offering views. The property benefits from visibility on Irving Avenue and 31st Street, enhanced by corner-facing signage. A heated garage accommodates two large utility vans, and the lot provides parking for up to eight vehicles. The garage is currently rented out. Situated on a bus line and located two blocks from Lake Bde Maka Ska, this property is suitable for small businesses such as attorney, therapy, accountant, mortgage, insurance, construction, or cleaning companies. Businesses can leverage income from the apartment or utilize the space for live/work purposes. The total property size is 4,033 square feet.
Key Highlights
- Prime location: Two blocks from Lake Bde Maka Ska.
- Enjoy the upper‑level two‑bedroom apartment (1,300 sq ft) with a 600 sq ft deck and views.
- High visibility corner location with signage on Irving and 31st Street.
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
$54,122
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
7.79%
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%
$1,082,440
$1.1M
Cap Rate 7%
$773,171
$773.2K
Cap Rate 9%
$601,356
$601.4K
Market Conditions
NOI Build-Up for 4,033 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
$105.0K $26.04/SF
− Vacancy
−$6.6K −$1.64/SF
EGI
$98.4K $24.40/SF
− OpEx
−$44.3K −$10.98/SF
NOI
$54.1K $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 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%
$1,082,440
Cap Rate 7%
$773,171
Cap Rate 9%
$601,356
Alternative Uses
Best Use
Apartment 5plus
$773.2K
$676.5K – $902.0K
NOI $54,122 @ 7.0% cap · market cap 7.79%
Second Best
Office B
$720.0K
$630.0K – $840.0K
NOI $50,399 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$962.2K
$841.9K – $1.12M
NOI $67,353 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,172
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with office, apartment, and ample parking.
Where is this mixed-use property located?
The property is located at 3101 Irving Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Prime location: Two blocks from Lake Bde Maka Ska.; Enjoy the upper‑level two‑bedroom apartment (1,300 sq ft) with a 600 sq ft deck and views.; High visibility corner location with signage on Irving and 31st Street.
