Mixed-Use Property with
New
For Sale
$695,000
3101 Irving Avenue S, Minneapolis, MN 55408
Separate business and residential areas allow office operations alongside an upstairs two-bedroom apartment.
Property Size2,665 SF
Price / SF$260.79
Days on Market6
Property Features for 3101 Irving Avenue S
General Information
Standard status
Active
Size
2,665 SF
Total Parking Spaces
10
Property subtype
Commercial
Zoning
Business/Commercial, Residential-Multi-Family
Site & Location
Neighborhood
Calhoun Isles
Public Transit
Yes
Additional Details
Floor
Main Level
Property Use
Office
Taxes and HOA fees
Annual Taxes
$15,037
Amenities
kitchenette
corner-facing signage
Building Details
Building Size
2,665 SF
Year Built
1905
Buildings
1
Units
2
Listing Agency:
Keller Williams Realty Integrity Lakes
Listed By:
Emily Kosokar
(612) 382-3842
Source:
Getyoumoved
Added: Oct 19
Changed: Oct 23
Last Checked: Oct 23 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 Keller Williams Realty Integrity Lakes
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Investment Insights
Based on property information with market context.
This mixed-use property combines a street-level office layout with a two-bedroom apartment above. The main floor contains four offices, a reception and bullpen area, a kitchenette, and a bathroom across 1,365 square feet. The residence provides 1,300 square feet, with an approximately 600-square-foot deck. A 1,400-square-foot dry basement offers additional storage. The property was built in 1905 and has Business/Commercial and Residential-Multi-Family zoning.
At the corner of Irving Avenue and 31st Street, the site has signage facing the intersection and sits two blocks from Lake Bde Maka Ska. A bus line serves the property. The heated garage can accommodate two large utility vans, and the lot provides parking for up to eight vehicles.
At the corner of Irving Avenue and 31st Street, the site has signage facing the intersection and sits two blocks from Lake Bde Maka Ska. A bus line serves the property. The heated garage can accommodate two large utility vans, and the lot provides parking for up to eight vehicles.
Key Highlights
- 1,365‑square‑foot main floor with four offices, reception/bullpen area, kitchenette, and bathroom
- Upstairs two‑bedroom apartment with 1,300 square feet of living space
- Approximately 600‑square‑foot deck adjoining the apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,304
Cap Rate
4.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$666,080
$666.1K
Cap Rate 7%
$475,771
$475.8K
Cap Rate 9%
$370,044
$370.0K
Market Conditions
NOI Build-Up for 2,665 SF
Gross rent
$55.6K $20.88/SF
− Vacancy
−$11.2K −$4.22/SF
EGI
$44.4K $16.66/SF
− OpEx
−$11.1K −$4.17/SF
NOI
$33.3K $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%
$666,080
Cap Rate 7%
$475,771
Cap Rate 9%
$370,044
Alternative Uses
Best Use
Office B
$475.8K
$416.3K – $555.1K
NOI $33,304 @ 7.0% cap · market cap 4.79%
Second Best
Mixed Use
$429.7K
$376.0K – $501.4K
NOI $30,082 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$635.8K
$556.3K – $741.8K
NOI $44,507 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
2,172
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Separate business and residential areas allow office operations alongside an upstairs two-bedroom apartment.
Where is this mixed-use property located?
The property is located at 3101 Irving Avenue 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: 1,365‑square‑foot main floor with four offices, reception/bullpen area, kitchenette, and bathroom; Upstairs two‑bedroom apartment with 1,300 square feet of living space; Approximately 600‑square‑foot deck adjoining the apartment
