I-94 Visible Flex/Industrial
For Sale
Contact for pricing
3805 Washington Avenue North, Minneapolis, MN 55412
16,408 SF flex/industrial building with I-94 visibility.
Property Size16,408 SF
Price / SF$140.18
Days on Market292
Property Features for 3805 Washington Avenue North
General Information
Standard status
Active
Size
16,408 SF
Class
B
Total Parking Spaces
27
Property subtype
Retail, Office, Industrial
Zoning
CM2 Corridor Mixed Use District
Investment Type
Owner/User
Building Details
Year Built
1991
Year Renovated
2000
Buildings
1
Stories
2
Listing Agency:
Results Real Estate Incorporated Plymouth
Listed By:
Arnie Seltzer · License #MN
Source:
Crexi
Added: Nov 24, 2025
Changed: Sep 9
Last Checked: Sep 12 at 4:03AM
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 Results Real Estate Incorporated Plymouth
Investment Insights
Based on property information with market context.
This 16,408 square foot building offers a blend of flex and industrial space. The first floor comprises 14,252 square feet, while the second floor provides an additional 2,156 square feet. Constructed in 1991 and renovated in 2000 and 2024, the property is suitable for an owner-user, with no current rent obligations. It features excellent visibility on I-94 at Dowling and is located across from the new River Walk Development. Parking is available with 27 stalls, including upper-level parking. The building includes six restrooms, one of which is completely finished.
Key Highlights
- Excellent visibility on I‑94 at Dowling
- Located across from new River Walk Development
- Total Building 16,408 SF
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
$174,234
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
7.58%
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%
$3,484,680
$3.5M
Cap Rate 7%
$2,489,057
$2.5M
Cap Rate 9%
$1,935,933
$1.9M
Market Conditions
NOI Build-Up for 16,408 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
$257.9K $15.72/SF
− Vacancy
−$9.0K −$0.55/SF
EGI
$248.9K $15.17/SF
− OpEx
−$74.7K −$4.55/SF
NOI
$174.2K $10.62/SF
Area
Minneapolis, MN
Vacancy
3.50%
Lease Rate
$15.72 /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%
$3,484,680
Cap Rate 7%
$2,489,057
Cap Rate 9%
$1,935,933
Alternative Uses
Best Use
Industrial
$2.49M
$2.18M – $2.90M
NOI $174,234 @ 7.0% cap · market cap 7.58%
Second Best
Flex RnD
$2.31M
$2.02M – $2.70M
NOI $161,789 @ 7.0% cap · market cap 7.03%
Theoretical Best
Office A
$3.91M
$3.43M – $4.57M
NOI $274,023 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
374
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 55412, MN
23,800
Population
9,676
Households
2.5
Avg Household Size
33
Median Age
28%
College-Educated
85%
High-School Grad
3.4 sq mi
ZIP Area
7,000
Density / Sq Mi
$71,905
Median Household Income
$42,494
Median Earnings
$1,340
Median Rent
$226,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Minneapolis, MN
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Minnesota Nice Tots — River Terrace Apartments, 2652 Marshall St NE, Minneapolis, MN 55418
Frequently Asked Questions
What type of property is this?
Flex space - 16,408 SF flex/industrial building with I-94 visibility.
Where is this flex space located?
The property is located at 3805 Washington Avenue North Minneapolis, MN.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Excellent visibility on I‑94 at Dowling; Located across from new River Walk Development; Total Building 16,408 SF
