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    Two Office/Retail Condos in Lindsay Building Title is generated by Realmo AI

    400 N 1st Street, Minneapolis, MN 55401

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    Claim this Listing
    For Sale
    $599,900

    Commercial - Minneapolis, MN

    Property size:
    10,777 SF
    Lot size:
    0.43 Acres
    Price / SF:
    $55/SF
    Added:
    Jun 20, 2024
    Days on Market:
    715
    Last Refresh:
    Jun 4 at 5:06 pm

    Property Features for 400 N 1st Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Business/Commercial
    Parking features
    Assigned
    Exterior features
    Brick/Stone
    Standard status
    Active
    APN
    2202924140555
    Lot size
    0.43 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    21457

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1900
    Architectural style
    Other

    We can help!

    Listing Contact
    Mark K Hulsey
    Mark K Hulsey

    Listing agent Mark K Hulsey

    Listing office RE/MAX Results 11200 W 78th Street, Eden Prairie, MN

    Listing date Jun 20, 2024

    MLS# 6557028 Listing URL

    Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime North Loop location in the thriving Lindsay Building.
    • Flexible purchase options: individual units or combined 10,777 RSF.
    • Historic features: exposed timber beams, brick walls, and 12' ceilings.
    • Affordable pricing for ownership opportunity.
    • Zoned C3A, suitable for creative office/tech or boutique retail.
    • Parking lease available for up to 18 stalls.

    Overview

    Two office/retail condo units are available for sale in The Lindsay Building, located in the North Loop and designed as self-contained spaces that can be purchased individually or together. Unit 101 offers a large kitchenette, eight private offices, reception, a utility room, and a substantial open work area. Unit 102 includes two kitchenettes, eight private offices, reception, a copy room, a resource room, and large open areas. Both units are on the main level and feature historic exposed timber beams, exposed brick walls, 12’ ceilings, and generous window lines.

    The condos are across the hall from one another within the same building, making it convenient for related uses or expansion. The building is zoned Business/Commercial with a C3A designation for community activity. The HOA dues include heat, water, and trash, helping simplify operating expenses. A current owner parking lease provides access to up to 18 stalls, with neighboring parking available to the buyer.

    These spaces are well suited for professional services, creative office, or tech uses where private offices and collaborative areas are both important. The configuration and street-level presence also support boutique retail concepts, while the exposed brick and timber character can help create a distinctive customer or client environment.
    Property Profile Location Intelligence

    Current Use by Public Records

    Creative Arc, Inc. Marketing & Advertising American Health Mart Pharmacy Riverwalk Lofts Condominium Complex K and H Painting ... Renovation Specialist Upper Midwest Inspections Home Inspector

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Anoka
    State
    Minnesota
    Longitude
    -93.271264
    Latitude
    44.987404

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    FAQs

    What type of property is this?
    Office units - Main-level condos in a historic North Loop building offer flexible layouts with large windows and exposed timber beams.
    Where is this office units located?
    The property is located at 400 N 1st Street Minneapolis, MN.
    What is the asking price?
    The asking price for this property is $599,900.
    What are key features of this property?
    This property features: Prime North Loop location in the thriving Lindsay Building.; Flexible purchase options: individual units or combined 10,777 RSF.; Historic features: **exposed timber beams, brick walls, and 12' ceilings.**
    (651) 256-7404
    We can help!
    Listing Contact
    Mark K Hulsey
    Mark K Hulsey
    Real Estate License ID: 40169559
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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