North Loop Office/Retail
For Sale
Contact for pricing
400 N 1st Street, Minneapolis, MN 55401
Two office/retail suites for sale in Minneapolis' North Loop.
Property Size6,638 SF
Price / SF$146.85
Days on Market2375
Property Features for 400 N 1st Street
General Information
Standard status
Active
Size
6,638 SF
Class
B
Property subtype
Office
Zoning
C3A
Building Details
Year Built
1900
Buildings
1
Stories
6
Units
2
Listing Agency:
Results Commercial
(651) 256-7404
Listed By:
Mark Hulsey · License #MN 40169559
Source:
Crexi
Added: Feb 20, 2020
Changed: Aug 14
Last Checked: Aug 21 at 12:08PM
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 Commercial
Investment Insights
Based on property information with market context.
Located in the high-demand North Loop area of Minneapolis, The Lindsay Building offers two office or retail suites available for sale or lease. The property is zoned C3A Community Activity Center District and is situated above 80 residential units. Unit 101 features 4,139 rentable square feet, a large kitchen, eight private offices, a reception area, open areas, and a utility room. The 2024 association dues, which include heat, are $2,234.41 per month. Unit 102 offers 6,638 rentable square feet, two kitchens, eight private offices, a reception area, open areas, a copy room, a resource room, and large windows. The 2024 association dues, including heat, are $3,587.32 per month. The historic building includes two restrooms in the common area, exposed brick and timber, 12-foot ceilings, and large open spaces in both units. Parking spaces, totaling 18, are available for lease at $142 per month starting October 1, 2023, with 2.5% annual increases. Association dues cover heating, water, trash, master insurance, management fees, snow removal, inside and outside maintenance, and reserves. The units have hot water baseboard heating, and air handlers capable of heating and cooling are installed in each unit. The suites are suitable for a creative office space, business center, or fitness center.
Key Highlights
- Prime North Loop location in Minneapolis.
- Two office/retail suites available for sale or lease.
- Flexible C3A zoning suitable for various businesses (creative office, fitness center, etc.).
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
$82,953
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
8.51%
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%
$1,659,060
$1.7M
Cap Rate 7%
$1,185,043
$1.2M
Cap Rate 9%
$921,700
$921.7K
Market Conditions
NOI Build-Up for 6,638 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
$138.6K $20.88/SF
− Vacancy
−$28.0K −$4.22/SF
EGI
$110.6K $16.66/SF
− OpEx
−$27.7K −$4.17/SF
NOI
$83.0K $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 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%
$1,659,060
Cap Rate 7%
$1,185,043
Cap Rate 9%
$921,700
Alternative Uses
Best Use
Office B
$1.19M
$1.04M – $1.38M
NOI $82,953 @ 7.0% cap · market cap 8.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.39M – $1.85M
NOI $110,858 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,199
Businesses Nearby
Explore this area
Business Placement
Demographics for 55401, MN
12,029
Population
8,988
Households
1.3
Avg Household Size
35
Median Age
79%
College-Educated
99%
High-School Grad
0.8 sq mi
ZIP Area
15,036
Density / Sq Mi
$115,651
Median Household Income
$89,599
Median Earnings
$2,010
Median Rent
$401,500
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?
Creative space - Two office/retail suites for sale in Minneapolis' North Loop.
Where is this creative space located?
The property is located at 400 N 1st Street Minneapolis, MN.
What is the asking price?
The asking price for this property is $974,800.
What are key features of this property?
This property features: Prime North Loop location in Minneapolis.; Two office/retail suites available for sale or lease.; Flexible C3A zoning suitable for various businesses (creative office, fitness center, etc.).
