Renovated Mixed-Use
New
For Sale
$1,150,000
4251 Nicollet Ave, Minneapolis, MN 55409
CM2-zoned property offers adaptable office, retail, service, residential, and mixed-use possibilities in a neighborhood commercial setting.
Property Size6,696 SF
Price / SF$171.74
Days on Market2
Property Features for 4251 Nicollet Ave
General Information
Standard status
Active
Size
6,696 SF
Total Parking Spaces
4
Zoning
CM2
Occupancy
100%
Additional Details
Traffic Count
6,871 vehicles/day
Amenities
private offices
conference rooms
large open workspace
flex space
kitchen
restroom
collaborative work areas
workout room
rooftop solar system
Building Details
Year Built
1908
Year Renovated
2022
Buildings
1
Building Size
6,696 SF
Tenancy
Single
Owner Occupied
Yes
Listing Agency:
RE/MAX Results
Listed By:
Mark K Hulsey · License #40169559
(651) 256-7404
Source:
Brickandbanister
Added: Sep 10
Last Checked: Sep 10 at 2:47PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This 6,696-square-foot mixed-use building includes a 3,348-square-foot main level and a full 3,348-square-foot basement. Renovated in 2021–2022, the upper level is configured with five private offices, two conference rooms, open and flex workspace, a kitchen, restroom, collaborative areas, and abundant natural light. The lower level is partially finished for storage, work areas, and a workout room. Two storefront entrances and interior garage-style doors may support separation of the main floor into two suites. Four dedicated parking stalls are positioned behind the building with alley access.
Located at 4251 Nicollet Ave in Minneapolis, the property sits near Nicollet Avenue and 43rd Street within the Kingfield area. CM2 Corridor Mixed-Use zoning supports a range of retail, office, service, residential, and mixed-use applications. The surrounding area includes dense residential neighborhoods, restaurants, neighborhood retail, apartments, and everyday amenities. Nicollet Avenue carries approximately 6,871 vehicles per day, and approximately 24,329 residents live within one mile, with an average household income of $140,183.
Located at 4251 Nicollet Ave in Minneapolis, the property sits near Nicollet Avenue and 43rd Street within the Kingfield area. CM2 Corridor Mixed-Use zoning supports a range of retail, office, service, residential, and mixed-use applications. The surrounding area includes dense residential neighborhoods, restaurants, neighborhood retail, apartments, and everyday amenities. Nicollet Avenue carries approximately 6,871 vehicles per day, and approximately 24,329 residents live within one mile, with an average household income of $140,183.
Key Highlights
- 6,696‑square‑foot building with 3,348‑square‑foot main level and full 3,348‑square‑foot basement
- 2021–2022 office renovation with five private offices, two conference rooms, open workspace, flex space, and kitchen
- CM2 Corridor Mixed‑Use zoning supports retail, office, service, residential, and mixed‑use applications
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
$83,678
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
7.28%
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%
$1,673,560
$1.7M
Cap Rate 7%
$1,195,400
$1.2M
Cap Rate 9%
$929,756
$929.8K
Market Conditions
NOI Build-Up for 6,696 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
$139.8K $20.88/SF
− Vacancy
−$28.2K −$4.22/SF
EGI
$111.6K $16.66/SF
− OpEx
−$27.9K −$4.17/SF
NOI
$83.7K $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%
$1,673,560
Cap Rate 7%
$1,195,400
Cap Rate 9%
$929,756
Alternative Uses
Best Use
Office B
$1.20M
$1.05M – $1.39M
NOI $83,678 @ 7.0% cap · market cap 7.28%
Second Best
Retail
$1.15M
$1.01M – $1.34M
NOI $80,643 @ 7.0% cap · market cap 7.01%
Theoretical Best
Office A
$1.60M
$1.40M – $1.86M
NOI $111,827 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6,871 VPD
Traffic count
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
710
Businesses Nearby
Explore this area
Business Placement
Demographics for 55409, MN
11,843
Population
5,488
Households
2.2
Avg Household Size
37
Median Age
63%
College-Educated
96%
High-School Grad
1.3 sq mi
ZIP Area
9,110
Density / Sq Mi
$98,056
Median Household Income
$59,430
Median Earnings
$1,364
Median Rent
$365,500
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - CM2-zoned property offers adaptable office, retail, service, residential, and mixed-use possibilities in a neighborhood commercial setting.
Where is this mixed-use property located?
The property is located at 4251 Nicollet Ave Minneapolis, MN.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 6,696‑square‑foot building with 3,348‑square‑foot main level and full 3,348‑square‑foot basement; 2021–2022 office renovation with five private offices, two conference rooms, open workspace, flex space, and kitchen; CM2 Corridor Mixed‑Use zoning supports retail, office, service, residential, and mixed‑use applications
