Renovated Mixed-Use
New
For Sale
$1,150,000
4251 Nicollet Avenue, Minneapolis, MN 55409
Commercial Sale, Minneapolis, MN
Property Size6,696 SF
Lot Size0.12 Acres
Price / SF$171.74
Days on Market5
Property Features for 4251 Nicollet Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business/Commercial
Rooms
Basement
Parking features
Covered, Parking Lot
Exterior features
Brick/Stone
Subdivision
William Bernsteins 1st Add
High school district
Minneapolis
Directions
Located on Nicollet Ave in South Minneapolis, MN in between E 42nd St & E 43rd St
Standard status
Active
APN
1002824420143
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
21498
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
private offices
conference rooms
open workspace
flex space
kitchen
restroom
collaborative work areas
storage
workout room
Building Details
Year built
1908
Listing Agency:
RE/MAX Results · RE/MAX International
(651) 251-4800
Listed By:
Mark K Hulsey · License #40169559
(952) 829-2900
Added: Sep 8
Changed: Sep 11
Last Checked: Sep 12 at 7:06PM
MLS# 7140839
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.
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 for office use with five private offices, two conference rooms, an open work area, flex space, kitchen, restroom, and collaborative areas. The lower level is partially finished with storage, work areas, and a workout room. Two storefront entrances and interior garage-style doors create the potential for dividing the main floor into separate suites. The property is currently owner-occupied and will be vacated at closing.
Four dedicated parking stalls sit behind the building and are accessed from the alley. Building improvements include a 19.6 kW rooftop solar array installed in 2025, a 2002 roof, 2007 HVAC, and a 2007 storage and restroom addition. CM2 Corridor Mixed-Use zoning allows retail, office, service, residential, and mixed-use uses. The property is located at Nicollet Avenue and 43rd Street, near restaurants, neighborhood retail, apartments, and residential areas.
Four dedicated parking stalls sit behind the building and are accessed from the alley. Building improvements include a 19.6 kW rooftop solar array installed in 2025, a 2002 roof, 2007 HVAC, and a 2007 storage and restroom addition. CM2 Corridor Mixed-Use zoning allows retail, office, service, residential, and mixed-use uses. The property is located at Nicollet Avenue and 43rd Street, near restaurants, neighborhood retail, apartments, and residential areas.
Key Highlights
- 6,696 SF building with 3,348 SF main level and full 3,348 SF basement
- Main level includes five private offices, two conference rooms, open workspace, flex area, kitchen, and restroom
- 19.6 kW rooftop solar system installed in 2025 with 43 panels and estimated annual production of approximately 23,635 kWh
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
1
Office units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - CM2 zoning supports office, retail, service, residential, and mixed-use opportunities.
Where is this mixed-use property located?
The property is located at 4251 Nicollet Avenue 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 SF building with 3,348 SF main level and full 3,348 SF basement; Main level includes five private offices, two conference rooms, open workspace, flex area, kitchen, and restroom; 19.6 kW rooftop solar system installed in 2025 with 43 panels and estimated annual production of approximately 23,635 kWh
