Renovated Mixed-Use
For Sale
$1,150,000
4251 Nicollet Avenue, 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 Market50
Property Features for 4251 Nicollet Avenue
General Information
Standard status
Active
Size
6,696 SF
Total Parking Spaces
4
Property subtype
Commercial
Zoning
Business/Commercial
Occupancy
100%
Site & Location
Neighborhood
Southwest
Traffic Count
6,871 vehicles/day
Taxes and HOA fees
Annual Taxes
$21,498
Amenities
private offices
conference rooms
large open workspace
flex space
kitchen
restroom
collaborative work areas
workout room
rooftop solar system
Building Details
Building Size
6,696 SF
Year Built
1908
Year Renovated
2022
Buildings
1
Units
2
Tenancy
Single
Owner Occupied
Yes
Listing Agency:
RE/MAX Results
(651) 251-4800
Listed By:
Mark K Hulsey · License #40169559
(651) 755-2068
Source:
Homecrownrealty
Added: Sep 8
Changed: Oct 26
Last Checked: Oct 23 at 8:25PM
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
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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 / Yr
$83,678
Cap Rate
7.28%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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 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‑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
