Mixed-Use Building with
For Sale
Under Contract
$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 Market33
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
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 Under Contract
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 23
Last Checked: Oct 10 at 7:06AM
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. The primary floor was renovated in 2021-2022 and is configured for office use with five private offices, two conference rooms, an open workspace, flex areas, a kitchen, restroom, and collaborative work areas. The lower level is partially finished with storage, work areas, and a workout room. Two storefront entrances and interior garage-style doors may support division of the main floor into two suites.
Four dedicated parking stalls sit behind the building and are reached through the alley. A 19.6 kW rooftop solar system, installed in 2025, includes 43 panels with Enphase inverters and estimated annual production of approximately 23,635 kWh. Other improvements include a 2002 roof, 2007 HVAC, and a 2007 storage and restroom addition. CM2 Corridor Mixed-Use zoning accommodates retail, office, service, residential, and mixed-use opportunities. The property is positioned at Nicollet Avenue and 43rd Street in South Minneapolis, near residential neighborhoods, restaurants, neighborhood retail, apartments, and everyday amenities. Nicollet Avenue carries approximately 6,871 vehicles per day.
Four dedicated parking stalls sit behind the building and are reached through the alley. A 19.6 kW rooftop solar system, installed in 2025, includes 43 panels with Enphase inverters and estimated annual production of approximately 23,635 kWh. Other improvements include a 2002 roof, 2007 HVAC, and a 2007 storage and restroom addition. CM2 Corridor Mixed-Use zoning accommodates retail, office, service, residential, and mixed-use opportunities. The property is positioned at Nicollet Avenue and 43rd Street in South Minneapolis, near residential neighborhoods, restaurants, neighborhood retail, apartments, and everyday amenities. Nicollet Avenue carries approximately 6,871 vehicles per day.
Key Highlights
- 6,696‑square‑foot building with 3,348‑square‑foot main level and full 3,348‑square‑foot basement
- 2021‑2022 main‑level renovation with five offices, two conference rooms, open workspace, kitchen, and restroom
- 19.6 kW rooftop solar system installed in 2025 with 43 panels and Enphase inverters
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.
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
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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 - Renovated office and retail property with flexible CM2 Corridor Mixed-Use zoning and alley-accessed parking.
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 main‑level renovation with five offices, two conference rooms, open workspace, kitchen, and restroom; 19.6 kW rooftop solar system installed in 2025 with 43 panels and Enphase inverters
