Mixed-Use Property with New Parking
New
For Sale
$445,000
4649 Bloomington Avenue, Minneapolis, MN 55407
Commercial Sale, Minneapolis, MN
Property Size2,422 SF
Lot Size0.12 Acres
Price / SF$183.73
Days on Market3
Property Features for 4649 Bloomington Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business/Commercial
Rooms
Basement
Parking features
Parking Lot
Window features
Aluminum Frames
Exterior features
Cedar, Stucco
Appliances
Water Heater - Gas
Subdivision
Harriet Minnehaha Pkwy Add
Lot features
Corner Lot
High school district
Minneapolis
Directions
1 mile east of I-35W, and 1.5 miles north of Hwy. 62. Located at the intersection of Bloomington Avenue and East 47th St.
Standard status
Active
APN
1402824110017
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10148
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
new parking lot
additional exterior storage buildings
new pergola
artisan cedar front facade
Building Details
Year built
1922
Building materials
Timber/Post & Beam
Roof type
Rubber, Flat
Listing Agency:
Keller Williams Premier Realty Lake Minnetonka · Keller Williams Realty
(952) 475-0111
Listed By:
Royce Durhman
(651) 492-2201
Added: Sep 9
Last Checked: Sep 11 at 4:06PM
MLS# 7141629
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 mixed-use property comprises a 2,422-square-foot building on 0.12 acres, originally constructed in 1922 and renovated in 2020. CM1—Neighborhood Mixed Use zoning permits general retail and office uses. The building includes a basement, timber/post-and-beam construction, cedar and stucco exterior elements, a flat rubber membrane roof replaced in 2019, and central heating and cooling with both the furnace and air-conditioning system replaced that year.
Site improvements include a parking lot installed in 2025, approximately 10 off-street parking stalls, street parking, two exterior storage buildings measuring 6 feet by 35 feet and 11 feet by 20 feet, and a pergola with an artisan cedar front façade added in 2020. Building signage faces Bloomington Avenue. The property offers access to I-35W, Hwy. 62, Hwy. 77, and Hiawatha Avenue, with the MSP International Airport, Lake Nokomis, and Lake Hiawatha nearby.
Site improvements include a parking lot installed in 2025, approximately 10 off-street parking stalls, street parking, two exterior storage buildings measuring 6 feet by 35 feet and 11 feet by 20 feet, and a pergola with an artisan cedar front façade added in 2020. Building signage faces Bloomington Avenue. The property offers access to I-35W, Hwy. 62, Hwy. 77, and Hiawatha Avenue, with the MSP International Airport, Lake Nokomis, and Lake Hiawatha nearby.
Key Highlights
- 2,422‑square‑foot mixed‑use building on 0.12 acres
- CM1—Neighborhood Mixed Use zoning permits general retail and office uses
- 2025 parking lot installation with approximately 10 off‑street stalls
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
$27,339
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
6.14%
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%
$546,780
$546.8K
Cap Rate 7%
$390,557
$390.6K
Cap Rate 9%
$303,767
$303.8K
Market Conditions
NOI Build-Up for 2,422 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
$45.0K $18.60/SF
− Vacancy
−$1.3K −$0.54/SF
EGI
$43.7K $18.06/SF
− OpEx
−$16.4K −$6.77/SF
NOI
$27.3K $11.29/SF
Area
Minneapolis, MN
Vacancy
2.90%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
37.50%
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%
$546,780
Cap Rate 7%
$390,557
Cap Rate 9%
$303,767
Alternative Uses
Best Use
Mixed Use
$390.6K
$341.7K – $455.7K
NOI $27,339 @ 7.0% cap · market cap 6.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$577.8K
$505.6K – $674.2K
NOI $40,449 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
622
Businesses Nearby
Explore this area
Business Placement
Demographics for 55407, MN
38,506
Population
15,979
Households
2.4
Avg Household Size
34
Median Age
48%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
9,627
Density / Sq Mi
$78,206
Median Household Income
$46,388
Median Earnings
$1,219
Median Rent
$317,000
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Neighborhood mixed-use building with permitted retail and office uses, updated building systems, and added exterior storage.
Where is this mixed-use property located?
The property is located at 4649 Bloomington Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: 2,422‑square‑foot mixed‑use building on 0.12 acres; CM1—Neighborhood Mixed Use zoning permits general retail and office uses; 2025 parking lot installation with approximately 10 off‑street stalls
