Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Renovated Office Space in Minneapolis Title is generated by Realmo AI

    517 1st St S, Minneapolis, MN

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Newly renovated office space with natural light and convenient location.

    Type:OFFICE
    Property size:
    2,284 SF
    Lot size:
    0.32 Acres
    Added:
    Jun 12, 2024
    Days on Market:
    706
    Last Refresh:
    Apr 5 at 8:19 pm

    Property Features for 517 1st St S

    General Information

    Standard status
    Active
    Size
    2,284 SF
    Lot size
    0.32 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 517 1st St S Contact us

    We can help!

    Listing Contact
    Mike Doyle
    Mike Doyle

    Listing agent Mike Doyle

    Listing office Kenwood Commercial

    Listing date Jun 12, 2024

    Source Moodyscre

    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 Kenwood Commercial

    HighLights

    • Prime location in the historic Whitney Mill Corridor, across from the Stone Arch Bridge.
    • Close proximity to Minneapolis CBD.
    • Abundant natural light due to huge windows.
    • Newly renovated common areas.
    • Enjoy the rooftop deck and Third Workplace Atrium.
    • On‑site property management.

    Overview

    This office space, encompassing 2,284 square feet, features large windows that provide ample natural light. The property is located in the historic Whitney Mill Corridor, situated across West River Road from the Stone Arch Bridge, and offers close proximity to the Minneapolis CBD. Common areas have been newly renovated. On-site property management is available. The building includes a common conference room, men’s and women’s locker rooms, a rooftop deck, and a third workplace atrium.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Daycare Center Kitchen & Bath Showroom Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Anoka
    State
    Minnesota
    Longitude
    -93.2593
    Latitude
    44.9803

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      MN, Minneapolis - 7825 Washington Ave

      7825 Washington Ave, Minneapolis, MN 55439
      View Details
    • $129-$6,216/Mo
      11-1,292 SF

      MN, Minneapolis - South 6th St

      120 6Th St, Unit 23RD, Minneapolis, MN 55402
      View Details
    • $129-$8,296/Mo
      11-1,292 SF

      MN, Minneapolis - Lagoon Ave

      1330 Lagoon Ave 4Rth, Unit MINNEAPOLIS, Minneapolis, MN 55408
      View Details
    • $23 SF/Yr
      5,623 SF

      Remodeled Office Space Available

      Move-in ready office space in Minneapolis near I-35W.
      2520 Broadway Street Northeast, Minneapolis, MN, 55413
      View Details
    • $17 SF/Yr
      2,004 SF

      Office Suites in Minneapolis Campus

      Office suites for lease in a bustling Minneapolis neighborhood.
      1300 Godward St NE, Minneapolis, MN
      View Details
    • $10 SF/Yr
      1,631 SF

      CBD Office Space for Rent

      Prime downtown office space with flexible lease terms available.
      40-60 S 9th St, Minneapolis, MN
      View Details
    • $21 SF/Yr
      2,398 SF

      Historic Loft Retail Space

      Retail space with customizable floor plans and downtown views.
      800 Washington Ave N, Minneapolis, MN
      View Details
    • $15 SF/Yr
      5,187 SF

      Warehouse District Office with Skyline Views

      Full-floor office suite in premier downtown location.
      318-322 N 1st Ave , Minneapolis, MN
      View Details
    • $16 SF/Yr
      1,573 SF

      Minneapolis Office Space For Rent

      Recently renovated office space with skyway connections and prime location.
      901 Nicollet Mall, Minneapolis, MN
      View Details
    • $14 SF/Yr
      3,887 SF

      Creative Office Space in Minneapolis

      Creative office suites in North Loop Minneapolis, 1,000-4,600 SF.
      702-716 1st St N, Minneapolis, MN
      View Details
    • Contact for pricing

      MN, Minneapolis - Washington Ave

      333 Washington Ave, Minneapolis, MN 55401
      View Details
    • $27 SF/Yr
      5,500 SF

      Retail Space in Luxury Building

      5,500 SF retail space ideal for restaurant use.
      240 Portland Ave, Minneapolis, MN
      View Details

    FAQs

    What type of property is this?
    Office units - Newly renovated office space with natural light and convenient location.
    Where is this office units located?
    The property is located at 517 1st St S Minneapolis, MN.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: Prime location in the historic Whitney Mill Corridor, across from the Stone Arch Bridge.; Close proximity to Minneapolis CBD.; Abundant natural light due to huge windows.
    (612) 242-8820 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Mike Doyle
    Mike Doyle
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    517 1st St S, Minneapolis, MN
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!