Historic Retail Building with CM2
For Sale
$1,700,000
808 Lowry Ave N, Minneapolis, MN 55411
Built in 1923, this historic retail building is zoned CM2 and offers versatile space for street retail concepts.
Property Size4,029 SF
Price / SF$421.94
Days on Market775
Property Features for 808 Lowry Ave N
General Information
Standard status
Active
Size
4,029 SF
Zoning
CM2
Building Details
Year Built
1923
Listed By:
Brittney Knutson · License #SA701996000
(480) 712-0255
Source:
Expcommercial
Added: Jul 31, 2024
Changed: Sep 12
Last Checked: Sep 12 at 3:34AM
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 Brittney Knutson
Investment Insights
Based on property information with market context.
This historic commercial building was constructed in 1923 and offers a retail-focused configuration for street retail use. The property’s layout is described as expansive, supporting retail displays and customer engagement, with character and architectural appeal that can be used to support retail branding.
The building is located at 808 Lowry Ave N in Minneapolis, MN 55411. It is zoned CM2, which aligns with retail and street retail business use under the provided information.
In addition to retail concepts, the property is described as having potential for multifamily use, subject to applicable requirements. The asset presents a single building opportunity with established historic character for buyers evaluating retail and street retail strategies, as well as potential mixed-use scenarios.
The building is located at 808 Lowry Ave N in Minneapolis, MN 55411. It is zoned CM2, which aligns with retail and street retail business use under the provided information.
In addition to retail concepts, the property is described as having potential for multifamily use, subject to applicable requirements. The asset presents a single building opportunity with established historic character for buyers evaluating retail and street retail strategies, as well as potential mixed-use scenarios.
Key Highlights
- 4,029 SF historic building built in 1923
- Zoned CM2 for retail and street retail businesses
- Versatile building layout with space suitable for retail and street retail concepts
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
$48,523
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
2.85%
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%
$970,460
$970.5K
Cap Rate 7%
$693,186
$693.2K
Cap Rate 9%
$539,144
$539.1K
Market Conditions
NOI Build-Up for 4,029 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
$74.9K $18.60/SF
− Vacancy
−$5.6K −$1.40/SF
EGI
$69.3K $17.21/SF
− OpEx
−$20.8K −$5.16/SF
NOI
$48.5K $12.04/SF
Area
Minneapolis, MN
Vacancy
7.50%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
30.00%
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%
$970,460
Cap Rate 7%
$693,186
Cap Rate 9%
$539,144
Alternative Uses
Best Use
Retail
$693.2K
$606.5K – $808.7K
NOI $48,523 @ 7.0% cap · market cap 2.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$961.2K
$841.1K – $1.12M
NOI $67,286 @ 7.0% cap · market cap 3.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
12k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 82%
Shops & Services 12%
Electronics 6%
Burger King
Dining
10,143 visits/mo
0.5 miles
U-Haul
Shops & Services
1,495 visits/mo
0.5 miles
Metro by T-Mobile
Electronics
731 visits/mo
0.2 miles
Demographics for 55411, MN
31,214
Population
10,967
Households
2.8
Avg Household Size
28
Median Age
23%
College-Educated
81%
High-School Grad
4.0 sq mi
ZIP Area
7,804
Density / Sq Mi
$53,368
Median Household Income
$35,952
Median Earnings
$1,220
Median Rent
$233,500
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 Retail in Minneapolis, MN
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Frequently Asked Questions
What type of property is this?
Retail space - Built in 1923, this historic retail building is zoned CM2 and offers versatile space for street retail concepts.
Where is this retail space located?
The property is located at 808 Lowry Ave N Minneapolis, MN.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 4,029 SF historic building built in 1923; Zoned CM2 for retail and street retail businesses; Versatile building layout with space suitable for retail and street retail concepts
