Energy-Efficient Office
For Sale
$815,000
901 23rd Ave NE, Minneapolis, MN 55418
Renovated office property with two main-level suites, private offices, mixed-use zoning, and flexible lower-level space.
Property Size4,864 SF
Price / SF$167.56
Days on Market48
Property Features for 901 23rd Ave NE
General Information
Standard status
Active
Size
4,864 SF
Building Details
Year Built
1954
Listing Agency:
Compass
Listed By:
Jaclyn A Gavzy · License #40737476
(952) 221-5977
Source:
Bethanynelsongroup
Added: Sep 1
Changed: Oct 15
Last Checked: Oct 7 at 2:37PM
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 Compass
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Investment Insights
Based on property information with market context.
Located at 901 23rd Ave NE in Minneapolis, this renovated office building is organized around two separate main-level suites. The north suite contains an open work area and three private offices, while the south suite offers four private offices. A shared conference room, kitchen, and ADA-accessible half bath support day-to-day operations. An on-site parking lot provides approximately 8–10 spaces, and the property includes a rain garden.
The lower level has separate exterior access, kitchen space, and a bathroom with potential for a shower. It may be finished to increase usable area, subject to zoning and permitting. CM1 Community Mixed Use zoning allows a range of commercial and mixed-use opportunities, subject to applicable approvals and regulations. Building systems include a super-insulated airtight envelope, triple-pane Passive House windows, motorized exterior shading, balanced enthalpy heat-recovery ventilation, a high-efficiency natural gas furnace, an electric heat pump for cooling, and electric on-demand hot water heating. Potential live/work or residential conversion is subject to approval, permitting, and applicable regulations.
The lower level has separate exterior access, kitchen space, and a bathroom with potential for a shower. It may be finished to increase usable area, subject to zoning and permitting. CM1 Community Mixed Use zoning allows a range of commercial and mixed-use opportunities, subject to applicable approvals and regulations. Building systems include a super-insulated airtight envelope, triple-pane Passive House windows, motorized exterior shading, balanced enthalpy heat-recovery ventilation, a high-efficiency natural gas furnace, an electric heat pump for cooling, and electric on-demand hot water heating. Potential live/work or residential conversion is subject to approval, permitting, and applicable regulations.
Key Highlights
- Two main‑level office suites with three private offices in the north suite and four in the south suite
- Approximately 8–10 on‑site parking spaces plus a rain garden
- CM1 – Community Mixed Use zoning supports commercial and mixed‑use opportunities, subject to approvals
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$60,784
Cap Rate
7.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,215,680
$1.2M
Cap Rate 7%
$868,343
$868.3K
Cap Rate 9%
$675,378
$675.4K
Market Conditions
NOI Build-Up for 4,864 SF
Gross rent
$101.6K $20.88/SF
− Vacancy
−$20.5K −$4.22/SF
EGI
$81.0K $16.66/SF
− OpEx
−$20.3K −$4.17/SF
NOI
$60.8K $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%
$1,215,680
Cap Rate 7%
$868,343
Cap Rate 9%
$675,378
Alternative Uses
Best Use
Office B
$868.3K
$759.8K – $1.01M
NOI $60,784 @ 7.0% cap · market cap 7.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,231 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,255
Businesses Nearby
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Business Placement
Demographics for 55418, MN
31,887
Population
14,859
Households
2.1
Avg Household Size
37
Median Age
51%
College-Educated
93%
High-School Grad
7.0 sq mi
ZIP Area
4,555
Density / Sq Mi
$95,630
Median Household Income
$56,491
Median Earnings
$1,349
Median Rent
$332,500
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Renovated office property with two main-level suites, private offices, mixed-use zoning, and flexible lower-level space.
Where is this office building located?
The property is located at 901 23rd Ave NE Minneapolis, MN.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: Two main‑level office suites with three private offices in the north suite and four in the south suite; Approximately 8–10 on‑site parking spaces plus a rain garden; CM1 – Community Mixed Use zoning supports commercial and mixed‑use opportunities, subject to approvals
