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    6319 Penn Ave Minneapolis, MN 55423

    Sponsored
    For Sale
    $500,000

    1,600 SF Retail Building, Prime Location

    Property size:
    1,600 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional retail property, located at 6319 Penn Ave S in Minneapolis, Minnesota, presents a compelling investment opportunity. The 1,600 square foot building, constructed in 1957, sits on a 0.12-acre lot and is zoned MU-C (Mixed Use-Community), offering flexibility for a variety of retail uses. Currently configured as a convenience store and pharmacy, the property boasts eight on-site parking spaces (four in the front and four in the back), ensuring ample customer parking. The asking price is $500,000, translating to $312.50 per square foot. Its prime location on Penn Ave S provides excellent visibility and accessibility, with convenient proximity to major transportation routes including I-494 and Highway 62. The property's strong location within a thriving community, coupled with the potential for redevelopment due to an adjacent vacant city-owned lot, makes this an attractive investment for both established businesses and new ventures. The building's existing infrastructure provides a solid foundation for immediate occupancy or future renovations, catering to a wide range of retail concepts. This is a rare opportunity to acquire a well-situated retail property in a dynamic Minneapolis neighborhood. The property's Class C designation reflects its age and potential for future upgrades. The multi-tenancy aspect allows for flexibility in lease arrangements.

    Property Features for 6319 Penn Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    1,600 SF
    Class
    C
    Lot Size
    5,227 SF

    Building Details

    Year Built
    1957

    HighLights

    • Prime Penn Ave S location near I‑494 & Hwy 62 with convenient public transit.
    • Highly adaptable space suitable for diverse businesses.
    • Eight on‑site parking spaces (four front, four rear).
    • Adjacent vacant city‑owned lot presents development potential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Vale-Typewriter Inc Typewriter Repair Service

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.3083079
    Latitude
    44.8882699

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    FAQs

    What type of property is this?
    Individual retail property - 1,600 SF Retail Building, Prime Location
    Where is this individual retail property located?
    The property is located at 6319 Penn Ave Minneapolis, MN.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: Prime Penn Ave S location near I-494 & Hwy 62 with convenient public transit.; Highly adaptable space suitable for diverse businesses.; Eight on-site parking spaces (four front, four rear).
    Request Owner's contact information
    6319 Penn Ave Minneapolis, MN 55423
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    Minneapolis, MN 55423
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    Realmo Value Estimation

    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.

    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.

    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
    6319 Penn Ave Minneapolis, MN 55423
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