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    1516 Lake St Minneapolis, MN 55408

    Sponsored
    For Lease
    Contact for pricing

    Historic Creative Office, 285 RSF Available

    Lot size:
    17,273 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    The Citadel Building offers a unique opportunity to lease vibrant creative office space in a beautifully restored 1925 building. This four-story building boasts 17,273 square feet of total space, with a minimum divisible unit of 285 square feet and a maximum contiguous space of 285 square feet currently available. The space features net rental rates ranging from $15.00 to $22.00 per square foot. Estimated 2024 common area maintenance and taxes are $14.50 per square foot. The building provides convenient access to public transportation, a variety of restaurants and shopping options, and is ideally situated near Bde Maka Ska (formerly Lake Calhoun), Lake of the Isles, and the Midtown Greenway, creating an exceptional work, live, play environment. Tenants and guests enjoy the benefit of 53 off-street parking spaces. Recent renovations have enhanced the common areas, and a first-floor shower/locker room adds to the building's amenities. This is a multi-tenant building offering a prime location and attractive features for businesses seeking a distinctive office space. The available space is perfect for a small business or individual seeking a creative and inspiring workspace.

    Property Features for 1516 Lake St

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    17,273 SF

    Building Details

    Year Built
    1925
    Stories
    4

    Unit(s) available at that property

    Space
    Suite 320 A
    Size
    285 SF

    HighLights

    • 285 RSF of creative office space available.
    • Net rent: $15.00-$22.00/SF.
    • 2024 estimated CAM and taxes: $14.50/SF.
    • Four‑story building, built in 1925.
    • Prime location near Bde Maka Ska, Lake of the Isles, and Midtown Greenway.
    • 53 parking spaces.
    Property Profile Location Intelligence

    Current Use by Public Records

    Williams Douglas C Psychologist Kristin N. Procopio, ... Physical Therapist Kathleen Lynch Healing ... Massage Therapist Jigjiga Business Center Event Venue Farmers Insurance - Steven ... Insurance Agency

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Anoka
    State
    Minnesota
    Longitude
    -93.301813
    Latitude
    44.9486498

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    FAQs

    What type of property is this?
    Office space - Historic Creative Office, 285 RSF Available
    Where is this office space located?
    The property is located at 1516 Lake St Minneapolis, MN.
    What are key features of this property?
    This property features: 285 RSF of creative office space available.; Net rent: $15.00-$22.00/SF.; 2024 estimated CAM and taxes: $14.50/SF.
    Request Owner's contact information
    1516 Lake St Minneapolis, MN 55408
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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
    1516 Lake St Minneapolis, MN 55408
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