Multi-Tenant Medical Office
For Sale
$3,500,000
941 Hillwind Road NE, Fridley, MN 55432
The property combines healthcare and professional offices across a renovated, multi-level building near I-694 and Highway 65.
Property Size38,152 SF
Lot Size1.09 Acres
Price / SF$91.74
Days on Market143
Property Features for 941 Hillwind Road NE
General Information
Standard status
Active
Size
38,152 SF
Lot size
1.09 Acres
Property subtype
Commercial
Zoning
Business/Commercial
Additional Details
Highway Access
Yes
Tenant in Place
Yes
Property Use
Medical Office
Taxes and HOA fees
Annual Taxes
$98,632
Building Details
Building Size
38,152 SF
Year Built
1990
Year Renovated
2025
Buildings
1
Stories
3
Units
21
Tenancy
Multi
Owner Occupied
Yes
Listing Agency:
Kris Lindahl Real Estate
(763) 292-4455
Listed By:
Brian Durham
(952) 220-6386
Source:
Driveresultsrealty
Added: Jun 8
Changed: Oct 25
Last Checked: Oct 26 at 3:44AM
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 Kris Lindahl Real Estate
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 38,152-square-foot office property on a 1.09-acre site accommodates multiple medical and professional tenants. The building includes surface and covered parking. Improvements include a first-floor remodel in 2023, work to the ground level in 2024, and a third-floor remodel in 2025; the second floor has also been renovated. The building was constructed in 1990.
Located at 941 Hillwind Road NE in Fridley, the property is near I-694 and Highway 65. Its tenant mix includes healthcare providers, professional services, and executive suites. Healthcare-related businesses occupy space under current ownership, and portions of the building are leased below prevailing market rates, according to the property information.
Located at 941 Hillwind Road NE in Fridley, the property is near I-694 and Highway 65. Its tenant mix includes healthcare providers, professional services, and executive suites. Healthcare-related businesses occupy space under current ownership, and portions of the building are leased below prevailing market rates, according to the property information.
Key Highlights
- 38,152 square feet of office and medical space on 1.09 acres
- Multi‑tenant mix includes healthcare, professional services, and executive suites
- Near I‑694 and Highway 65; stated exposure of 150,000 cars a day
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$249,010
Cap Rate
7.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,980,200
$5.0M
Cap Rate 7%
$3,557,286
$3.6M
Cap Rate 9%
$2,766,778
$2.8M
Market Conditions
NOI Build-Up for 38,152 SF
Gross rent
$448.7K $11.76/SF
− Vacancy
−$33.7K −$0.88/SF
EGI
$415.0K $10.88/SF
− OpEx
−$166.0K −$4.35/SF
NOI
$249.0K $6.53/SF
Area
Anoka County, MN
Vacancy
7.50%
Lease Rate
$11.76 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,980,200
Cap Rate 7%
$3,557,286
Cap Rate 9%
$2,766,778
Alternative Uses
Best Use
Office B
$7.56M
$6.62M – $8.82M
NOI $529,226 @ 7.0% cap · market cap 15.12%
Second Best
Healthcare Medical
$3.56M
$3.11M – $4.15M
NOI $249,010 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$10.60M
$9.27M – $12.36M
NOI $741,821 @ 7.0% cap · market cap 21.19%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
Explore this area
Business Placement
Demographics for 55432, MN
33,022
Population
13,575
Households
2.4
Avg Household Size
37
Median Age
30%
College-Educated
92%
High-School Grad
9.9 sq mi
ZIP Area
3,336
Density / Sq Mi
$77,985
Median Household Income
$48,417
Median Earnings
$1,308
Median Rent
$278,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - The property combines healthcare and professional offices across a renovated, multi-level building near I-694 and Highway 65.
Where is this office building located?
The property is located at 941 Hillwind Road NE Fridley, MN.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 38,152 square feet of office and medical space on 1.09 acres; Multi‑tenant mix includes healthcare, professional services, and executive suites; Near I‑694 and Highway 65; stated exposure of 150,000 cars a day
