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Building Details

Buildings 2

Listing Agency: RE/MAX Results - Edina

Listed By: Tony Weinstine Show Phone

Source: Moodyscre

Added: Aug 20 Changed: Oct 2 Last Checked: Oct 15 at 2:40AM

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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 RE/MAX Results - Edina

Investment Insights

Based on property information with market context.

This flex property includes two buildings totaling approximately 30,356 square feet on 1.3 acres. The 9730 Irving building contains 14,080 square feet across two floors and is fully leased to a Doggy Daycare, with a custom-built interior completed in 2020 and a fenced outdoor play area. The 9741 James building has undergone extensive remodeling and includes Bold North Roofing and Chirozone Chiropratic among its occupants.

The property is positioned a few blocks from 35W at the 98th St Exit, across from Bloomington Center for the Arts and City Hall. A public works building is under construction along the north boundary. Industrial zoning and three anchor tenants add to the property's established commercial profile.

Key Highlights

• Two flex buildings total approximately 30,356 square feet on 1.3 acres
• Industrial zoning with 3 anchor tenants
• 9730 Irving contains 14,080 sf on 2 floors and is 100% leased to a Doggy Daycare

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$299,351

Cap Rate

8.55%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,987,020 $6.0M

Cap Rate 7%

$4,276,443 $4.3M

Cap Rate 9%

$3,326,122 $3.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 30,359 SF

Gross rent

$477.2K $15.72/SF

− Vacancy

−$16.7K −$0.55/SF

EGI

$460.5K $15.17/SF

− OpEx

−$161.2K −$5.31/SF

NOI

$299.4K $9.86/SF

Area

Minneapolis, MN

Vacancy

3.50%

Lease Rate

$15.72 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,987,020

Cap Rate 7%

$4,276,443

Cap Rate 9%

$3,326,122

Alternative Uses

Best Use

Industrial

$4.61M

$4.03M – $5.37M (±1% cap)

NOI $322,378 @ 7.0% cap · market cap 9.21%

Second Best

Flex RnD

$4.28M

$3.74M – $4.99M (±1% cap)

NOI $299,351 @ 7.0% cap · market cap 8.55%

Theoretical Best

Office A

$7.24M

$6.34M – $8.45M (±1% cap)

NOI $507,012 @ 7.0% cap · market cap 14.49%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Wagging Tails Pet ... Kennel & Boarding Facility Wonder Dog Canine ... Kennel & Boarding Facility Captain Canine Dog ... Kennel & Boarding Facility

Suggested Use

Top Pick Real Estate Agency Auto Parts Store Restaurant Hair Salon Hotel & Motel Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

699

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 55431, MN

19,767

Population

8,483

Households

2.3

Avg Household Size

43

Median Age

48%

College-Educated

94%

High-School Grad

7.8 sq mi

ZIP Area

2,534

Density / Sq Mi

$103,125

Median Household Income

$55,545

Median Earnings

$1,704

Median Rent

$354,300

Median Home Value

Market

Vacancy Rate% for Industrial in Minneapolis, MN

7.2% 2019

7.7% 2020

3.6% 2021

3% 2022

4.3% 2023

4.3% 2024

4.7% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Industrial-zoned flex space with multiple occupants, recent improvements, and a fenced outdoor area.

Where is this flex space located?

The property is located at 9730 Irving Ave Minneapolis, 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: Two flex buildings total approximately 30,356 square feet on 1.3 acres; Industrial zoning with 3 anchor tenants; 9730 Irving contains 14,080 sf on 2 floors and is 100% leased to a Doggy Daycare