Two-Building Flex
For Sale
Contact for pricing
9741 James Ave S, Minneapolis, MN 55431
Industrial-zoned flex space with multiple occupants, recent improvements, and a fenced outdoor area.
Property Size30,359 SF
Lot Size1.30 Acres
Price / SF$115.29
Days on Market11
Property Features for 9741 James Ave S
General Information
Standard status
Active
Size
30,359 SF
Lot size
1.30 Acres
Property subtype
INDUSTRIAL
Zoning
Industrial
Additional Details
Highway Access
Yes
Building Details
Buildings
2
Listing Agency:
RE/MAX Results - Edina
(612) 210-6116
Listed By:
Tony Weinstine
(612) 210-6116
Source:
Moodyscre
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 29 at 5:05PM
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.
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$299,351
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.55%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,987,020
$6.0M
Cap Rate 7%
$4,276,443
$4.3M
Cap Rate 9%
$3,326,122
$3.3M
Market Conditions
NOI Build-Up for 30,359 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
NOI $322,378 @ 7.0% cap · market cap 9.21%
Second Best
Flex RnD
$4.28M
$3.74M – $4.99M
NOI $299,351 @ 7.0% cap · market cap 8.55%
Theoretical Best
Office A
$7.24M
$6.34M – $8.45M
NOI $507,012 @ 7.0% cap · market cap 14.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 9741 James Ave S 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
