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    1516 Lake St Minneapolis, MN 55408

    • Commercial real estate
    • 17,220 SF
    • 0.25 lot acres
    For Lease
    View listing
    Value Estimation
    Location Intelligence
    Property ID
    US46-0548159
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Williams Douglas C / Psychologist / Marriage Or Relationship Counselor
    • Kristin N. Procopio, MPT / Physical Therapist / Physical Therapy Clinic
    • Kathleen Lynch Healing Arts / Massage Therapist
    • Jigjiga Business Center / Corporate Office / Event Venue
    • Farmers Insurance - Steven Wolfson / Motorcycle Insurance Agency / Renter'S Insurance Agency

    Property Details for 1516 Lake St

    Year built
    1925
    Construction
    CONCRETE
    Lot size
    0.25 lot acres
    Property size
    17,220 SF
    Zone code
    C1
    Property type
    Commercial real estate
    APN
    33-029-24-34-0048
    APU
    3302924340048

    Description

    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.

    Value Estimation

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.3018
    Latitude
    44.9487
    CBSA code
    33460
    CBSA name
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $27,863
    $719,500
    $141,000
    $860,500
    -
    $719,500
    $141,000
    $860,500

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    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
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