2722 Park AveMinneapolis, MN 55407

Property Details for 2722 Park Ave

Year built

1901

Construction

WOOD

Lot size

0.47 AC

Property size (Sq ft)

8,695 SF

Zone code

R6

Property type

Other commercial real estate

APN

35-029-24-32-0017

APU

3502924320017

Description

This exceptional investment opportunity presents a prime Minneapolis office complex situated on a combined 1.4-acre lot encompassing two parcels: 2722 Park Ave, a Class B office building, and the adjacent vacant lot at 2742 Park Ave. The existing building at 2722 Park Ave offers 12,671 square feet of versatile space, currently boasting 90% occupancy under a gross lease structure. The building is categorized as both Creative and Traditional Office space, catering to a diverse range of potential tenants. The asking price for this multi-tenant property is $2,850,000, translating to a price per square foot of $224.92. The property's strong performance is reflected in its attractive 7.00% capitalization rate. The combined 1.4-acre lot presents significant potential for future development or expansion, adding considerable value to this already impressive offering. This property is being offered for sale by owner and presents a rare opportunity to acquire a well-established, high-performing asset in a desirable Minneapolis location. The property is located in Hennepin County, Minnesota, with a Minneapolis zip code of 55407.

• Alternative Use

  Use

  Valuation

  Residential

  $2,982,620

  Hospitality

  $2,732,064

  Educational

  $2,273,046

  Medical

  $2,351,219

  Retail

  $3,535,848

Location Insight

City

Minneapolis

County

Hennepin

State

Minnesota

Latitude

44.953

Longitude

-93.2658

CBSA code

33460

CBSA name

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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