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Property profile & analytics
FOR LEASE
Industrial land
1515 Central Avenue NE, Minneapolis, MN 55413
Entity Owned
Free & Clear
Property ID
US46-0551504
For Lease
1 / 3
$2,155,000
1515 Central Avenue NE, Minneapolis, MN 55413
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Property profile
Verified
Property type
Industrial land
Use group
INDUSTRIAL - VACANT LAND
Year built
1942
Construction
WOOD FRAME
Total area
12,390 SF
Lot
3.18 ac (138,521 SF)
Zoning code
I2
APN
13-029-24-22-0090
UPID
US46-0551504
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.31M
CAP Approach
CAP
$2.03M
Comparable Approach
Comparable
$2.51M
Blend (final)
Blend
$2.16M
Owner & transaction history
Elior INC
Elior INC
since 2026
Last sale
$2.1M
7 recorded transactions
Zoning & alternative use
I2 · Minneapolis, MN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Minneapolis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Minneapolis submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$2,245,000
ML approach
$2,310,000
CAP Approach
CAP Return
Estimation
6%
$2,195,000
6.5%
$2,025,000
7%
$1,880,000
Blend value · Realmo final
$2.16M
Range $1.94M – $2.37M · ±10% · vs last sale $2.10M (Apr 4 2023)
Last sale anchor
$2.10M
Apr 4 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$174 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$23,754
Tax year 2023
Assessed value
$936,200
Assessed 2023
Previous assessed
$728,100
+28.6% YoY
Effective rate
2.54%
On assessed value
Assessed land
$936,200
Land market value
$936,200
Total market value
$936,200
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Industrial land
Use group
INDUSTRIAL - VACANT LAND
Status
For Lease
Year built
1942
Construction
WOOD FRAME
Heating
YES
Stories
1
Total area
12,390 SF
Lot
3.18 ac (138,521 SF)
Zoning code
I2
APN
13-029-24-22-0090
UPID
US46-0551504
Jurisdiction
HENNEPIN
Zoning & alternative use
I2 · Minneapolis, MN
Zoning I2 · permitted uses
I2 · Minneapolis, MN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Minneapolis. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1942
Construction
WOOD FRAME
Heating
YES
Stories
1
Lot
3.18 ac
Current owner
From public records · entity-resolved
Elior INC
Entity
Free & Clear · 0 yrs held
Mailing address
1500 FILLMORE ST NE, MINNEAPOLIS, MN 55413-1657
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 29, 2026
$6,800,000
Elior INC
1515 Central LLC
Deed
—
Apr 24, 2026
$6,800,000
Elior INC
1515 Central LLC
Warranty Deed
—
Jan 7, 2025
—
1515 Central LLC
Mn 1515 & 1500 Owner LLC
Deed
related
$3,975,000 · Royal Cu
Jan 2, 2025
$5,300,000
1515 Central LLC
Mn 1515 & 1500 Owner LLC
Deed
$3,975,000 · Royal Cu
Apr 4, 2023
$2,100,000
1500 Fillmore Street LLC
Mn 1515 And 1500 Owner LLC
Limited Warranty Deed
$1,050,000 · Northeast Bank
Oct 24, 2018
$9,174,085
Mn 1515 & 1500 Owner Lic
Crown Central LLC
Grant Deed
—
Oct 18, 2018
$9,174,085
1500 Owner LLC
Crown Central LLC
Grant Deed
—
Jun 3, 2015
$660,000
Crown Central LLC
1515 Sib LLC
Warranty Deed
—
Jun 29, 2012
—
1515 Sib LLC
Paxson,david & Nancy G
Quit Claim Deed
related
—
Aug 30, 2006
$175,000
Poppyridge LLC
Bingham,james R
Warranty Deed
—
Apr 4, 2006
$5,548,000
James R Bingham
Hillcrest Dev Lllp
Warranty Deed
—
Dec 23, 2005
$5,548,000
James R Bingham
Hillcrest Dev Lllp
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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