Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1523 Nicollet Ave Minneapolis, MN 55403-2723

    • Commercial real estate
    • 8,700 SF
    • 0.21 lot acres
    OFF-MARKET
    Last Sale
    Feb 21, 2020
    Value Estimations
    $700,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-0125399
    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

    • Micah House / Medical Clinic
    • Rice Ford Recovery / Housing Complex
    • USG, Inc. / Professional Services

    Property Details for 1523 Nicollet Ave

    Year built
    1937
    Construction
    TILT-UP CONCRETE
    Lot size
    0.21 lot acres
    Property size
    8,700 SF
    Zone code
    C2
    Property type
    Commercial real estate
    APN
    27-029-24-42-0048
    APU
    2702924420048

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $782,000
      Market price range: $782k - $1.91M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.2773
    Latitude
    44.9674
    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
    $18,332
    $558,700
    $51,300
    $610,000
    -
    $558,700
    $51,300
    $610,000

    Comparable in this City

    • Value Estimation by Request
      0.46 Acres

      201 11th Stnnnnn

      COMMERCIAL (GENERAL) • 0.46 Acres
      201 11th Stnnnnn, Minneapolis, MN 55403-2536
      View Details
    • Value Estimation by Request
      0.46 Acres

      201 11th Stppppp

      COMMERCIAL (GENERAL) • 0.46 Acres
      201 11th Stppppp, Minneapolis, MN 55403-2536
      View Details
    • Value Estimation by Request
      0.46 Acres

      201 11th Stttttt

      COMMERCIAL (GENERAL) • 0.46 Acres
      201 11th Stttttt, Minneapolis, MN 55403-2536
      View Details
    • Value Estimation
      $19,625,000
      252,906 SF

      1313 Nicollet Mall

      COMMERCIAL (GENERAL) • 252,906 SF
      1313 Nicollet Mall, Minneapolis, MN 55403-2630
      View Details
    • Value Estimation
      $4,540,000
      57,772 SF

      99 16th St

      COMMERCIAL (GENERAL) • 57,772 SF
      99 16th St, Minneapolis, MN 55403
      View Details
    • Value Estimation
      $1,620,000
      9,700 SF

      1610 Harmon Pl

      COMMERCIAL (GENERAL) • 9,700 SF
      1610 Harmon Pl, Minneapolis, MN 55403-1916
      View Details

    Similar Nearby for Sale

    • $5,150,000
      1.21 Acres

      Downtown Minneapolis Retail Redevelopment

      Prime 1.21-acre retail site, vacant, 80 parking spaces.
      228 12Th St, Minneapolis, MN 55403
      View Details
    • Contact for pricing
      3,079 SF

      Ivy Residence Top-Floor Penthouse

      Thoughtfully designed condo with downtown views and world-class amenities.
      201 S 11Th St, Minneapolis, MN 55403
      View Details
    • Contact for pricing
      1,248 SF

      Top Floor Condo with Skyline Views

      Top floor condo with stunning views of the Minneapolis skyline.
      52 Groveland Ter, Minneapolis, MN 55403
      View Details
    • New
      $499,000

      Versatile Minneapolis Commercial Property

      Adaptable commercial space with live/work potential and downtown views.
      233 Groveland Ave, Minneapolis, MN 55403
      View Details
    • Contact for pricing
      1,849 SF

      Luxury Condo with Panoramic Views

      Luxury 2-bedroom condo with valet parking and stunning downtown views.
      201 S 11Th St, Minneapolis, MN 55403
      View Details
    • $250,000
      1,500 SF

      Downtown Minneapolis Office Space

      1,500 SF Vacant Office - $250K
      1200 Minneapolis Mn 55403, Minneapolis, MN 55403
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      89,016 SF

      Watkins Building: Flex Space Available

      Fully renovated industrial space, diverse options
      1936 Lyndale Ave, Minneapolis, MN 55403
      View Details
    • $15 SF/Yr
      1,351 SF

      Downtown Minneapolis Office Space

      Up to 30,000 SF available in premier downtown location.
      800-805 Hennepin Ave, Minneapolis, MN 55403
      View Details
    • Contact for pricing
      1,429 SF

      Retail Space in Loring Park

      Inline retail space in vibrant Loring Park neighborhood.
      1500 Nicollet Ave, Minneapolis, MN 55403
      View Details
    • $17 SF/Yr
      21,323 SF

      Iconic Minneapolis Office Space

      Historic office space with creative aesthetics and robust amenities.
      100-116 N 6Th St, Minneapolis, MN 55403
      View Details
    • $16 SF/Yr
      2,261 SF

      Downtown Minneapolis Office and Retail

      Office and retail spaces in the heart of Loring Park.
      1619-1647 Hennepin Ave, Minneapolis, MN 55403
      View Details
    • Contact for pricing
      25,000 SF

      Mixed-Use Office and Retail Property

      Office and retail property at Hennepin and Franklin Ave.
      1934-1948 Hennepin Ave, Minneapolis, MN 55403
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1523 Nicollet Ave
    Minneapolis, MN 55403-2723
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.