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

    1609 Hennepin Ave Minneapolis, MN 55403-1701

    • Commercial real estate
    • 7,805 SF
    • 0.23 lot acres
    OFF-MARKET
    Value Estimations
    $790,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-0454745
    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

    • Jeremy Schulenburg - RE/MAX Results, #JeremyGetsResults / Real Estate Agency
    • RE/MAX Results / Real Estate Agency
    • Stephanie Gruver Group, Real Estate Team, RE/MAX Results / Real Estate Agency
    • NoPlaceLikeHome at RE/MAX Results / Real Estate Agency
    • Trish Lee REALTOR RE/MAX Results / Real Estate Agency

    Property Details for 1609 Hennepin Ave

    Year built
    1918
    Construction
    BRICK
    Lot size
    0.23 lot acres
    Property size
    7,805 SF
    Zone code
    C3A
    Property type
    Commercial real estate
    APN
    27-029-24-23-0031
    APU
    2702924230031

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,062,000
      Market price range: $702k - $1.71M

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

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.2859
    Latitude
    44.9722
    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
    $24,441
    $712,500
    $128,500
    $841,000
    -
    $712,500
    $128,500
    $841,000

    Comparable in this City

    • Value Estimation by Request
      0.46 Acres

      201 11th Stlllll

      COMMERCIAL (GENERAL) • 0.46 Acres
      201 11th Stlllll, Minneapolis, MN 55403-2536
      View Details
    • Value Estimation by Request
      2,556 SF

      900 Nicollet Malla

      COMMERCIAL (GENERAL) • 2,556 SF
      900 Nicollet Malla, Minneapolis, MN 55403-2530
      View Details
    • Value Estimation
      $4,675,000
      51,100 SF

      84 10th St

      COMMERCIAL (GENERAL) • 51,100 SF
      84 10th St, Minneapolis, MN 55403-2455
      View Details
    • Value Estimation
      $23,195,000
      225,000 SF

      117 12th St

      COMMERCIAL (GENERAL) • 225,000 SF
      117 12th St, Minneapolis, MN 55403-2524
      View Details
    • Value Estimation
      $1,735,000
      16,848 SF

      1730 Clifton Pl

      COMMERCIAL (GENERAL) • 16,848 SF
      1730 Clifton Pl, Minneapolis, MN 55403-3242
      View Details
    • Value Estimation
      $23,655,000
      333,998 SF

      14 Grant St

      COMMERCIAL (GENERAL) • 333,998 SF
      14 Grant St, Minneapolis, MN 55403
      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
      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
    • $4,671,810

      Minneapolis CBD Development Opportunity

      Large infill development site in Minneapolis CBD with flexible zoning.
      41 10Th St N, Minneapolis, MN 55403
      View Details
    • Contact for pricing

      Sophisticated Corner Residence at The Ivy

      Corner unit with sweeping views and unmatched amenities in downtown Minneapolis.
      201 S 11Th St, Minneapolis, MN 55403
      View Details
    • Contact for pricing
      26,947 SF

      Prime Retail Location in Uptown

      Vibrant retail property in Minneapolis' bustling Uptown neighborhood.
      2907-2911 Hennepin Ave, Minneapolis, MN 55403
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      656 SF

      Retail Space on Nicollet Mall

      Former salon space available for rent on Nicollet Mall.
      900-950 Nicollet Mall, Minneapolis, MN 55403
      View Details
    • Contact for pricing
      750,000 SF

      Nicollet Mall Office Build-to-Suit

      Office build-to-suit opportunity on Nicollet Mall.
      315 Nicollet Mall, Minneapolis, MN 55403
      View Details
    • $8 SF/Yr
      3,597 SF

      Furnished Creative Space Downtown Location

      Furnished creative space available in downtown Minneapolis near Convention Center.
      1201 Marquette Ave, Minneapolis, MN 55403
      View Details
    • Contact for pricing
      2,563 SF

      Restaurant Space in Loring Park

      Restaurant space in a sought-after Minneapolis neighborhood.
      1368 Lasalle Ave, Minneapolis, MN 55403
      View Details
    • Contact for pricing

      Downtown Skyline View Office Space

      Office space with downtown skyline views in prime location.
      Minneapolis, MN 55403
      View Details
    • $10 SF/Yr
      1,985 SF

      Downtown Minneapolis Office Space Available

      Office space near Nicollet Mall with convenient access and amenities.
      88 S 10Th St, 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.
    1609 Hennepin Ave
    Minneapolis, MN 55403-1701
    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.