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    Property profile & analytics

    1729 2Nd St N Minneapolis, MN 55415

    • Industrial properties
    • 27,168 SF
    • 0.36 lot acres
    For Lease
    View listing
    $18 SF/Yr
    Last Sale
    Sep 21, 2023
    $2,400,000
    Value Estimations
    $2,400,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-3213168
    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

    • West River Arts of Minneapolis / Art Center
    • Attic Animal Pest Minneapolis / Pest Control Service / Bird Control Service
    • Fowzi Media / Advertising Agency
    • The Canvas: Natural Light Studio / Photography Studio / Event Venue
    • Pragmatic Artisan / Art Studio

    Property Details for 1729 2Nd St N

    Year built
    1900
    Construction
    CONCRETE
    Lot size
    0.36 lot acres
    Property size
    27,168 SF
    Zone code
    I2
    Property type
    Industrial properties
    APN
    15-029-24-31-0038
    APU
    1502924310038

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,565,000
      ML approach
      $2,570,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,063,000
      Market price range: $1.60M - $3.99M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $2,530,000
      Current use
      COMMERCIAL (GENERAL)
      $2,270,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.2804
    Latitude
    44.9972
    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
    $47,583
    $143,000
    $1,414,000
    $1,557,000
    -
    $143,000
    $1,414,000
    $1,557,000

    Comparable in this City

    • Value Estimation
      $2,415,000
      85,354 SF

      50 Lowry N Ave

      INDUSTRIAL (GENERAL) • 85,354 SF
      50 Lowry N Ave, Minneapolis, MN 55411-1620
      View Details
    • Value Estimation
      $1,375,000
      15,544 SF

      2726 Washington N Ave

      INDUSTRIAL (GENERAL) • 15,544 SF
      2726 Washington N Ave, Minneapolis, MN 55411-1628
      View Details
    • Value Estimation
      $1,015,000
      12,500 SF

      2209 2nd St

      INDUSTRIAL (GENERAL) • 12,500 SF
      2209 2nd St, Minneapolis, MN 55411-2206
      View Details
    • Value Estimation
      $1,245,000
      13,066 SF

      2301 2nd St

      INDUSTRIAL (GENERAL) • 13,066 SF
      2301 2nd St, Minneapolis, MN 55411-2208
      View Details
    • Value Estimation
      $4,385,000
      75,661 SF

      812 Plymouth N Ave

      INDUSTRIAL (GENERAL) • 75,661 SF
      812 Plymouth N Ave, Minneapolis, MN 55411-4219
      View Details
    • Value Estimation
      $2,840,000
      30,630 SF

      130 Plymouth N Ave

      INDUSTRIAL (GENERAL) • 30,630 SF
      130 Plymouth N Ave, Minneapolis, MN 55411-3445
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.79 Acres

      Corner Lot Ideal for Storage

      34412 Sq. Ft. lot perfect for storage or staging.
      129 Plymouth Ave N, Minneapolis, MN 55411
      View Details
    • Contact for pricing
      10,400 SF

      Minneapolis Manufacturing/Redevelopment Opportunity

      Centrally located industrial property suitable for manufacturing or redevelopment.
      156 Irving Ave N, Minneapolis, MN 55411
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    • $1,695,000
      12,630 SF

      Office and Warehouse Space Available

      Versatile property with office and warehouse space for sale.
      1201 Dupont Ave N, Minneapolis, MN 55411
      View Details
    • Contact for pricing
      1,500 SF

      Prime Commercial Office Space Available

      1,500 sq. ft. office space perfect for small business.
      1011 W Broadway Ave, Minneapolis, MN 55411
      View Details
    • Contact for pricing
      22,452 SF

      Modern Warehouse Office Building

      Authentic office building in a vibrant mixed-use neighborhood.
      729 N Washington Ave, Minneapolis, MN 55411
      View Details
    • $1,350,000
      27,000 SF

      Lyndale Ave N Commercial Property

      Church, School, & Apartment Complex
      2521 Lyndale Ave, Minneapolis, MN 55411
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      3,708 SF

      Historic Minneapolis Landmark For Rent

      Historic building with adaptable space and flexible industrial zoning.
      4430 N Lyndale Ave, Minneapolis, MN 55411
      View Details
    • $9 SF/Yr
      145,000 SF

      Northwind Lofts: Creative Minneapolis Space

      145,000 SF Industrial/Office Lofts
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      View Details
    • $10 SF/Yr
      59,865 SF

      Northrup King Building Space Available

      Office, industrial, and warehouse space for lease in Minneapolis.
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      View Details
    • $12 SF/Yr
      2,800 SF

      Affordable Warehouse Space Available

      2,800 SF warehouse space ideal for storage or small businesses.
      2201 N 2Nd St, Minneapolis, MN 55411
      View Details
    • Contact for pricing
      13,405 SF

      Northside Station Industrial Space

      Industrial space suitable for automotive, warehousing, and distribution.
      2418 Washington Ave N, Minneapolis, MN 55411
      View Details
    • $8 SF/Yr
      11,865 SF

      Minneapolis Warehouse, Office, Creative Space

      Central location with industrial, office, and creative spaces available.
      2518 N 2Nd St, Minneapolis, MN 55411
      View Details
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    1729 2Nd St N
    Minneapolis, MN 55415
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    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
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