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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2424 Franklin Ave Minneapolis, MN 55406-1027

    • Commercial real estate
    • 20,201 SF
    • 0.97 lot acres
    OFF-MARKET
    Value Estimations
    $2,395,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-0488154
    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

    • Beth Thompson Sculpture / Artist
    • American Pottery Festival / Music Venue
    • Northern Clay Center / Vocational School

    Property Details for 2424 Franklin Ave

    Year built
    1915
    Construction
    CONCRETE
    Lot size
    0.97 lot acres
    Property size
    20,201 SF
    Zone code
    C2
    Property type
    Commercial real estate
    APN
    25-029-24-43-0146
    APU
    2502924430146

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,912,000
      Market price range: $1.78M - $4.38M
      AI Estimate
      $1,877,000
      Market price range: $988k - $3.06M

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

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.2369
    Latitude
    44.9631
    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
    $1,000
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,010,000
      16,935 SF

      2526 27th S Ave

      COMMERCIAL (GENERAL) • 16,935 SF
      2526 27th S Ave, Minneapolis, MN 55406-1310
      View Details
    • Value Estimation
      $1,390,000
      13,487 SF

      2715 42nd St

      COMMERCIAL (GENERAL) • 13,487 SF
      2715 42nd St, Minneapolis, MN 55406-3061
      View Details
    • Value Estimation
      $1,715,000
      14,478 SF

      4600 42nd St

      COMMERCIAL (GENERAL) • 14,478 SF
      4600 42nd St, Minneapolis, MN 55406-3670
      View Details
    • Value Estimation by Request
      3,438 SF

      3149 35th S Ave

      COMMERCIAL (GENERAL) • 3,438 SF
      3149 35th S Ave, Minneapolis, MN 55406-2113
      View Details
    • Value Estimation
      $1,825,000
      15,378 SF

      3901 36th S Ave

      COMMERCIAL (GENERAL) • 15,378 SF
      3901 36th S Ave, Minneapolis, MN 55406-3208
      View Details
    • Value Estimation
      $34,330,000
      289,565 SF

      4029 28th S Ave

      COMMERCIAL (GENERAL) • 289,565 SF
      4029 28th S Ave, Minneapolis, MN 55406-3118
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,258 SF

      South Minneapolis Retail Investment Opportunity

      Retail property with long-term tenants and owner-occupied space.
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    • $488,730
      0.34 Acres

      Minneapolis Land Parcels for Redevelopment

      Two contiguous parcels totaling 14,810 SF, primed for redevelopment.
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      Minneapolis Multifamily Investment Opportunity

      14-unit multifamily property in a transit-accessible Minneapolis location.
      3200 Minnehaha Ave, Minneapolis, MN 55406
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    • $1,950,000
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      Corner Lot in Longfellow Neighborhood

      Highly visible corner lot in Minneapolis' Longfellow neighborhood.
      4215 E Lake St, Minneapolis, MN 55406
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    • Contact for pricing
      2,475 SF

      Showroom Building on Hiawatha Avenue

      Showroom building on 0.60 acres with outside storage.
      3463 Hiawatha Ave, Minneapolis, MN 55406
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    • $2,350,000
      12,968 SF

      Prime Minneapolis Executive Office Building

      Fully Leased, 12,968 SF, High Occupancy
      4113 Lake St, Minneapolis, MN 55406
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    Similar Nearby for Lease

    • Contact for pricing
      2,200 SF

      Retail Space on Hiawatha Avenue

      2,200 SF retail space available for rent.
      3801 Hiawatha Ave, Minneapolis, MN 55406
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    • Contact for pricing
      476 SF

      Renovated Office Space For Rent

      Clean office space with renovated common areas near light rail.
      4020 Minnehaha Ave, Minneapolis, MN 55406
      View Details
    • $8 SF/Yr
      32,484 SF

      Minneapolis Warehouse Space Available

      32,484 SF Warehouse, 20,971 SF Available
      2715 29Th Ave, Minneapolis, MN 55406
      View Details
    • Contact for pricing
      65,000 SF

      Leef North Executive Suites

      Modern Minneapolis Office Space
      201 Irving Ave, Minneapolis, MN 55406
      View Details
    • Contact for pricing
      1,240 SF

      Retail Space Near Transportation

      Retail space with easy access to transportation and nearby amenities.
      4701-4751 Hiawatha Ave, Minneapolis, MN 55406
      View Details
    • Contact for pricing
      1,265 SF

      Office Warehouse or Retail Space

      Small bay space suitable for office, warehouse, or retail.
      4224 41St St E, Minneapolis, MN 55406
      View Details
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    2424 Franklin Ave
    Minneapolis, MN 55406-1027
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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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