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Property profile & analytics
OFF-MARKET
Estimated value
$22,870,000
Apartment buildings
2500 38th NE Ave Minneapolis, MN 55421-2600
Entity Owned
Absentee Owner
Free & Clear
Property ID
US46-1897471
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (100+ UNITS)
Year built
2015
Construction
WOOD FRAME
Total area
255,096 SF
Lot
2.61 ac (113,561 SF)
APN
31-30-23-33-0208
UPID
US46-1897471
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
Current use
Occupant on record · Public records
-
The Legends at Silver Lake Village (55+) Apartments Apartment Complex
-
Hair By Audra Employment Agency Hair Salon
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$27.98M
Blend (final)
Blend
$22.87M
Owner & transaction history
ST ANTHONY LEASED HOUSING ASSOC II
ST ANTHONY LEASED HOUSING ASSOC II
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$37.6M
+57.3%
Office building
$25.8M
+8.1%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$23,900,000
Current use
MEDICAL BUILDING
$37,590,000
Change: +57% · Conversion: Moderate
OFFICE BUILDING
$25,835,000
Change: +8% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$23,745,000
Change: -1% · Conversion: Difficult
WAREHOUSE, STORAGE
$20,425,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$22.87M
Range $20.58M – $25.16M · ±10%
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
$90 / 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
$290,130
Tax year 2023
Assessed value
$37,926,000
Assessed 2023
Previous assessed
$40,449,500
-6.2% YoY
Effective rate
0.76%
On assessed value
Assessed land
$3,460,000
Assessed improvement
$34,466,000
Land market value
$3,460,000
Improvement market value
$34,466,000
Total market value
$37,926,000
Applied tax rate
282.0000
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
Apartment buildings
Use group
APARTMENT HOUSE (100+ UNITS)
Status
Off-Market
Year built
2015
Construction
WOOD FRAME
Heating
STEAM
Buildings
3
Total area
255,096 SF
Lot
2.61 ac (113,561 SF)
APN
31-30-23-33-0208
UPID
US46-1897471
Jurisdiction
RAMSEY
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$23.9M
MEDICAL BUILDING
Est. value
$37.6M
OFFICE BUILDING
Est. value
$25.8M
INDUSTRIAL (GENERAL)
Est. value
$23.7M
WAREHOUSE, STORAGE
Est. value
$20.4M
APARTMENT HOUSE (5+ UNITS) Current
MEDICAL BUILDING
OFFICE BUILDING
INDUSTRIAL (GENERAL)
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2015
Construction
WOOD FRAME
Heating
STEAM
Buildings
3
Lot
2.61 ac
Current owner
From public records · entity-resolved
ST ANTHONY LEASED HOUSING ASSOC II
Individual
Free & Clear · 0 yrs held
Mailing address
2905 NWNW BLVD STE #150, PLYMOUTH, MN 55441-7400
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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