Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2637 Pleasant Ave Minneapolis, MN 55408
    Back to Search
    Property profile & analytics

    2637 Pleasant Ave Minneapolis, MN 55408

    View on Map
    • Apartment buildings
    • 19,200 SF
    • 0.32 lot acres
    For Sale
    $2,600,000
    View Listing →
    Whittier Park 21-Unit Multifamily Building For Sale
    $2,600,000
    0.32 Acres

    Whittier Park 21-Unit Multifamily Building

    21-unit multifamily property in Whittier Park neighborhood, Minneapolis.

    2637 Pleasant Avenue, Minneapolis, MN 55408
    View Listing
    Property ID
    US46-0694154
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • 2637 Pleasant Ave S of In the City Apartments / Apartment Building

    Property Details for 2637 Pleasant Ave

    Year built
    1966
    Lot size
    0.32 lot acres
    Property size
    19,200 SF
    Property type
    Apartment buildings

    Description

    This exceptional 21-unit multifamily property, located at 2637 Pleasant Avenue in Minneapolis, Minnesota's desirable Whittier Park neighborhood, presents a compelling investment opportunity. The building, constructed in 1966, boasts an attractive all-brick and stucco exterior and sits on a 0.32-acre lot. The spacious 19,200 square foot building offers a diverse unit mix including two 2-bedroom units, fifteen 1-bedroom units, and four studio units. A significant portion of the apartments have undergone recent renovations, featuring updated kitchens and bathrooms, modern LVP flooring, stylish lighting fixtures, and new appliance packages. Further enhancing energy efficiency and value, the property includes newer double-pane vinyl replacement windows, two energy-efficient hot water boilers, and recently installed coin-operated laundry machines. Its prime location offers convenient access to the Minneapolis College of Art & Design (MCAD), the Minneapolis Institute of Arts museum, and the vibrant downtown area, ensuring strong rental demand and potential for future appreciation. This well-maintained property is priced at $2,850,000 and represents a rare opportunity to acquire a profitable multifamily asset in a highly sought-after Minneapolis location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.28256
    Latitude
    44.95425

    Comparable in this City

    • Contact for pricing

      Spacious Minneapolis Multifamily Investment Property

      Six large three-bedroom units in South Minneapolis with upside potential.
      2621 3Rd Ave S, Minneapolis, MN 55408
      View Details
    • $899,000
      0.13 Acres

      Remodeled Five-Unit Apartment Building

      Turn-key investment opportunity with immediate income and long-term upside.
      3407 Lyndale Ave S, Minneapolis, MN 55408
      View Details
    • $1,650,000
      0.13 Acres

      Boutique Apartment Building on Eat Street

      Boutique apartment building with main building and carriage house.
      3341 Nicollet Ave, Minneapolis, MN 55408
      View Details
    • Contact for pricing
      0.12 Acres

      Iconic Corner Mixed-Use Building

      Historic mixed-use building at Lyndale Ave and Lake St.
      614 W Lake St, Minneapolis, MN 55408
      View Details
    • $2,600,000

      Whittier Park 21-Unit Multifamily Building

      21-unit multifamily property in Whittier Park neighborhood, Minneapolis.
      2637 Pleasant Ave, Minneapolis, MN 55408
      View Details
    • Contact for pricing
      4,800 SF

      Minneapolis Quadplex with Expansion Potential

      Quadplex in Minneapolis with potential for a sixth unit.
      2800 Stevens Ave, Minneapolis, MN 55408
      View Details

    Similar Nearby for Sale

    • $899,000
      0.13 Acres

      Remodeled Five-Unit Apartment Building

      Turn-key investment opportunity with immediate income and long-term upside.
      3407 Lyndale Ave S, Minneapolis, MN 55408
      View Details
    • $1,650,000
      0.13 Acres

      Boutique Apartment Building on Eat Street

      Boutique apartment building with main building and carriage house.
      3341 Nicollet Ave, Minneapolis, MN 55408
      View Details
    • Contact for pricing
      0.12 Acres

      Iconic Corner Mixed-Use Building

      Historic mixed-use building at Lyndale Ave and Lake St.
      614 W Lake St, Minneapolis, MN 55408
      View Details
    • $2,600,000

      Whittier Park 21-Unit Multifamily Building

      21-unit multifamily property in Whittier Park neighborhood, Minneapolis.
      2637 Pleasant Ave, Minneapolis, MN 55408
      View Details
    • Contact for pricing

      Spacious Minneapolis Multifamily Investment Property

      Six large three-bedroom units in South Minneapolis with upside potential.
      2621 3Rd Ave S, Minneapolis, MN 55408
      View Details
    • Contact for pricing
      4,800 SF

      Minneapolis Quadplex with Expansion Potential

      Quadplex in Minneapolis with potential for a sixth unit.
      2800 Stevens Ave, Minneapolis, MN 55408
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,537 SF

      Medical Clinic Space Available

      Medical clinic space available in Uptown Row.
      1221 Lake St W, Minneapolis, MN 55408
      View Details
    • Contact for pricing
      21,410 SF

      West Lake Street Retail Space

      21,410 SF retail space available for rent.
      1300 West Lake St, Minneapolis, MN 55408
      View Details
    • Contact for pricing
      2,500 SF

      Retail Space in Mixed-Use Project

      First floor retail space in a new mixed-use apartment project.
      2851-2855 Hennepin Ave, Minneapolis, MN 55408
      View Details
    • $25 SF/Yr
      863 SF

      Retail Space in Mixed-Use Development

      Retail space available in a mixed-use development, built in 2022.
      500 W Lake St, Minneapolis, MN 55408
      View Details
    • Contact for pricing

      Office and Retail Space Available

      Office and retail spaces in the vibrant Uptown neighborhood.
      2907 Hennepin Ave, Minneapolis, MN 55408
      View Details
    • Contact for pricing

      Office Space in Uptown/LynLake

      Office space for rent in high-traffic Uptown/LynLake location.
      2937 Lyndale Ave S, Minneapolis, MN 55408
      View Details
    View Listing
    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.
    2637 Pleasant Ave
    Minneapolis, MN 55408
    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

    Thank You for Inquiry
    2637 Pleasant Ave, Minneapolis, MN, 55408
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!