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

    2645 Hennepin Ave Minneapolis, MN 55408-1150

    • Commercial real estate
    • 3,766 SF
    • 0.05 lot acres
    OFF-MARKET
    Last Sale
    Mar 04, 2022
    $645,000
    Value Estimations
    $655,000
    Show details
    Cap Rate Potential
    8.5%
    Commercial real estate
    Location Intelligence
    Property ID
    US46-0033025
    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

    • L2 at Tii Cup / Bar & Pub / Nightclub
    • Tii Cup / Cafe & Coffee Shop
    • Saint Sabrina's / Tattoo & Piercing Shop

    Property Details for 2645 Hennepin Ave

    Year built
    1913
    Construction
    WOOD
    Lot size
    0.05 lot acres
    Property size
    3,766 SF
    Zone code
    C2
    Property type
    Commercial real estate
    APN
    33-029-24-42-0171
    APU
    3302924420171

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $500,000
      ML approach
      $460,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $710,000
      6.5%
      $655,000
      7%
      $605,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $666,000
      Market price range: $383k - $1.06M

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

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.2972
    Latitude
    44.954
    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
    $19,771
    $126,500
    $553,500
    $680,000
    -
    $126,500
    $553,500
    $680,000

    Comparable in this City

    • Value Estimation
      $5,800,000
      43,686 SF

      2740 1st S Ave

      COMMERCIAL (GENERAL) • 43,686 SF
      2740 1st S Ave, Minneapolis, MN 55408-1611
      View Details
    • Value Estimation
      $2,510,000
      17,196 SF

      1219 31st St

      COMMERCIAL (GENERAL) • 17,196 SF
      1219 31st St, Minneapolis, MN 55408-2703
      View Details
    • Value Estimation by Request
      2,023 SF

      1222 31st St

      COMMERCIAL (GENERAL) • 2,023 SF
      1222 31st St, Minneapolis, MN 55408-2702
      View Details
    • Value Estimation
      $2,750,000
      20,720 SF

      110 31st St

      COMMERCIAL (GENERAL) • 20,720 SF
      110 31st St, Minneapolis, MN 55408-4785
      View Details
    • Value Estimation
      $755,000
      5,978 SF

      2920 Bryant S Ave

      COMMERCIAL (GENERAL) • 5,978 SF
      2920 Bryant S Ave, Minneapolis, MN 55408-2195
      View Details
    • Value Estimation
      $4,090,000
      46,219 SF

      3005 Emerson S Ave

      COMMERCIAL (GENERAL) • 46,219 SF
      3005 Emerson S Ave, Minneapolis, MN 55408
      View Details

    Similar Nearby for Sale

    • $800,000
      5,000 SF

      3517 Hennepin Ave, Minneapolis, MN 55408

      Commercial real estate • 5,000 SF
      3517 Hennepin Ave, Minneapolis, MN 55408
      View Details
    • $2,575,000
      6,537 SF

      Uptown Minneapolis Retail Center

      Fully occupied retail center in vibrant Uptown Minneapolis neighborhood.
      1011-1015 W Lake St, Minneapolis, MN 55408
      View Details
    • $260,000

      East Isles Condo Near Lake

      Spacious, light-filled 2-bedroom condo in a desirable Minneapolis neighborhood.
      2706 Humboldt Ave S, Minneapolis, MN 55408
      View Details
    • $95,000
      0.13 Acres

      Vacant Lot Ready to Build

      Vacant lot in Minneapolis ready for new construction.
      3521 1St Ave S, Minneapolis, MN 55408
      View Details
    • Contact for pricing
      16,937 SF

      Iconic Minneapolis Building For Sale

      Historic building in Uptown Minneapolis with versatile commercial spaces.
      1402 W Lake St, Minneapolis, MN 55408
      View Details
    • $650,000
      2,425 SF

      Remodeled Retail Space in Minneapolis

      Mixed-use building in Longfellow neighborhood, remodeled in 2025.
      4010 E Lake St, Minneapolis, MN 55408
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      170,000 SF

      Uptown Minneapolis Retail Space

      Prime Retail, 1,500-3,164 sq ft
      1125 Lagoon Ave, Minneapolis, MN 55408
      View Details
    • Contact for pricing
      3,002 SF

      Retail Space in Uptown Minneapolis

      Retail space for lease in the heart of Uptown.
      3001-3027 Hennepin Ave, Minneapolis, MN 55408
      View Details
    • Contact for pricing
      3,200 SF

      Prime Uptown Retail Space

      Retail space in a vibrant, amenity-rich Uptown location.
      1433 W Lake St, Minneapolis, MN 55408
      View Details
    • Contact for pricing
      3,200 SF

      Uptown Executive Office Suite

      Prime Uptown location, 3200 sq ft.
      1433 Lake St, Minneapolis, MN 55408
      View Details
    • Contact for pricing
      27,010 SF

      Uptown Minneapolis Office Space

      Prime Uptown location, 27,010 sq ft.
      2907 Hennepin Ave, Minneapolis, MN 55408
      View Details
    • $20 SF/Yr
      15,589 SF

      Lyndale & Lake Creative Office Space

      Uptown Office, Two Suites Available
      2937 Lyndale Ave, Minneapolis, MN 55408
      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.
    2645 Hennepin Ave
    Minneapolis, MN 55408-1150
    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.