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

    2650 2nd NE St Minneapolis, MN 55418-2724

    • Industrial properties
    • 29,136 SF
    • 1.60 lot acres
    OFF-MARKET
    Last Sale
    Mar 17, 2021
    $2,315,000
    Value Estimations
    $2,370,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-0752157
    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

    • AGFA / Software Company

    Property Details for 2650 2nd NE St

    Year built
    1989
    Construction
    CONCRETE
    Lot size
    1.60 lot acres
    Property size
    29,136 SF
    Zone code
    I2
    Property type
    Industrial properties
    APN
    11-029-24-23-0126
    APU
    1102924230126

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,470,000
      ML approach
      $2,390,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,711,000
      Market price range: $552k - $1.71M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $2,710,000
      Current use
      COMMERCIAL (GENERAL)
      $3,790,000
      Change: +40% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.2668
    Latitude
    45.0163
    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
    $99,115
    $549,800
    $2,700,200
    $3,250,000
    -
    $549,800
    $2,700,200
    $3,250,000

    Comparable in this City

    • Value Estimation by Request
      2.04 Acres

      2837 Anthony S Ln

      INDUSTRIAL (GENERAL) • 2.04 Acres
      2837 Anthony S Ln, Minneapolis, MN 55418-3269
      View Details
    • Value Estimation
      $3,845,000
      47,997 SF

      2639 2nd NE St

      INDUSTRIAL (GENERAL) • 47,997 SF
      2639 2nd NE St, Minneapolis, MN 55418-2701
      View Details
    • Value Estimation
      $2,100,000
      24,710 SF

      3100 California NE St

      INDUSTRIAL (GENERAL) • 24,710 SF
      3100 California NE St, Minneapolis, MN 55418-1808
      View Details
    • Value Estimation
      $5,145,000
      59,753 SF

      2810 University NE Ave

      INDUSTRIAL (GENERAL) • 59,753 SF
      2810 University NE Ave, Minneapolis, MN 55418
      View Details
    • Value Estimation
      $1,755,000
      57,314 SF

      416 35th NE Ave

      INDUSTRIAL (GENERAL) • 57,314 SF
      416 35th NE Ave, Minneapolis, MN 55418-1160
      View Details
    • Value Estimation
      $4,435,000
      64,080 SF

      500 30th NE Ave

      INDUSTRIAL (GENERAL) • 64,080 SF
      500 30th NE Ave, Minneapolis, MN 55418
      View Details

    Similar Nearby for Sale

    • $3,700,000
      43,562 SF

      Minneapolis Industrial Property For Sale

      Industrial property in Minneapolis, approved for cannabis use.
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    • Contact for pricing
      30,713 SF

      Industrial Building For Sale

      30,713 SF industrial building on 1.51 acres.
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    • $1,800,000
      17,160 SF

      Updated Office/Warehouse Building For Sale

      17,160 SF office/warehouse on 1.07 acres, updated and maintained.
      2909-2919 Anthony Ln, St Anthony, MN 55418
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    • Contact for pricing
      18,725 SF

      Minneapolis Industrial Building with Upgrades

      18,725 SF industrial building featuring upgraded office space.
      2318 1St St NE, Minneapolis, MN 55418
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    • $85,000
      0.07 Acres

      Residential Lot in Windom Park

      Level lot in Northeast Minneapolis, ready for home or investment.
      1004 20Th Ave NE, Minneapolis, MN 55418
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    • $800,000

      Multifamily Development Opportunity

      Land for multifamily development with transit-friendly redevelopment potential.
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    Similar Nearby for Lease

    • $4 SF/Yr
      23,930 SF

      Minneapolis Warehouse with Office Space

      23,930 SF warehouse with office mezzanine for lease.
      113 27Th Ave NE, Minneapolis, MN 55418
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    • Contact for pricing
      15,300 SF

      St. Anthony Warehouse Space

      Warehouse space in St. Anthony near major transportation routes.
      2845 Anthony Ln S, St Anthony, MN 55418
      View Details
    • $16 SF/Yr
      3,435 SF

      Modern Industrial Space in St. Anthony

      Well-maintained 3,435 SF flex space near Minneapolis.
      2851 Anthony Ln S, St Anthony, MN 55418
      View Details
    • Contact for pricing
      24,000 SF

      Northeast Minneapolis Flex Space

      New construction flex space in desirable Northeast Minneapolis neighborhood.
      2301 California St NE, Minneapolis, MN 55418
      View Details
    • $7 SF/Yr
      35,000 SF

      Prime St. Anthony Office Space

      Multiple Suites Available, 1,044-2,594 SF
      2855 Anthony Ln, Saint Anthony, MN 55418
      View Details
    • Contact for pricing
      12,212 SF

      Retail Space in St Anthony

      Anchor space available in a strong neighborhood center.
      2900-2922 Pentagon Dr, St Anthony, MN 55418
      View Details
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    2650 2nd NE St
    Minneapolis, MN 55418-2724
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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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