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Property profile & analytics
OFF-MARKET
Estimated value
$1,670,000
Industrial properties
2657 32nd S Ave, Minneapolis, MN 55406-2184
Entity Owned
13-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US46-1069653
Property summary
AI-generated overview
This exceptional 5,730-square-foot industrial warehouse, located at 2657 S 32nd Ave, Minneapolis, MN 55406, presents a fantastic opportunity. Situated on 32nd Ave S., near the cross streets of 26th Ave. E., this single-tenant Class C property boasts convenient access. Built in 1960, the one-story building features two drive-in doors, eliminating loading dock congestion. Ample parking is provided with four reserved spaces. The interior includes three offices and a restroom, enhancing functionality. The warehouse benefits from a fully sprinklered system and recently upgraded lighting, ensuring safety and efficiency. A new roof is scheduled for installation this spring, further enhancing the property's value. The space offers high ceilings, ideal for various industrial uses. The property taxes are $0.89 per square foot. The asking rent is $5.75 per square foot. The property will be available for occupancy on August 1, 2024. This well-maintained warehouse is ready for immediate occupancy and offers a compelling combination of functionality, location, and upcoming improvements.
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1954
Construction
CONCRETE
Total area
49,009 SF
Lot
1.61 ac (70,132 SF)
Zoning code
I2
APN
31-029-23-32-0035
UPID
US46-1069653
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
-
Rovan Hand-Crafted Furniture Production Facility Furniture & Home Goods
-
Franklin Drum Company (Bike/Boat/Book/etc) Store
-
Steam by Voyager (Bike/Boat/Book/etc) Store Hardware & Home Improvement
-
A To Z Dollar Items Discount Big Box & Wholesale Store
-
TimberStoke Sauna Company Association Or Organization
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.30M
Blend (final)
Blend
$1.67M
Owner & transaction history
Kvasnik Properties V LLC · 13 yrs held
Kvasnik Properties V LLC
since 2012
5 recorded transactions
Zoning & alternative use
I2 · Minneapolis, MN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
Blend value · Realmo final
$1.67M
Range $1.50M – $1.84M · ±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
$34 / 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
$64,036
Tax year 2023
Assessed value
$2,120,000
Assessed 2023
Previous assessed
$1,485,000
+42.8% YoY
Effective rate
3.02%
On assessed value
Assessed land
$656,000
Assessed improvement
$1,464,000
Land market value
$656,000
Improvement market value
$1,464,000
Total market value
$2,120,000
Applied tax rate
1.0000
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
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
Off-Market
Year built
1954
Construction
CONCRETE
Heating
CONVECTION
Stories
1
Total area
49,009 SF
Lot
1.61 ac (70,132 SF)
Zoning code
I2
APN
31-029-23-32-0035
UPID
US46-1069653
Jurisdiction
HENNEPIN
Zoning & alternative use
I2 · Minneapolis, MN
Zoning I2 · permitted uses
I2 · Minneapolis, MN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Minneapolis. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1954
Construction
CONCRETE
Heating
CONVECTION
Stories
1
Lot
1.61 ac
Current owner
From public records · entity-resolved
Kvasnik Properties V LLC
Entity
Mailing address
2190 MARSHALL AVE, SAINT PAUL, MN 55104-5758
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 19, 2017
—
Kvasnik Properties V LLC
—
Grant Deed
related
$1,282,198 · Alerus Fin'l
Aug 17, 2012
—
Kvasnik Properties V LLC
Kvasnik,theodore A & Elaine M K
Quit Claim Deed
related
$107,500 · Alerus Financial NA
Jan 2, 2008
$2,100,000
Theodore A Kvasnik
Johnson,andrew G & Diane M
Warranty Deed
—
—
—
Kvasnik Properties V LLC
—
Deed Of Trust
related
$1,545,000 · Alerus Financial NA
—
—
Kvasnik Properties V LLC
—
Deed Of Trust
related
$1,545,000 · Alerus Financial NA
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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