Entity Owned 
For Lease
$6.50 SF/Yr
3401 Spring St Northeast, Minneapolis, MN 55413
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Property summary
AI-generated overview
The property is a 34,848-square-foot industrial building constructed in 1968, including 28,675 square feet of warehouse space, 2,688 square feet of main-level office space, and 3,488 square feet of mezzanine office space. It contains a two-story office area configured with a mix of open bullpen space and private perimeter offices, with a breakroom and four restrooms on the main floor and mezzanine levels. The warehouse has an 1,800-square-foot mezzanine with metal-pan and wood-floor construction that is described as removable. Shipping and receiving are supported by three dock-high doors (8' x 12' each) equipped with two levelers, bumpers, and an awning, plus one drive-in door (12' x 14'). Building systems include 400 amp service with 480 volt, 3-phase power, 31.75' x 27.5' column spacing, 18' clear height, full sprinkler coverage, and skylights throughout, along with industrial-scale utilities and Comcast Fiber. Exterior land includes excess green space that could support expansion of the building footprint, parking lot expansion, or outdoor storage. The property is zoned I-2 (Medium Industrial District).
Property profile
Verified
Property type
Other industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1968
Construction
CONCRETE
Total area
34,397 SF
Lot
1.82 ac (79,279 SF)
Zoning code
I2
APN
18-029-23-42-0006
UPID
US46-0650718
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
(Bike/Boat/Book/etc) Store
-
Financial Advisor
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$5.62M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.12M
Owner & transaction history
Zoning & alternative use
I2 · Minneapolis, MN
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 6 comparables with addresses
Sensitivity value band
Source audit · 6 inputs
PDF export
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Summary
1
Valuation conclusion
Included free
Estimated market value
$4.12M
Value range
$3.71M – $4.53M
±10% around blend
Estimated value / SF
$120 / SF
Confidence
High
6 county-verified comps
Property data
100
Market benchmarks
100
Comparable evidence
60
Income certainty
100
$3.71M
blend $4.12M
$4.53M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
34,397 SF
Lot area
1.82 ac
Year built
1968
Stories
1
APN
18-029-23-42-0006
Zoning
I2
Assessed value
$3,380,000
Annual tax
$103,151
3
Income approach: direct capitalization
Partial preview
Income approach indication
$5.62M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$6.09M
@ 6.5% CAP return
$5.62M
@ 7% CAP return
$5.22M
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$103,151
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$2.98M
Weighted, 6 comps · high confidence
Evidence
6 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
7.0 mi away · 35,162 SF
8.9 mi away · 30,772 SF
13.4 mi away · 34,560 SF
13.6 mi away · 35,000 SF
16.1 mi away · 35,592 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$4.12M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 26 sales
$205
-42%
Submarket 297 sales
$93
+29%
County 314 sales
$98
+22%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $120/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 6 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Professional plan · 30 reports
from $99/month
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Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$4.91M
Move the market yield to see immediate price impact.
Value / SF
$143
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$309k
$6.19M
$4.42M
$3.44M
$344k
$6.87M
$4.91M
$3.82M
$378k
$7.56M
$5.40M
$4.20M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
6 found
High confidence · county-verified
Closest comparable
$2.95M
3.6 mi · Jan 2026 · $85/SF
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$103,151
Tax year 2023
Assessed value
$3,380,000
Assessed 2023
Previous assessed
$2,328,000
+45.2% YoY
Effective rate
3.05%
On assessed value
Assessed land
$711,700
Assessed improvement
$2,668,300
Land market value
$711,700
Improvement market value
$2,668,300
Total market value
$3,380,000
Applied tax rate
1.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Other industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
For Lease
Year built
1968
Construction
CONCRETE
Heating
FORCED AIR
Cooling
YES
Stories
1
Total area
34,397 SF
Lot
1.82 ac (79,279 SF)
Zoning code
I2
APN
18-029-23-42-0006
UPID
US46-0650718
Jurisdiction
HENNEPIN
Zoning & alternative use
I2 · Minneapolis, MNZoning I2 · permitted uses
I2 · Minneapolis, MN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Building & site characteristics
From public records
Year built
1968
Construction
CONCRETE
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
1.82 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
I2
Jurisdiction
Minneapolis, MN
Recorded code
I2
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for I2 in Minneapolis, MN.
What opens after registration
Zoning profile
2 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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