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

    3501 Nicollet Ave Minneapolis, MN 55408-4559

    • Commercial real estate
    • 2,441 SF
    • 0.26 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-3172074
    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

    • Hola Arepa / Restaurant

    Property Details for 3501 Nicollet Ave

    Year built
    1973
    Construction
    CONCRETE
    Lot size
    0.26 lot acres
    Property size
    2,441 SF
    Zone code
    C1
    Property type
    Commercial real estate
    APN
    03-028-24-42-0137
    APU
    302824420137

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.2775
    Latitude
    44.9393
    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
    $18,027
    $224,600
    $392,900
    $617,500
    -
    $224,600
    $392,900
    $617,500

    Comparable in this City

    • Value Estimation by Request
      0.54 Acres

      2938 Emerson SE Ave

      COMMERCIAL (GENERAL) • 0.54 Acres
      2938 Emerson SE Ave, Minneapolis, MN 55408
      View Details
    • Value Estimation
      $1,530,000
      17,907 SF

      2955 Grand S Ave

      COMMERCIAL (GENERAL) • 17,907 SF
      2955 Grand S Ave, Minneapolis, MN 55408
      View Details
    • Value Estimation
      $8,375,000
      63,065 SF

      2810 Nicollet Ave

      COMMERCIAL (GENERAL) • 63,065 SF
      2810 Nicollet Ave, Minneapolis, MN 55408-4708
      View Details
    • Value Estimation
      $860,000
      9,476 SF

      2835 Nicollet Ave

      COMMERCIAL (GENERAL) • 9,476 SF
      2835 Nicollet Ave, Minneapolis, MN 55408-2329
      View Details
    • Value Estimation
      $16,595,000
      124,990 SF

      2924 4th S Ave, Unit 101

      COMMERCIAL (GENERAL) • 124,990 SF
      2924 4th S Ave, Minneapolis, MN 55408-2438
      View Details
    • Value Estimation
      $1,040,000
      6,370 SF

      111 Lk St

      COMMERCIAL (GENERAL) • 6,370 SF
      111 Lk St, Minneapolis, MN 55408-3115
      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
    • $1,000,000
      6,534 SF

      Hennepin Avenue Investment Opportunity

      Minneapolis Low-Rise, 6,534 sq ft
      3513 Hennepin Ave, Minneapolis, MN 55408
      View Details
    • Contact for pricing
      1,200 SF

      Charming Condo with Heated Garage

      Move-in ready condo with amenities, heated garage, and treetop views.
      1425 W 28Th St, Minneapolis, MN 55408
      View Details
    • Contact for pricing
      5,182 SF

      Lake Street Restaurant Opportunity

      Two-level restaurant with full build-out on vibrant Lake Street.
      501 E Lake St, 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.
    3501 Nicollet Ave
    Minneapolis, MN 55408-4559
    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.