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

    6042 Nicollet Ave Minneapolis, MN 55419-2559

    • Commercial real estate
    • 7,440 SF
    • 0.57 lot acres
    OFF-MARKET
    Value Estimations
    $1,090,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-0137187
    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

    • The Patty Wagon / Restaurant

    Property Details for 6042 Nicollet Ave

    Year built
    1978
    Construction
    CONCRETE
    Lot size
    0.57 lot acres
    Property size
    7,440 SF
    Zone code
    C2
    Property type
    Commercial real estate
    APN
    22-028-24-34-0016
    APU
    2202824340016

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,400,000
      6.5%
      $1,290,000
      7%
      $1,200,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,166,000
      Market price range: $799k - $1.70M
      AI Estimate
      $804,000
      Market price range: $437k - $1.24M

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

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.2785
    Latitude
    44.8927
    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
    $43,159
    $496,200
    $952,800
    $1,449,000
    -
    $496,200
    $952,800
    $1,449,000

    Comparable in this City

    • Value Estimation
      $1,080,000
      8,274 SF

      4601 Nicollet Ave

      COMMERCIAL (GENERAL) • 8,274 SF
      4601 Nicollet Ave, Minneapolis, MN 55419-5506
      View Details
    • Value Estimation
      $1,235,000
      8,756 SF

      1501 54th St

      COMMERCIAL (GENERAL) • 8,756 SF
      1501 54th St, Minneapolis, MN 55419-1602
      View Details
    • Value Estimation
      $1,685,000
      11,934 SF

      414 Diamond Lk Rd

      COMMERCIAL (GENERAL) • 11,934 SF
      414 Diamond Lk Rd, Minneapolis, MN 55419-1459
      View Details
    • Value Estimation
      $1,685,000
      11,935 SF

      616 48th W St

      COMMERCIAL (GENERAL) • 11,935 SF
      616 48th W St, Minneapolis, MN 55419
      View Details
    • Value Estimation
      $825,000
      5,846 SF

      5500 Nicollet Ave

      COMMERCIAL (GENERAL) • 5,846 SF
      5500 Nicollet Ave, Minneapolis, MN 55419-1914
      View Details
    • Value Estimation
      $2,930,000
      20,721 SF

      5244 Lyndale S Ave

      COMMERCIAL (GENERAL) • 20,721 SF
      5244 Lyndale S Ave, Minneapolis, MN 55419-1222
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      27,360 SF

      Centrally Located Warehouse For Sale

      Centrally located warehouse with 16’ clear height and four drive-ins.
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    • Contact for pricing
      3,378 SF

      Mixed-Use Property in Kingfield

      Mixed-use property for sale or lease in Minneapolis' Kingfield neighborhood.
      4421-4423 Nicollet Ave S, Minneapolis, MN 55419
      View Details
    • $725,000

      Duplex Near Lake Harriet

      Charming Minneapolis duplex near Minnehaha Parkway and Lake Harriet.
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    • $595,000
      3,378 SF

      Mixed-Use Property in Kingfield

      Turn-key office/retail, garage, basement, and house in Minneapolis.
      4421-4423 Nicollet Ave S, Minneapolis, MN 55419
      View Details
    • $990,000
      5,500 SF

      Nicollet Ave Office Building - Minneapolis

      Prime Minneapolis Office Space: 5,500 SF, $990K
      6020 Nicollet Ave, Minneapolis, MN 55419
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      739 SF

      Prime Retail Space Near Lightrail

      Highly visible retail space with excellent foot traffic and public transportation.
      3810 46Th St E, Minneapolis, MN 55419
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    • Contact for pricing
      16,075 SF

      Minneapolis Industrial Property with Rail

      Industrial property in Minneapolis with outdoor storage and rail access.
      150 W 60Th St, Minneapolis, MN 55419
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      846 SF

      Historic Office Space Near Creek

      Office space in historic building with parking in South Minneapolis.
      5301-5325 Lyndale Ave S, Minneapolis, MN 55419
      View Details
    • Contact for pricing

      Fully Leased Retail Opportunity

      Retail property is currently 100% leased with no availability.
      816-826 W 50Th St, Minneapolis, MN 55419
      View Details
    • Contact for pricing

      Land Near Blue Line Stop

      Commercial land near Cub Foods, apartments, and light rail.
      3815 E 46Th St, Minneapolis, MN 55419
      View Details
    • Contact for pricing

      Convenient Minneapolis Distribution Property

      Distribution property with convenient access to MSP Airport and downtown.
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      View Details
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    6042 Nicollet Ave
    Minneapolis, MN 55419-2559
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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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