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

    623 Hoover NE St Minneapolis, MN 55413-2902

    • Industrial properties
    • 16,632 SF
    • 1.27 lot acres
    OFF-MARKET
    Value Estimations
    $520,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-1112367
    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

    • Power Lift Inc. / Equipment Rental Agency

    Property Details for 623 Hoover NE St

    Year built
    1968
    Construction
    CONCRETE
    Lot size
    1.27 lot acres
    Property size
    16,632 SF
    Zone code
    I2
    Property type
    Industrial properties
    APN
    18-029-23-42-0009
    APU
    1802923420009

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $510,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $526,000
      Market price range: $248k - $745k

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

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.217
    Latitude
    44.9961
    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
    $55,451
    $498,500
    $1,101,500
    $1,600,000
    -
    $498,500
    $1,101,500
    $1,600,000

    Comparable in this City

    • Value Estimation
      $605,000
      22,305 SF

      641 Hoover NE St

      INDUSTRIAL (GENERAL) • 22,305 SF
      641 Hoover NE St, Minneapolis, MN 55413-2902
      View Details
    • Value Estimation
      $985,000
      36,893 SF

      404 Industrial NE Blvd

      INDUSTRIAL (GENERAL) • 36,893 SF
      404 Industrial NE Blvd, Minneapolis, MN 55413-2931
      View Details
    • Value Estimation
      $475,000
      11,176 SF

      437 Harding NE St

      INDUSTRIAL (GENERAL) • 11,176 SF
      437 Harding NE St, Minneapolis, MN 55413-2801
      View Details
    • Value Estimation
      $830,000
      31,170 SF

      721 Harding NE St

      INDUSTRIAL (GENERAL) • 31,170 SF
      721 Harding NE St, Minneapolis, MN 55413-2813
      View Details
    • Value Estimation
      $815,000
      30,450 SF

      724 Harding NE St

      INDUSTRIAL (GENERAL) • 30,450 SF
      724 Harding NE St, Minneapolis, MN 55413-2817
      View Details
    • Value Estimation
      $505,000
      14,178 SF

      2809 Winter NE St

      INDUSTRIAL (GENERAL) • 14,178 SF
      2809 Winter NE St, Minneapolis, MN 55413-2935
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      45,300 SF

      Minneapolis Industrial Portfolio Opportunity

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    • $2,050,000
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      Industrial Building with Outdoor Storage

      21,528 SF industrial building with fenced outdoor storage.
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      36,122 SF

      Industrial Facility in Prime Location

      36,122 SF industrial facility for sale or lease.
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    • $6,150,000
      64,769 SF

      Fridley Industrial Facility with Excess Land

      64,769 SF industrial building with excess land for sale.
      Industrial Blvd NE 5330, Fridley, MN 55413
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    • Contact for pricing
      3,000 SF

      Warehouse with Covered and Fenced Storage

      3,000 SF warehouse with loading docks and outdoor storage.
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    • Contact for pricing

      Minneapolis Truck Parking Investment Opportunity

      5.32 acres, 100% leased, grandfathered truck parking use.
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    Similar Nearby for Lease

    • $14 SF/Yr
      2,153 SF

      Industrial Space Available for Lease

      Industrial property with 2,153 square feet available for rent.
      2010 E Hennepin Ave, Minneapolis, MN 55413
      View Details
    • Contact for pricing
      26,401 SF

      Prime Urban Industrial Campus

      40-acre site suitable for logistics, manufacturing, office, lab.
      58 9Th Ave NE, Minneapolis, MN 55413
      View Details
    • $12 SF/Yr
      3,345 SF

      Minneapolis Flex and Office Space

      Flex and office spaces available for rent in Minneapolis.
      1121 Jackson St NE, Minneapolis, MN 55413
      View Details
    • $18 SF/Yr
      9,055 SF

      Office and Warehouse Space Available

      Office and warehouse spaces for lease in Minneapolis.
      555 1St Ave NE, Minneapolis, MN 55413
      View Details
    • $15 SF/Yr
      1,004 SF

      Historic Industrial Property in Minneapolis

      Prominent industrial property in Northeast Arts District available for lease.
      429-451 Taft St NE, Minneapolis, MN 55413
      View Details
    • Contact for pricing
      65,000 SF

      Minneapolis Warehouse Space Available

      65,000 SF stand-alone building with great access.
      2323-2409 Hennepin Ave E, Minneapolis, MN 55413
      View Details
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    623 Hoover NE St
    Minneapolis, MN 55413-2902
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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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