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

    624 2nd S Ave Minneapolis, MN 55402-1901

    • Industrial land
    • 0.30 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-0992055
    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

    • Industrial land

    Property Details for 624 2nd S Ave

    Lot size
    0.30 lot acres
    Zone code
    C2
    Property type
    Industrial land
    APN
    23-029-24-11-0304
    APU
    2302924110304

    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
    -93.25
    Latitude
    44.9899
    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
    $5,203
    $224,800
    $0.00
    $224,800
    -
    $224,800
    $0.00
    $224,800

    Comparable in this City

    • Value Estimation by Request
      0.30 Acres

      160 9th St

      INDUSTRIAL - VACANT LAND • 0.30 Acres
      160 9th St, Minneapolis, MN 55402-3308
      View Details
    • Value Estimation by Request
      0.45 Acres

      124 7th St

      INDUSTRIAL - VACANT LAND • 0.45 Acres
      124 7th St, Minneapolis, MN 55402-2304
      View Details
    • Value Estimation by Request
      0.27 Acres

      Penn And Lowry Avenues

      Land • 12,197 SF
      0 Penn And Lowry Avenues, Minneapolis, MN 55402
      View Details
    • Value Estimation by Request
      0.18 Acres

      217 9th St

      VACANT COMMERCIAL LAND • 0.18 Acres
      217 9th St, Minneapolis, MN 55402-3309
      View Details
    • Value Estimation by Request
      0.21 Acres

      819 2nd S Ave

      VACANT COMMERCIAL LAND • 12,220 SF
      819 2nd S Ave, Minneapolis, MN 55402-2808
      View Details
    • Value Estimation by Request
      0.04 Acres

      219 9th St

      VACANT COMMERCIAL LAND • 0.04 Acres
      219 9th St, Minneapolis, MN 55402-3309
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      13,544 SF

      Downtown Minneapolis Redevelopment Opportunity

      Downtown Minneapolis site for potential redevelopment.
      414 S 8Th St, Minneapolis, MN 55402
      View Details
    • Contact for pricing
      17,100 SF

      Prime Office Space on Nicollet

      Office space with high ceilings and excellent signage opportunities.
      815 Nicollet Mall, Minneapolis, MN 55402
      View Details
    • Contact for pricing
      14,316 SF

      Minneapolis Office Building For Sale

      Office building with 14,316 square feet of space.
      615 N 7Th St, Minneapolis, MN 55402
      View Details
    • Contact for pricing
      22,693 SF

      Downtown Minneapolis Restaurant Ready Space

      Second-generation restaurant space in bustling downtown Minneapolis.
      86 South 9Th St, Minneapolis, MN 55402
      View Details
    • Contact for pricing
      26,170 SF

      Nicollet Mall Office Building

      Office building located on Nicollet Mall in Minneapolis.
      651 Nicollet Mall, Minneapolis, MN 55402
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      12,197 SF

      Prime Minneapolis Commercial Land

      0.27-acre lot, 12,197 sqft, C2 zoning
      0 Penn And Lowry Avenues, Minneapolis, MN 55402
      View Details
    • Contact for pricing
      14,000 SF

      Retail Space Next to Walgreens

      Retail space available in Minneapolis, lease until 2035.
      601-655 Nicollet Mall, Minneapolis, MN 55402
      View Details
    • Contact for pricing

      Downtown Minneapolis Office Space Available

      Iconic building reinvented for modern office use in Minneapolis.
      700 Nicollet Mall, Minneapolis, MN 55402
      View Details
    • $22 SF/Yr
      3,217 SF

      Prime Office Space in Minneapolis

      Office space in the heart of Minneapolis CBD for rent.
      800-802 Nicollet Mall, Minneapolis, MN 55402
      View Details
    • $19 SF/Yr
      7,070 SF

      Downtown Minneapolis Office Space

      Office space in the heart of downtown Minneapolis.
      45 S 7Th St, Minneapolis, MN 55402
      View Details
    • Contact for pricing
      959,264 SF

      Minneapolis Office Space Available

      Large office building in Minneapolis, MN, available for lease.
      707 S 2Nd Ave, Minneapolis, MN 55402
      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.
    624 2nd S Ave
    Minneapolis, MN 55402-1901
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.