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

    709 23rd S Ave Minneapolis, MN 55454

    • Commercial real estate
    • 31,600 SF
    • 3.56 lot acres
    OFF-MARKET
    Value Estimations
    $3,585,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-0592113
    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

    • Kennedy Center, Augsburg College / High School

    Property Details for 709 23rd S Ave

    Year built
    1960
    Construction
    CONCRETE
    Lot size
    3.56 lot acres
    Property size
    31,600 SF
    Zone code
    OR3
    Property type
    Commercial real estate
    APN
    25-029-24-34-0097
    APU
    2502924340097

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,773,000
      Market price range: $2.24M - $7.81M
      AI Estimate
      $2,394,000
      Market price range: $951k - $3.96M

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

    Location Insight

    • Map
    • Local Demand
    City
    Minneapolis
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.2387
    Latitude
    44.9655
    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
    $5,616
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      4,000 SF

      2001 Riverside Ave

      COMMERCIAL (GENERAL) • 4,000 SF
      2001 Riverside Ave, Minneapolis, MN 55454-1330
      View Details
    • Value Estimation
      $25,210,000
      222,279 SF

      2406 Riverside Ave

      COMMERCIAL (GENERAL) • 222,279 SF
      2406 Riverside Ave, Minneapolis, MN 55454-1450
      View Details
    • Value Estimation
      $13,410,000
      118,255 SF

      2512 7th St

      COMMERCIAL (GENERAL) • 118,255 SF
      2512 7th St, Minneapolis, MN 55454-1404
      View Details
    • Value Estimation
      $2,770,000
      24,430 SF

      1412 3rd St

      COMMERCIAL (GENERAL) • 24,430 SF
      1412 3rd St, Minneapolis, MN 55454-1148
      View Details
    • Value Estimation by Request
      823 SF

      133 19th S Ave

      COMMERCIAL (GENERAL) • 823 SF
      133 19th S Ave, Minneapolis, MN 55454
      View Details
    • Value Estimation
      $780,000
      6,574 SF

      510 Cedar S Ave

      COMMERCIAL (GENERAL) • 6,574 SF
      510 Cedar S Ave, Minneapolis, MN 55454-1219
      View Details

    Similar Nearby for Sale

    • $650,000
      5,400 SF

      Turnkey Restaurant Opportunity Near University

      Fully renovated restaurant building near University of Minnesota.
      1829 Riverside Ave, Minneapolis, MN 55454
      View Details
    • Contact for pricing
      55,635 SF

      Minneapolis School Building For Sale

      Spacious 55,635 SF school building with redevelopment potential.
      2220 16Th Ave N, Minneapolis, MN 55454
      View Details
    • $108,999
      753 SF

      Convenient City Living Apartment

      Apartment near transit, universities, stadium, restaurants, and entertainment.
      1824 S 5Th St, Minneapolis, MN 55454
      View Details
    • Contact for pricing

      Land in Bluff Street Park

      Approximately 0.31 acres of land in Minneapolis, Minnesota.
      21 20Th Ave S, Minneapolis, MN 55454
      View Details
    • Contact for pricing
      0.31 Acres

      Minneapolis Residential Land - 0.31 Acres

      Prime Minneapolis land, RM3 zoning, near U of M.
      21 20Th Ave, Minneapolis, MN 55454
      View Details
    • Contact for pricing
      92,976 SF

      Minneapolis Office Building Near Campus

      Professional and medical office building near M Health Fairview Campus.
      2220 Riverside Ave, Minneapolis, MN 55454
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,109 SF

      Bar/Restaurant & Apartments Opportunity

      Bar/restaurant with apartments above near the University of Minnesota campus.
      221-225 Cedar Ave S, Minneapolis, MN 55454
      View Details
    • Contact for pricing
      2,079 SF

      Medical Office Space for Rent

      Medical office space near the University of Minnesota Medical Center.
      701 25Th Ave S, Minneapolis, MN 55454
      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.
    709 23rd S Ave
    Minneapolis, MN 55454
    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.