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For Sale:  Minneapolis MLS# 6686113

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Active
$2,600,000
/mo Edit
Commercial:  Apartments/Retail
Built 2007
0.54 acres
Minneapolis schools
MLS# 6686113
763-576-8286
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    Property Description

    *Fully leased and back on market 12/1/2025* EXECUTIVE SUMMARY | FULLY OCCUPIED UPTOWN RETAIL INVESTMENT Grand Real Estate Advisors is proud to present Lumen on Lagoon, a prime street-level retail condominium opportunity in the heart of Uptown Minneapolis. This modern, fully occupied property offers an exceptional blend of stable income and immediate rent upside, located directly beneath four floors of owner-occupied residential units in a dynamic mixed-use development. INVESTMENT HIGHLIGHTS Exceptional Cap Rate: Offering a strong 9.3% In-Place Cap Rate based on an NOI of $241, 975.80 (2026), providing immediate, stable cash flow. Strong Anchor Tenancy: Over 60% of the GLA is secured by long-term leases with established national and regional tenants, including CorePower Yoga (through 2032) and SOFACLUB Cannabis (through 2036). Immediate Value-Add Opportunity: 57 FIT occupies 25% of the GLA and is currently paying below market rates. The lease includes a clause allowing the new Owner to terminate tenancy by providing 90 days written notice, providing the flexibility to immediately re-tenant the space at higher market rates. Alternatively, an owner-user could occupy this portion of the building. Affluent & Educated Demographics: Situated in a thriving, highly walkable area known for its strong median household income and high concentration of young professionals who support the surrounding eclectic dining, boutique shopping, and service-oriented businesses. PROPERTY DETAILS Address: 1211 Lagoon Avenue, Minneapolis, MN 55408 Gross Square Footage: 13, 099 SF (Entire first floor; structured as 3 PID's - Condos) Year Built: 2006 (Modern construction) This is an unparalleled opportunity to acquire a stable, high-performing retail asset in one of Minneapolis' most energetic and consistently sought-after neighborhoods. Contact Broker for confidential Offering Memorandum and full Rent Roll details.

    Listing

    Listing Status: Active
    Contingency: None
    List Price: $2,600,000
    Property Type: Commercial
    City: Minneapolis
    Garage Spaces: 0
    County: Hennepin
    Year Built: 2007
    State: MN
    Property Style: Apartments/Retail
    Zip Code: 55408
    Neighborhood/Area: Lowry Hill East

    Interior

    Ceiling Height: 11-15

    Exterior

    Garage Spaces: 0
    Other Parking Spaces: 0
    Foundation Size: 114 ft2
    Handicap Accessible: Doors 36"+, Grab Bars In Bathroom, Hallways 42"+, No Stairs Internal, Partially Wheelchair
    Heating System: Forced Air
    Parking Features:
    • More Parking Offsite for Fee
    • On-Street Parking Only
    Exterior Material: Other

    Lot & Land

    Acres: 0.54
    Geolocation: 44.948908, -93.294824
    Inclusions: Building, Leases
    Lot Dimensions: 114.5 x 114.5
    Zoning: Business/Commercial

    Schools

    School District: 1
    District Phone: 612-668-0000

    Expenses

    Annual Gross Expense: $106,760
    Tenant Expenses: All Utilities, Taxes

    Financial & Taxes

    Tax Year: 2024
    Annual Taxes: $78,350
    Lender-owned: No
    Assessment Pending: Unknown
    Taxes w/ Assessments: $80,039

    Income

    Annual Gross Income: $348,736

    Rent

    Annual Net Income: $241,975

    Units

    Total Units: 5
    Unit Number: 2930 Emerson No.'s 101 & 102; plus 1201, 1203, & 1

    Miscellaneous

    Current Use:
    • Commercial
    • Professional Service
    • Retail
    Fuel System: Natural Gas
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Available Utilities:
    • Electric Common
    • Electric Separate
    • Heating Common
    • Heating Separate
    • Hot Water Common
    • Hot Water Separate
    Water System: City Water/Connected

    Mortgage Calculator

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    Payment:  /mo

    Local Home Mortgage Professionals

    Eric Bloomstrand
    Branch Sales Manager
    Fairway Home Mortgage    NMLS#274211
    612-961-2600
    Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
    Connect with Eric today to get started with your home purchase!

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    Listing provided by RMLS, courtesy of Grand Real Estate Advisors.
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.