3501 hiawatha ave - cw-gbl-gws-prod.azureedge.net

18
3501 HIAWATHA AVE MINNEAPOLIS, MN Sale Memorandum

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Page 1: 3501 HIAWATHA AVE - cw-gbl-gws-prod.azureedge.net

3501 HIAWATHA AVE MINNEAPOLIS, MN

Sale Memorandum

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4

3

Property Information

Property Overview

Property BasicsLocation Map AerialsNearby Redevelopment ProjectsZoning MapZoning Code38th Street StationPublic TransitProperty Tax InformationTraffic CountsPhotos

WHAT’S INSIDE

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Cushman & Wakefield 3

PROPERTY OVERVIEW

3501 Hiawatha Avenue is a 2.4 acre prime development site. It was formerly a grain elevator and milling operation. It has a fully operational rail spur onto the property. 3501 Hiawatha Avenue is less than four miles to downtown Minneapolis and between downtown Minneapolis and the Minneapolis-St. Paul International Airport. The 38th Street Light Rail Transit (LRT) Station is 2 blocks south of this site.

The site is in an area of significant redevelopment. There are strong residential communities to the east and west of the corridor, and there has been significant redevelopment of sites near the LRT Station stops.

The site is zoned I2, with an IL, Industrial Living, overlay.

Light Rail

The 38th Street Light Rail

Transit (LRT) Station is 2

blocks south of this site

Location

On Hiawatha Avenue between downtown Minneapolis and Minneapolis/St. Paul International Airport

Redevelopment

Redevelopment opportunity: City will support multi-family development at this site. Full block development site of 2.4 acres

Sale Price

$3,000,000$2,500,000

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Cushman & Wakefield 4

PROPERTY BASICS

Sale Price: $3,000,000 $2,500,000

3501 Hiawatha AvenueMinneapolis, MN 55117

Parcel Number 01.028.24.41.0142

Improvements The site is improved with grain elevators and milling operation

Land Area 2.4 Acres (104,397 SF)

Year Built 1914 with additions

Zoning I2, with an IL (Industrial Living) overlay

RailMinnesota Commercial Railway provides service & there is a spur onto the site

2021 Taxes $27,304.90

2021 Tax Assessed Value $807,300.00

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Cushman & Wakefield 5

LOCATION MAP

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Cushman & Wakefield 6

AERIALS

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Cushman & Wakefield 7

AERIALS

MINNEAPOLIS/ST.PAUL INTERNATIONAL AIRPORT

GRE

EN L

INE

LRT

DOWNTOWN MINNEAPOLIS

38th St LRT Station

SITE3501 Hiawatha Avenue

4 MILES TO DOWNTOWN

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Cushman & Wakefield 8

3716 Dight Ave

Hiawatha Suites Senior Living

Former Harvest States

Hiawatha Flats

Oaks Hiawatha Station

46th St LRT Station

Longfellow Station Apartments

Amber Apartments

Lowa46 Apartments

SITE3501 Hiawatha Ave

NEARBY REDEVELOPMENT PROJECTS

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Cushman & Wakefield 9

NEARBY REDEVELOPMENT PROJECTS

ADDRESS COMMENTS

Longfellow Station Apartments3845 Hiawatha Ave S

180 units, many are affordable. Mid-rise apartments. Developed by Sherman Associates, Inc. Built in 2013.

Former Harvest States3333 E 14th St

A local investor purchased this former Harvest States grain terminal in 2016. He is using the structures for storage units.

Hiawatha Suites Senior Living4140 Dight Ave

Senior living facility that opened in January 2019.

Oaks Hiawatha Station4540 Snelling Ave

Mid-rise apartments. Snap Fitness occupies 2,400 SF on first floor. Built in 2004. 61 units.

Hiawatha Flats3625 E 43rd St

Mid-rise apartments. Three buildings, built in 2007. Two blocks away from light rail. 234 units.

Amber Apartments4525 Hiawatha Ave

RS Eden plans to build 80 affordable apartments. It is an $18 million project that includes a $250,000 grant from Hennepin County. 80 units.

Former General Mills Grain Elevator3716 Dight Ave S

$92 million, 500-unit development is proposed for a 2-acre site Developer is Sean Sweeney and Hayes Harlow. 125 of the 500 units would have affordable rates. Grant request of around $500,000 to demo the grain elevator.

Lowa46 Apartments4621 Snelling Ave

Oppidan opened Lowa46 in 2019. It is a 148 market rate apartment development with a 45,000 SF Cub Foods grocery store.

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Cushman & Wakefield 10

ZONING MAP

SITESITE SITESITE

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IL Industrial Living Overlay District

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ZONING CODE

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IL Industrial Living Overlay District

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Cushman & Wakefield 12

ZONING CODE

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Cushman & Wakefield 13

PROPERTY TAX INFORMATION

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Cushman & Wakefield 14

38TH STREET STATION

SITESITE

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Cushman & Wakefield 15

PUBLIC TRANSIT

SITESITE

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Cushman & Wakefield 16

TRAFFIC COUNTS

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Cushman & Wakefield 17

PHOTOS

North SideWest side, looking South

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Prepared by:

Cushman & Wakefield3500 American Blvd W Suite 200 Minneapolis, MN 55431 Main +1 952 831 1000cushmanwakefield.com

Chris WeirensDirector +1 952 893 [email protected]

©2021 Cushman & Wakefield NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). AS APPLICABLE, WE MAKE NO REPRESENTATION AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) IN QUESTION.

Nick StreinesBrokerage Services+1 952 204 [email protected]