2938 Emerson Avenue S, 2930 Emerson No.'s 101 & 102;, Minneapolis, MN 55408

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Owner Occupied: No
Waterfront Present: No
Year Built: 2007
Yearly/Seasonal: Yearly
Zoning: Business/Commercial
Foundation Size: 114
For Sale or Lease: For Sale
Acres: 0.53
Lot Dimensions: 114.5 x 114.5
Assessment Pending: Unknown
Other Parking Spaces: 0
Garage Stalls: 0

Property Features

Accessible: Doors 36"+; Grab Bars In Bathroom; Hallways 42"+; No Stairs Internal; Partially Wheelchair CMU Style: Apartments and Retail Construction Status: Previously Owned Current Use: Commercial; Professional Service; Retail Exterior: Other Foundation: Concrete Block Fuel: Natural Gas Heating: Forced Air Loan Terms: Cash; Conventional On Site Utilities: Electric Common; Electric Separate; Heating Common; Heating Separate; Hot Water Common; Hot Water Separate Parking Characteristics: More Parking Offsite for Fee Rental License Type: Standard Sewer: City Sewer/Connected Tenant Pays: All Utilities; Common Area Maintenance; Taxes Water: City Water/Connected

Contract Information

Contingency: None
ListPrice: 2600000
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

House Number: 2938
Street Name: Emerson
Street Suffix: Avenue
Street Direction Suffix: S
Unit Number: 2930 Emerson No.'s 101 & 102;
Postal City: Minneapolis
County: Hennepin
State: MN
Zip Code: 55408

Assessments

Tax With Assessments: 80039
Assessment Balance: 0

Building Information

Building Finished SqFt: 13099
Building SqFt: 13099
Ceiling Height: 11-15

More Information

Income and Expenses

Annual Gross Expenses: 106760
Annual Gross Income: 348736
Annual Net Income: 241975

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

Homestead: No

Ownership

Fractional Ownership: No

Public Survey Info

Range#: 24
Section#: 33
Township#: 29

Sale Options

Sale Includes: Building, Leases

Unit Details

Total Units: 5

Office/Member Info

Association: SPAAR

Location, Tax and Other Information

Legal Description: REG. LAND SURVEY NO. 1782 TRACT C
Listing City: Minneapolis
Map Page: 106
Municipality: Minneapolis
School District: Minneapolis
School District Phone: 612-668-0000
County Abbreviation: 2930 Emerson No.'s 1
Zip Plus 4: 2064
Property ID Number: 3302924430144
Tax Year: 2024
Tax Amount: 78350
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: *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.
Directions: West on Lake Street until it becomes Lagoon Ave. Property on Left (at Emerson and Lagoon)

Accessible

Doors 36"+: Yes
Grab Bars In Bathroom: Yes
Hallways 42"+: Yes
No Stairs Internal: Yes
Partially Wheelchair: Yes

Construction Status

Previously Owned: Yes

Exterior

Other: Yes

Foundation

Concrete Block: Yes

Fuel

Natural Gas: Yes

Heating

Forced Air: Yes

Parking Characteristics

More Parking Offsite for Fee: Yes

Rental License Type

Standard: Yes

Sewer

City Sewer/Connected: Yes

Water

City Water/Connected: Yes

Tenant Pays

All Utilities: Yes
Common Area Maintenance: Yes
Taxes: Yes

On Site Utilities

Electric Common: Yes
Electric Separate: Yes
Heating Common: Yes
Heating Separate: Yes
Hot Water Common: Yes
Hot Water Separate: Yes

CMU Style

Apartments and Retail: Yes

Current Use

Commercial: Yes
Professional Service: Yes
Retail: Yes

Loan Terms

Cash: Yes
Conventional: Yes