Coldwell Banker Realty
17305 Cedar Avenue
MN 55044
Hittner Group
For Sale
$2,600,000
2938 Emerson Avenue S
Minneapolis,
MN 55408
*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.
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Listings courtesy of NorthstarMLS® as distributed by MLS GRID. Office: Grand Real Estate Advisors
Listings courtesy of NorthstarMLS® as distributed by MLS GRID.
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