2938 Emerson Avenue S, 2930 Emerson No.'s 101 & 102;, Minneapolis, MN 55408
$2,600,000
Property Type:
Commercial
Lot Size (sq. ft.):
23,087
Status:
Active
Current Price:
$2,600,000
List Date:
3/10/2026
Last Modified:
5/27/2026
Listing Details MLS# 7034669
General Property Information
- Lot Measurement
- Acres
- Multiple PIDs?
- No
- Owner Occupied
- 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
Listing Office:
Grand Real Estate Advisors
Last Updated: May - 27 - 2026
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