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High Upside Retail Opportunity 1829 Riverside Ave 5,400 SF 100% Leased Retail Building Online Auction Sale Minneapolis, MN 55454
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Investment Highlights
- Prominent second-generation restaurant space and a 2nd floor office space are offered to the market at 1829 Riverside Avenue.
- Subject mixed-use building spans 5,400 square feet with a 3,600-square-foot restaurant and an 1,800-square-foot office floor.
- All FF&E can be included in the restaurant; an additional stream of income is guaranteed via a rooftop billboard lease.
- New owner/operator can take over the restaurant space, or an investor can re-tenant at market rents, plus a stable 2nd floor office tenant.
- Minneapolis Cedar-Riverside neighborhood is home to the University of Minnesota, Augsburg University and the U of M Hospital campus.
- Highly visible and easily accessible at the signalized intersection of Riverside and 19th Avenue S.
Executive Summary
As the exclusive advisor, Mitchell Realty presents the multifaceted mixed-use building at 1829 Riverside Avenue in the heart of the Minneapolis Cedar-Riverside Neighborhood. The subject totals 5,400 square feet, with a 3,600sf second-generation, fully built-out restaurant space on the first and lower level and an office tenant on the 2nd floor.
Currently, a month-to-month placeholder tenant occupies the 3,600-square-foot restaurant space, paying below-market rent. This presents substantial upside for a new owner/operator or restaurant tenant to occupy at an above-market rate via immediate leasing momentum. The second-generation restaurant space is fully equipped with a commercial-grade kitchen, including a 10-foot hood, exhaust, and make-up air system while the lower level has a walk-in cooler, freezers, prep kitchen, and storage.
The entire building has been renovated, with newer rooftop HVAC units, operable windows, ADA-compliant restrooms, and a highly visible glass storefront. Additional income from the second-floor tenant, an acupuncturist, has been in place since 2020 and will continue through next year, as will the rooftop billboards.
The property is located at a signalized intersection adjacent to the University of Minnesota and down the road from Augsburg University & the U of M Hospital campus. Riverside Avenue is a highly traveled commercial corridor and a high-density area with significant pedestrian and vehicular traffic. More than 10,700 vehicles pass by daily, and the busy interchange of Interstates 94 and 35W is just on the other side.
The Cedar-Riverside node is well-established, with permanent ties to the city core and serving as an international and cultural haven. The subject’s 3-mile trade area generates over $3 billion in annual consumer spending, driven by an average household income of $85,600.
1829 Riverside Avenue presents a cash-cow opportunity, ready to be repurposed into its highest potential.
Currently, a month-to-month placeholder tenant occupies the 3,600-square-foot restaurant space, paying below-market rent. This presents substantial upside for a new owner/operator or restaurant tenant to occupy at an above-market rate via immediate leasing momentum. The second-generation restaurant space is fully equipped with a commercial-grade kitchen, including a 10-foot hood, exhaust, and make-up air system while the lower level has a walk-in cooler, freezers, prep kitchen, and storage.
The entire building has been renovated, with newer rooftop HVAC units, operable windows, ADA-compliant restrooms, and a highly visible glass storefront. Additional income from the second-floor tenant, an acupuncturist, has been in place since 2020 and will continue through next year, as will the rooftop billboards.
The property is located at a signalized intersection adjacent to the University of Minnesota and down the road from Augsburg University & the U of M Hospital campus. Riverside Avenue is a highly traveled commercial corridor and a high-density area with significant pedestrian and vehicular traffic. More than 10,700 vehicles pass by daily, and the busy interchange of Interstates 94 and 35W is just on the other side.
The Cedar-Riverside node is well-established, with permanent ties to the city core and serving as an international and cultural haven. The subject’s 3-mile trade area generates over $3 billion in annual consumer spending, driven by an average household income of $85,600.
1829 Riverside Avenue presents a cash-cow opportunity, ready to be repurposed into its highest potential.
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Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
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- Miscellaneous
Market Analytics Click Here to Access
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
5,400 SF
Building Class
C
Year Built
1905
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
2.48
Lot Size
0.05 AC
Opportunity Zone
Yes
Parcel Number
25-029-24-32-0017
Zoning
C3A - Commercial
Frontage
Walk Score®
Very Walkable (87)
Transit Score®
Excellent Transit (76)
Bike Score®
Biker's Paradise (95)
Demographics
Demographics
1 mile
3 mile
5 mile
2024 Population
42,871
254,230
492,933
2020 Population
42,227
254,521
504,161
2029 Population
42,519
251,217
484,813
2024-2029 Projected Population Growth
-0.8%
-1.2%
-1.7%
Daytime Employees
57,981
283,655
396,232
Total Businesses
5,397
24,020
35,606
Average Household Income
$69,731
$85,641
$97,190
Median Household Income
$35,664
$61,711
$70,397
Total Consumer Spending
$373M
$3.1B
$6.4B
Median Age
29.0
33.0
34.8
2024 Households
16,922
118,035
218,072
Percent College Degree or Above
21%
28%
29%
Average Home Value
$499,563
$390,505
$400,591
$ values in USD
Nearby Major Retailers
Sale Advisor
Sale Advisor
Mike Mitchell, Realtor / Brokerage Owner
Mike is an award-winning realtor with over 20 years of real estate experience. Mike began his real estate career in 2002 managing and leasing a large commercial office portfolio. From his experience managing, he learned how to serve clients, communicate effectively and work hard for his clients. In 2004, Mike began buying, renovating and selling homes and holds a general contractors license and MN real estate brokers license.
Since then, Mike has personally bought and sold hundreds of his own properties, both residential and commercial. With that volume of transactions, Mike brings a trained-eye and can spot overlooked potential value and problems others may not notice. When working with his clients, Mike’s main focus is helping buyers and sellers achieve their real estate goals at the highest level possible.
When Mike is not working, he enjoys spending time with his wife and two daughters.
Since then, Mike has personally bought and sold hundreds of his own properties, both residential and commercial. With that volume of transactions, Mike brings a trained-eye and can spot overlooked potential value and problems others may not notice. When working with his clients, Mike’s main focus is helping buyers and sellers achieve their real estate goals at the highest level possible.
When Mike is not working, he enjoys spending time with his wife and two daughters.
About the Auction Technology
Auctions by Ten-X are the #1 transaction technology powering commercial real estate transactions online. With over $34B in total transactions, these auctions use best-in-class technology and real-time asset intelligence to put listings in the best position to find the perfect buyer. The expedited auction timeline, comprehensive due diligence, and buyer qualification make transactions twice as fast and twice as certain for brokers, owners, and investors.
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Auction Contact
Casey Harrell
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 40750750
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3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000 USD
Maximum Transaction Fee
$300,000 USD
Example Calculation
Winning Bid Amount
$5,000,000 USD
Transaction Fee
$150,000 USD (3%)
Total Purchase Price
$5,150,000 USD
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High Upside Retail Opportunity | 1829 Riverside Ave
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