261 School Ave
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261 School Ave
23,429 SF 95% Leased Office Building Excelsior, MN 55331 $4,200,000 ($179/SF)
Investment Highlights
- Well located in downtown Excelsior
- Own a piece of History with this 1889 former school building, now offices
- Great opportunity for Investors of Owner Users
Executive Summary
261 School Avenue is a rare historical opportunity in the heart of Excelsior, located in the commercial district and a few blocks from Lake Minnetonka. This classic 1899 revival style building has undergone a complete renovation and updated to its current
multi-tenant office use in 1997. The building features four levels of office suites, common areas; lobby, ADA restrooms and an elevator making this property handicap accessible. Zoned CC-Cottage Commercial District, which is a mixture of commercial service, retail, entertainment, civic, institutional, and related public facilities.
This well-maintained property represents a quality investment opportunity with great tenants, reasonable lease rates, and space for an owner user if desired.
multi-tenant office use in 1997. The building features four levels of office suites, common areas; lobby, ADA restrooms and an elevator making this property handicap accessible. Zoned CC-Cottage Commercial District, which is a mixture of commercial service, retail, entertainment, civic, institutional, and related public facilities.
This well-maintained property represents a quality investment opportunity with great tenants, reasonable lease rates, and space for an owner user if desired.
Financial Summary (Actual - 2021) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2021) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Building Size
23,429 SF
Building Class
B
Year Built
1899
Price
$4,200,000
Price Per SF
$179
Percent Leased
95%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
5,857 SF
Slab To Slab
9’
Building FAR
0.55
Lot Size
0.98 AC
Zoning
C-C - Cottage Commercial
Parking
52 Spaces (2.22 Spaces per 1,000 SF Leased)
Walk Score®
Very Walkable (71)
PROPERTY TAXES
| Parcel Number | 34-117-23-14-0051 | Improvements Assessment | $354,000 (2023) |
| Land Assessment | $1,702,000 (2023) | Total Assessment | $2,056,000 (2023) |
PROPERTY TAXES
Parcel Number
34-117-23-14-0051
Land Assessment
$1,702,000 (2023)
Improvements Assessment
$354,000 (2023)
Total Assessment
$2,056,000 (2023)
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261 School Ave
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