Excellent Redevelopment Opportunity in Minneapolis
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Direct transport OFFERING MEMORANDUM to airport, MOA & Excellent Redevelopment downtown Opportunity in Minneapolis On the Metro 5333 & 5337 Minneahaha Ave., Minneapolis, MN 55417 Blue Light Abundant Rail Line nearby amenities 5333 & 5337 Minnehaha Light Rail Blue Line 1 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 Table of Contents Confidentiality & Disclaimer ............................3 Location ...........................................................4 Site Overview ..................................................5 Area Overview .................................................6-7 Demographics .................................................8-9 Contact ............................................................10 2 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 Confidentiality By accepting this Offering Memorandum you, and/or interested buyers you represent, acknowledge that (i) it is a confidential Offering Memorandum solely for your limited use and benefit in determining whether you or those you represent have interest in the acquisition of the Property and you and those you represent will hold it in the strictest confidence, and (ii) you and those you represent will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or KimbleCo, and (iii) you and those you represent will not use any part of this Offering Memorandum in any manner detrimental to the Owner or KimbleCo. Disclaimer All information provided within is deemed reliable but not guaranteed and should be independently verified. No guarantees or warranties are made as to the accuracy or timeliness of the information provided. Prospective purchasers of the Property are advised and encouraged to conduct their own comprehensive review and analysis of the Property. 3 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 Big Lake Elk River Ramsey Anoka Coon Rapids/Riverdale MISSISSIPPI RIVER Oak Grove Pkwy Existing and Planned 93rd Ave BROOKLYN PARK 85th Ave Transitways Brooklyn Blvd Fridley 63rd Ave TWIN LAKE Brooklyn Center Transit Center Bass Lake Rd CRYSTAL LAKE Robbinsdale C D Van Golden Valley Rd Penn White Ave Blvd Rosedale Transit Center Location Plymouth Avenue/Theodore Wirth Park Target Field Warehouse District/Hennepin Ave Royalston Ave/Farmers Market Nicollet Mall A 3rd St Bassett Creek Valley 5th St Downtown Government Plaza 5333 & 5337 Minneahaha Ave. Bryn Mawr Minneapolis 7th St U.S. Bank Stadium 11th St West 21st St West BankEast BankStadium Village Prospect Park West Lake St Westgate Minneapolis, MN 55417 Cedar-Riverside Raymond Ave Beltline Blvd LAKE CALHOUN Franklin Ave Fairview Ave Snelling AveHamline AveLexingtonVictoria Pkwy StDale St Western Capitol/RiceAve St Wooddale Ave Lake St Lake St/Midtown Downtown Robert St St. Paul Louisiana Ave LAKE HARRIET 38th St Mounds BlvdEarl St Etna St White BearSun Ave Ray MaplewoodGreenwayHelmo Ave Ave Location 10th St Blake Rd ST. PAUL 46th St MISSISSIPPI RIVER Tamarack 46th St Central Downtown Hopkins MINNEAPOLIS Union 50th St/Minnehaha Park Depot Woodbury Theatre Shady Oak D VA Medical Center WOODBURY Opus Fort Snelling 66th St City West Terminal 1–Lindbergh Minneapolis-St. Paul International Airport SouthWest Golden Triangle 76th St Terminal 2–Humphrey Station Mall of American Blvd American Blvd America Eden Prairie Town Center Existing Transitways and Stations 28th Bloomington Ave Central METRO Blue Line (LRT) EDEN PRARIE 98th St METRO Green Line (LRT) METRO Red Line (BRT) MINNESOTA RIVER Shared Station Cedar Grove Rapid Bus Line Northstar Line Burnsville Heart of the City BURNSVILLE Burnsville Pkwy Planned Transitways and Stations 140th St METRO Orange Line (BRT): 2020 147th St METRO Green Line extension (LRT): 2023 APPLE VALLEY METRO Blue Line extension (LRT): 2024 Apple Valley Transit Station METRO Gold Line (BRT): 2024 Rapid Bus Lines 5333 & 5337 Minnehaha updated 9/11/18 Light Rail 5333 & 5337 Minnehaha Blue Line 4 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 Site Overview An exciting location, 5333 & 5337 Minnehaha Ave are located in southeast Minneapolis between Minnehaha Regional Park to the east and Lake Nokomis to the west. This site is within easy commuting distance to either downtown Minneapolis or St. Paul, to MSP International Airport and to the Mall of America. Location This site is on the Blue Line Light Rail. It abuts Minnehaha Avenue, and is within .26 miles to the 22 B Bus Route and .33 miles to the Blue Line VA Medical Center station. Convenient access to transit options and State Highways 55 (north/south) and 62 (east/west) allow for quick access across the Greater Twin Cities Metropolitan Area. These two properties are currently zoned R5 - Multiple-Family 5333 & 5337 Minnehaha Ave, Minneapolis, MN 55417 (Minneapolis CPED Interactive Zoning Map) District, a zoning classification providing an environment for, among other uses, high density apartments. Importantly, the approved AT A GLANCE Minneapolis 2040 Comp Plan has called for these two sites to be rezoned as Urban Neighborhood and to align with the new Corridor 5333 Minnehaha 5337 Minnehaha 6 Built Form District allowing for building heights to be 2 - 6 stories PID 17-028-23-33-0014 17-028-23-33-013 to best take advantage of the access to transit, jobs, and goods PARCEL ACREAGE .14 acres .14 acres and services provided by the Corridor 6 district. We encourage all 6,244SF 6,290 SF prospective developers buyers to review all applicable zoning PARCEL SQUARE FEET requirements. PARCEL ZONING R5 - Mulitple-Family District NEIGHBORHOOD Minnehaha Under the R5 and Urban Neighborhood/Corridor 6 zoning categories, PAYABLE TOTAL TAX $4,578.20 (2021) $3,180.80 (2021) there lies a great opportunity for multi-family redevelopment at this site. The owners and KimbleCo engaged a respected local PRICE Please call broker for pricing information architectural firm to perform a density study for multifamily product at this location. For more information, please contact us. 5 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 Area Overview MINNEHAHA NEIGHBORHOOD & NOKOMIS EAST THINGS TO LOVE ABOUT THE MINNEHAHA NEIGHBORHOOD ASSOCIATION NEIGHBORHOOD: Minneapolis is made up of many individual • Close to so many nature trails neighborhoods and 5333 and 5337 Minnehaha • Best dog park in the metro is just blocks away Ave are located in the neighborhood known as Minnehaha. The Minnehaha neighborhood is joined • Lake Nokomis (running trails, swimming and by three other neighborhoods, Keewaydin, Morris much more!) Park and Wenonah to make up the Nokomis East • Walking distance to the Blue Line, with easy Neighborhood Association (NENA). The associations access to downtown Minneapolis, the airport mission is “To better the quality of life and build a and Mall of America sense of community pride by sponsoring actions • Minnehaha Falls Park (53’ waterfall, more trails which help our environment, businesses, and + a great restaurant) homes.” • Central location with easy access to both Walk to VA Medical Center Station on the Minneapolis and St. Paul Blue Line – less than a half mile away NEW DEVELOPMENTS & NEIGHBORHOOD AMENITIES This Minnehaha neighborhood is thriving! Traditionally an area where home ownership has prevailed, several new apartment buildings have been successfully developed here. The block these properties sit on is book ended by apartments and two new apartment buildings were completed across the street and at the corner, respectively, in 2020. This site is just blocks from restaurants, fitness studios, entertainment venues and parks which make it a great place to live and work. Minnehaha Falls Mall of America 6 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 Minnehaha Map 1 Minnehaha Regional Park 2 Sea Salt MINNEAPOLIS ST. PAUL 3 Minnehaha Falls Location 4 Minnehaha Dog Park WHAT’S HERE WHAT’S 20 5 The Tipsy Steer 6 Nokomis-Hiawatha Regional Park 7 18 Lake Nokomis 19 8 Nokomis Beach Coffee 9 Lake Nokomis Trail, 2.7 miles 10 Lake Nokomis Beach 15 11 Minnehaha Parkway Regional Trail 12 16 12 Mall of America (see inset) 17 1 13 Vantage Flats 2 14 Oaks Minnehaha - Longfellow 6 3 8 5 10 15 4601 Minnehaha Ave Apartments 16 Portico at the Falls Condominiums 5333 & 5337 Minnehaha WHAT’S 17 Hiawatha Ave Apartments 9 HAPPENING 7 13 14 18 Blue Line 4 19 MSP International - Terminals 1 and 2 20 20 20 Route 22B N Lyndale/Via Logan-57/Brklyn 21 18 21 VA Medical Center Station 11 PUBLIC REALM DISTRICT SYSTEMS/ Keep up on the latest developments in the Minnehaha neighborhood: minneapolismn.gov/government/city-council/ward-12/ward-12-projects and thedevelopmenttracker.com/development-map 7 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 Market Profile 5333 Minnehaha Ave, Minneapolis, Minnesota, 55417 Prepared by Esri Ring Bands: 0-1, 1-3, 3-5 mile radii Latitude: 44.90650 Traffic and Demographics Longitude: -93.20378 0 - 1 mile 1 - 3 mile 3 - 5 mile Population Summary 2000 Total Population 10,883 93,699 233,396 2010 Total Population 10,357 94,046 234,724 2020 Total Population 10,937 98,975 253,850 2020 Group Quarters 231 5,397 12,351 2025 Total Population 11,569 102,680 265,599 5333 & 5337 Minnehaha Ave, Minneapolis N 2020-2025 Annual Rate 1.13% 0.74% 0.91% E d d R g t 2020 Total Daytime Population 9,318 90,167 279,637 e N Traffic Counts - 1, 3 andh 5 mile radius r g t F M i o r Workers 4,343 44,666 149,825 a n n e r K m s S c N h o t Residents 4,975 45,501 129,812 M a n P l t l e A n S Household Summary n v t e Maplewood S N A N n v E 5,093 39,691 93,583