Hempel Real Estate Acquires 801 LaSalle Avenue Parking Ramp For $9.8M
801 La Salle Avenue Minneapolis, Minnesota 55402, Usa
$9,800,000
Building Size
—
Asset Type
Commercial
Closing
Jul 28, 2023
AI
Hempel Real Estate, represented by Josh Krsnak, has acquired an 850-stall parking ramp located at 801 LaSalle Avenue in downtown Minneapolis. The property was purchased from LaSalle Property Co. LLC, represented by James Sanders. The sale price for this commercial asset was $9,800,000.
Summary of transaction details
- Property Type: Commercial
- Transaction Amount: $9,800,000
- Date: 07/28/2023
- Address: 801 LaSalle Avenue
- Market: Minneapolis, Minnesota
Hempel Real Estate intends to utilize the parking ramp to support tenants of their recently acquired LaSalle Plaza office building. Alongside this purchase, the company also plans to invest in the revitalization of the surrounding area and is actively seeking to acquire more adjacent properties.
Players
South Bend Commercial Market Snapshot
Boundary boundary · Commercial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.62%
Cash-on-Cash
-0.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93