SOLDOffice
Barrel House LLC Acquires Office Building In Downtown Minneapolis For $8.5M
111 3rd Avenue South
$8,500,000
$106/SF
Building Size
80,000 SF
Asset Type
Office
Closing
Oct 30, 2023
About this deal
AI
ICM Realty Group has sold the Barrel House office building in downtown Minneapolis for $8.5 million in cash to Barrel House LLC. The 80,000-square-foot building, originally a warehouse, was refurbished to expose its original material, and it offers rooftop views of the Mississippi River and the Mill District.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $8,500,000
- Address: 111 3rd Avenue South, Minneapolis
- Market: Minneapolis
The buyer of the property is Barrel House LLC, while the seller is ICM Realty Group represented by Andrew Webb. The transaction was facilitated by Transwestern as the broker. The purchase price for the office building was $8.5 million, with a total area of 80,000 square feet. The price per square foot is approximately $106. The building underwent renovations to showcase its original features and boasts scenic views of the Mississippi River and the Mill District from its rooftop.
On the Map
$8,500,000
$106/SF
Office
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Minneapolis Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.87%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93