Mohamed Elkhateeb Acquires Old Republic Title Building In Downtown Minneapolis For $3.5M
400 Second Avenue South Minneapolis, Minnesota 55401, USA
$3,500,000
$26/SF
Building Size
130,000 SF
Asset Type
Office
Closing
Jun 12, 2023
About this deal
AI
The Old Republic Title Building in downtown Minneapolis has been sold to local real estate investor Mohamed Elkhateeb for $3.5 million. The 12-story building, located at 400 Second Avenue South, spans 130,000 square feet and was sold at a price of $27 per square foot.
Summary of transation details
- Property Type: Office
- Transaction Amount: $3,500,000
- Square Footage: 130,000
- Price Per Square Foot: $27
- Address: 400 Second Avenue South
- Market: Minneapolis
Mohamed Elkhateeb plans to convert the Old Republic Title Building into up to 140 apartments, including affordable housing, as part of the ongoing revitalization of downtown Minneapolis.
Players
Minneapolis Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Deal FAQ
Browse Minnesota office sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.53%
Cash-on-Cash
-1.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93