7831 Glenroy RdMinneapolis, MN 55439

Property Details for 7831 Glenroy Rd

Year built

1982

Lot size

3.53 AC

Property size (Sq ft)

19,023 SF

Property type

Commercial real estate

APN

17-116-21-11-0013

APU

1711621110013

Description

Paramount Plaza, a four-story, 75,526 square-foot office building in Minneapolis, Minnesota, presents a compelling value-add investment opportunity. Located at 7831 Glenroy Rd, Minneapolis, MN 55439, this multi-tenant property sits on a 3.53-acre lot and boasts exceptional visibility from I-494, a major thoroughfare with over 160,000 vehicles daily. The building, constructed in 1982, features a desirable CO-1 commercial office zoning and offers 313 parking spaces, including 93 temperature-controlled spaces. Currently operating at 69% occupancy, this property offers significant upside potential. The asking price is $5,300,000, translating to $70.17 per square foot. The building's prime location provides ease of connectivity and proximity to numerous amenities. Further enhancing its value, Paramount Plaza benefits from stable income generated by a cellular antenna and presents an opportunity for significant capital investment. The building's size and layout offer an ideal floor plate and footprint for potential renovations or expansion. This owner/user opportunity provides tax and financing advantages, making it a cost-effective alternative to leasing. The below-replacement cost further strengthens its investment appeal. I-494 signage provides excellent branding opportunities.

• Alternative Use

  Use

  Valuation

  Residential

  $5,256,285

  Hospitality

  $4,814,729

  Educational

  $4,005,798

  Medical

  $4,143,564

  Retail

  $6,231,241

Location Insight

City

Edina

County

Hennepin

State

Minnesota

Latitude

44.8603

Longitude

-93.3594

CBSA code

33460

CBSA name

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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