3542 E Lake St, Minneapolis, MN 55406
RETAIL For SaleYear Built: 1915
Floors: 1
| Space | Size | Type | Pricing |
|---|---|---|---|
| South Minneapolis Retail Site | SALE | Contact for pricing |
Ryan J Hoveland - Apex Commercial Properties, LLC
PHONE: 6123614806
Description Existing Structure: A 4,990 sq ft retail building, built in 1915, provides an established commercial presence with good exposure on a high-traffic corner. It has potential for central air, natural gas heating, and public sewer/water access. Lot Size: The 8,026 sq ft lot (approximately 0.18 acres) offers sufficient space for the existing building and potential for redevelopment. Zoning (CM2 - Community Mixed Use): The property is zoned CM2, which allows for a diverse range of uses, including retail, office, and higher-density residential. This zoning is highly favorable for mixed-use developments, allowing for a combination of commercial and residential uses within the same building or parcel. The property is also located in the Corridor 6 built form district. Retail Suitability: The location on East Lake Street, a major artery, provides excellent visibility and accessibility for retail operations. Childcare Suitability: Childcare centers are permitted in commercial district CM2, with Brackett Park located just two blocks directly North. The existing building size could be adapted for a childcare facility, subject to meeting Minneapolis's detailed requirements for staff ratios and licensing by the Minnesota Department of Human Services. Apartment Development Potential: The CM2 zoning encourages higher-density residential uses, particularly in mixed-use developments. This makes the property highly suitable for redevelopment into an apartment building, potentially with ground-floor retail. Minneapolis's zoning often provides "floor area ratio premiums" for developments that include features like child care centers or affordable housing, which could increase the allowable density. The property benefits from high traffic exposure and a 4-way bus stop nearby, contributing to its commercial viability and potential for residential appeal due to transit access. It is located within the Longfellow and Seward neighborhoods, with various points of interest and other retail businesses in the immediate vicinity. Overall: 3542 East Lake Street presents a versatile property with significant potential for continued retail use, adaptation for childcare, or redevelopment into a mixed-use project incorporating apartments, leveraging its strategic location and favorable CM2 zoning. Any development would need to comply with Minneapolis's specific zoning ordinances and building codes.