Auction - Lender Sale / Downtown High Rise — Sale in Minneapolis, MN

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Minneapolis, MN 55401

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Description

Register to bid and access due diligence documents on RealINSIGHT Marketplace: https://rimarketplace.com/auction/3388 The Old Republic Title Building at 400 2nd Avenue South is a fully vacant, twelve-story, 135,778 SF office tower poised for conversion into up to 165 multifamily units in the heart of downtown Minneapolis. Built in 1929 as the Hodgson Building and later home to General Mills and Old Republic National Title Insurance Company, the property retains expansive steel-framed windows, sweeping city views, and structural bones suited to studio, alcove, one-bedroom, and two-bedroom layouts. Third-party partners BKV Group (architecture) and New History (historic consulting) are already engaged, and the building may qualify for listing on the National Register of Historic Places, unlocking 20% federal and 20% state historic tax credits to substantially offset conversion costs. Situated at the convergence of the CBD, Downtown East, and Gateway Districts, the asset sits minutes from U.S. Bank Stadium, the Mississippi riverfront, and Minneapolis's skyway network, positioning it to capture housing demand from a metro adding more than 170,000 residents by 2028. Investment Highlights: • Auction - October 19-21 | Starting Bid: $850,000 • A Prime Site At Downtown East's Edge: 400 2nd Avenue S sits exactly where the CBD, Downtown East, and Gateway Districts converge. • Twelve-Story, 135,778 SF Brick Tower: This 1929-built tower offers expansive steel-framed windows and sweeping skyline views. • 165-Unit Multifamily Conversion Upside: Fully vacant building layout supports studio, alcove, one-bedroom, and two-bedroom units. • Up To 40% In Combined Historic Tax Credits: Register-eligible building may qualify for a combined 20% federal plus 20% state credit. • Conversion Groundwork Already Underway: BKV Group and New History are already engaged, cutting entitlement and design timelines. • Anchored In A 14 Fortune 500 Company Metro: Minneapolis-St. Paul's 3.7M-person metro i

Market Context

This multifamily in Minneapolis, MN is listed for sale. Compare it against other multifamily listings for sale in Minneapolis, MN — view the full market.

As of Q1 2026, the Minneapolis multifamily market showed a 6.1% vacancy rate, and average asking rents near $1557.00/unit/mo. Source: multiple brokerage reports, Q1 2026.

Multifamily market FAQ

Is the Minneapolis multifamily market tightening or softening?
Vacancy is around 6.1% (Q1 2026).

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