Incredible Redevelopment Opportunity: The Bemidji Federal Building

522 Minnesota Ave NW, Bemidji, MN 56601
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Property Description

THIS PROPERTY WILL BE OFFERED AT AUCTION VIA TEN-X FROM APRIL 29TH TO MAY 1ST. AUCTION LINK BELOW.

https://www.ten-x.com/listing/522-minnesota-ave-bemidji-mn-56601/31023805/

SVN | Northco is pleased to present for sale 522 Minnesota Ave NW in Bemidji, Minnesota, better known as the Bemidji Federal Building ("Property"). The Property is a ±50,499 office building that is a fantastic redevelopment opportunity in the heart of downtown Bemidji. Bemidji has a thriving arts community as well as a strong retail sector, and the City has a diverse range of industries including healthcare, education, manufacturing, and tourism. It is also home to Bemidji State University and its 5,000+ students, and the school's campus is in close proximity to the Property. The Property is eligible for Federal Historic Tax Credits, and State Historic Tax Credits, which are stackable. The Property has ben partially gutted in preparation for renovation. This is an ideal property for multifamily conversion. Seller financing is available for qualified prospects.

The Property is positioned in the CBD of downtown Bemidji and is just blocks from Lake Bemidji and Bemidji State University. Bemidji is the largest city in Beltrami County with approximately 15,000 inhabitants and offers abundant opportunities for outdoor recreation such as fishing, boating, swimming, and more. It is also home to the Mississippi River's headwaters, a popular tourist destination.

Highlights

  • Online Action: April 29 - May 1, 2024
  • The Seller is motivated and is willing to consider all offers.
  • The Property has been partially gutted in preparation for renovation. This is an ideal property for multifamily conversion
  • ±50,499 square foot brick and granite multi-level redevelopment opportunity in the heart of Bemidji, MN
  • 100% vacant and offered "as-is" at well below replacement cost and at a substantial discount to market value
  • Eligible for both Federal (20% of uncapped construction costs) and State (10% of 25% on uncapped construction costs) Historic Tax Credits. These incentives can be stacked.
  • Situated in the commercial and cultural heart of the City and only two blocks from Lake Bemidji and under one mile to Bemidji State University
  • 2020 Assessed Value: $8,307,900

Map

Location Description

The Property is positioned in the CBD of downtown Bemidji and just blocks from lake Bemidji. Situated in the commercial and cultural heart of the city. Bemidji is the largest city in Beltrami County with approximately 15,000 inhabitants and offers abundant opportunities for outdoor recreation such as fishing, boating, and swimming. It is also home to the Mississippi River's headwaters, a popular tourist destination.

The city has a thriving arts community, with several art galleries, theaters, and music venues. It is also home to Bemidji State University, which provides education to over 5,000 students.

Bemidji has a a strong retail sector and a diverse range of industries including healthcare, education, manufacturing, and tourism.

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