The Federal
Former Federal Building 522 Minnesota Ave

Tax Credits Available

$3,200,000 ($63/SF)

50,499 SF

Tax Credit Development Opportunity

Executive Summary

Situated in the central business district of downtown Bemidji, Beltrami County, Minnesota, the Bemidji Federal Building was constructed circa 1959-60 and was originally built as a U.S. Post Office. The Property is historic and consists of a multi-level 50,499 GSF brick building with associated paved parking on 0.64 acre. The building is currently being used for short term leasing and is available for redevelopment.

RESIDENTIAL DEVELOPMENT PLANS – SUBJECT TOZONING, PLANNING AND CHANGE OF USE

“The Federal,” a development of 44 luxury residential 1, 2 & 3 bed apartments with state of the art facilities in the heart of Bemidji.

The development will be a first for Bemidji attracting young professionals with modern architecturally designed apartments and leisure facilties including a roof terrace with restaurant and “Sky Bar”. The Sky Bar will allow guests to enjoy the space day or night and the entire level will be available for private functions like Weddings or Corporate Events. A panoramic elevator will take visitors directly to the roof terrace or down to the speakeasy bar making use of the current boiler facilities.

A members only club will offer a full range of health facilities, a cuting edge co-working facility will be available and also offer private office suites, meeting / screening room and other conferencing facilities.

Location 522

Minnesota Avenue NW, Beltrami County, Bemidji, Minnesota, 56601.

Sale Parcel Description

The property consists of 50,499 GSF, multi-level brick office building on 0.64 acre and surface parking with approximately 28 spaces. The exterior finish is a combination of brick and granite. Concrete columns provide the structural framing and the building has a flat, built-up tar and rock covered roof. There are four (4) floors and a basement which contains the mechanical rooms. The building has one (1) elevator powered by electric pulley. The building features a large lobby on the main floor which was renovated in 2008.

Legal Description

Section 09, Township 146, Range 33, Bemidji Lot 017, Block 008 & Lots 18-24 (Federal Building), Beltrami County, Minnesota.

Tax Parcel ID

TAX ID: 80-00964-00

Utilities & Service Providers

The building’s heating is provided by natural gas-powered boilers producing steam and heated water, with fuel oil providing a backup fuel source. The cooling for the building is provided by chillers located in the basement and a cooling tower found on the roof.

About Global Ocean Investments

Global Ocean Investments traces its roots back to the Seychelles today the company’s investment portfolio includes projects across the United States, Europe, Caribbean and Indian Ocean.

Current projects in the United States include developing a seven story 100,000 Sqft Building in Columbia, South Carolina, In the CBD of Harrisburg, Pensilvania an eleven story 250,000 Sqft Building and in the heart of Bemidji, Minnesota a five story 50,000 Sqft Building into a mix use of residential apartments, commercial units and roof top hospitality space.

In New York state GOI is developing various residential sites and a commercial development. In the Bahamas, Caribbean GOI is developing Finley Cay Private Island. This incredibly environmental project is a world first for eco developments using cutting edge new technologies. In the Seychelles GOI has land banks of over 50 Acres of Prime real estate and is looking for development partners.

Financial Summary
(pro Forma-2022)

ANNUAL ANNUAL PER SF
Gross Rental Income $800,000 $15.84
Other Income - -
Vacancy Loss - -
Effective Gross Income $800,000 $15.84
Taxes - -
Operating Expenses - -
Total Expenses $150,000 $2.97
Net Operating Income $650,000 $12.87

Property Facts

Sale Type Investment or Owner User Sale Conditions 1031 Exchnage Property Type Office
Property Subtype Office/Residential Building Size 50,4999 SF Building class C
Year Built/Renovated 1959/2008 Price $3,200,000 Price Per SF $63
Percent Leased 100% Tenancy Multiple Building Height 4 Stories
Typical Floor Size 12,625 SF Building FAR 1.81 Land Acres 0.64 AC
Zoning Urban Renaissance
Downtown area; multi use.
Parking 28 Spaces (0.55 Spaces
per 1,000 SF Leased)
Opportunity Zone No
AMENITIES Atrium Air Conditioning

TAX CREDITS OVERVIEW

This building is eligible for the following:

Federal Historic Tax credit – 20% of uncapped construction costs

State Historic Tax credit – 10% of uncapped construction costs (or 25% of capped construction costs)

These tax credits stack and you can use a tax credit syndication to raise finance at the start of the
development and receive some of these tax credit benefits early.ovated in 2008.

 

About Justin Etzin

The CEO and founder of Global Ocean Investments Justin Etzin is a leading international entrepreneur tuned into turning ideas into reality, his portfolio of successful businesses includes, Commercial Construction, Historic preservation of US Federal Buildings, Seychelles Travel DMC, Seychelles Medical Services and Healthcare Diagnostics. He is the Founder of One Ocean One Future and Seychelles Diplomat & Special Envoy.

Justin became a diplomat in December 2009 when he was appointed by The Seychelles Government as the first ever Consul General of The Seychelles for The United States of America. He is the founder of the One Ocean, One Future Foundation and is an avid environmentalist and wishes to protect the wildlife for future generations to come.

Justin Etzin lives between the Seychelles, & Europe and is also actively involved and manages a self-funded charitable foundation, The Etzin Foundation, which provides special experiences for the terminally ill as well as funds life-saving medical equipment for hospitals that are in need of funding.

Contact

Minnesota Avenue NW, Beltrami County, Bemidji, Minnesota, 56601.

Property Taxes

Parcel Number 80.00964.00 Improvements Assessment $8,072,700 (2020)
Land Assessment $235,200 (2020) Totel Assessment $8,307,900 (2020)
More public record information on 522 Minnesota Ave, Bemidji, MN 56601
The Office Property at 522 Minnesota Ave, Bemidji, MN 56601 is currently available For Sale. Contact Global Ocean Invest for more information.
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