Property Overview
This home at 100 Nicollet Avenue in Minnetonka presents a compelling mix of established value and above-average investment in its immediate area. Built in 1975, it’s a property that stands out more for its financial appraisal than its physical dimensions, offering a solid footprint in a mature neighbourhood.
Key Characteristics & Appeal
The primary strength of this property is its assessed value of $490,000, which ranks in the top 5% on its street and well above average for the wider area. This suggests a home that has been significantly upgraded or is situated on a desirable parcel, as the living space (1,392 sq ft) is comfortably above average for the street but more modest compared to larger lots in Minnetonka. The lot size of 5,175 sq ft is typical for Nicollet Avenue but is notably smaller than many lots in the broader Minnetonka area, indicating a more traditional, manageable yard.
Its appeal lies in this value proposition: it’s a home that commands a premium assessment on its block, likely appealing to buyers seeking a move-in-ready property in a stable setting without the upkeep of an oversized lot. It would suit practical buyers or small families who prioritize interior space and modern amenities over vast outdoor areas, and who appreciate being part of a street with higher-value homes. The recent sale history (2024, in the $350k-$400k range) also indicates a active market, potentially offering a more accessible entry point than the assessed value might imply.
Frequently Asked Questions
1. Why is the assessed value so much higher than the recent sale price?
Assessed values are used for property tax calculations and may not directly reflect current market value. The sale price is determined by what a buyer paid at that time, while the assessment is an official valuation that may incorporate different factors or updates. The gap could indicate a strong tax base for the street or significant improvements to the home.
2. How does the lot size compare to the neighbourhood?
The lot is about average for Nicollet Avenue but is in the bottom 7% for size across all of Minnetonka. This means you’re getting a typical yard for the immediate street, but the broader area features homes with significantly larger lots. It’s a trade-off for lower maintenance.
3. Is the living space considered large for the area?
At 1,392 sq ft, the living area is above average for Nicollet Avenue itself, ranking in the top 27%. Compared to the entire Minnetonka area and the city, it’s right around the average, offering a standard amount of interior space for a family home.
4. What does the "Elite" ranking for assessed value mean?
This means the home’s $490,000 assessment is in the top 5% of the 37 comparable properties on Nicollet Avenue. It’s a standout on its own street, which can be a sign of desirability, recent upgrades, or a favourable location on the block.
5. Where can I see more context about this specific location?
You can open the neighbourhood analysis page to view this property on a map alongside nearby houses, allowing for a detailed visual comparison of year built, living area, assessed value, and lot size with its immediate neighbours.