Corner Auto Parts Store with NNN
For Sale
$1,735,000
1111 Rice St, Saint Paul, MN 55117
Fee-simple auto parts asset leased on a double-net basis with scheduled rent increases and over seven years remaining.
Property Size7,257 SF
Price / SF$239.08
Days on Market53
Property Features for 1111 Rice St
General Information
Standard status
Active
Size
7,257 SF
Property subtype
Auto Parts
Lease Type
NN
Additional Details
Cap Rate
7.25%
Amenities
Recent Lease Extension — Over 7 Years Remaining — Plus Three 5-Year Renewal Options
Rent Increases 3.00 Percent in 2032 and 7.50 Percent in Each Renewal Option
Corner Parcel on Rice Street, the Main Retail Corridor in St. Paul's North End Neighborhood
Within 0.4 Miles of Historic Church of St. Bernard (Completed 1914), Oakland Cemetery (Founded 1853) and New $30 Million 25,000-Square-Foot North End Community Center
Minnesota State Capitol Building and Downtown St. Paul Within 2.2 Miles
Located in the Heart of the 3,790,295-Person Minneapolis-St. Paul-Bloomington, MN-WI Metro Area
Building Details
Building Size
7,257 SF
Tenancy
Single
Listing Agency:
(312) 624-7005
Listed By:
Jack Skidmore · License #License(s): IL: 475.212875
(312) 624-7005
Source:
Marcusmillichap
Added: Jun 28
Changed: Aug 14
Last Checked: Aug 19 at 5:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Jack Skidmore
Investment Insights
Based on property information with market context.
This offering presents a fee simple interest in an auto parts store totaling 7,257 square feet. The property is leased to Advance Stores Company Inc. under a recently extended double-net lease structure, with more than 7 years remaining. The lease includes a 3.00% rent increase in 2032 and 7.50% rent increases in each of three 5-year renewal options.
The building is situated on a corner lot on Rice Street, described as the main retail corridor in the North End neighborhood. The property is positioned near the North End Community Center, public library, schools, and local businesses. Rice Street is currently being reconstructed with an improved design, and the section adjacent to the property is expected to be completed by November 30, 2026.
For a buyer seeking a limited-responsibility retail investment, the lease provides a corporately operated tenant with defined scheduled increases and renewal terms. The corner placement on a primary neighborhood corridor may also support long-term retail accessibility for the next tenant assignment if renewal options are not exercised.
The building is situated on a corner lot on Rice Street, described as the main retail corridor in the North End neighborhood. The property is positioned near the North End Community Center, public library, schools, and local businesses. Rice Street is currently being reconstructed with an improved design, and the section adjacent to the property is expected to be completed by November 30, 2026.
For a buyer seeking a limited-responsibility retail investment, the lease provides a corporately operated tenant with defined scheduled increases and renewal terms. The corner placement on a primary neighborhood corridor may also support long-term retail accessibility for the next tenant assignment if renewal options are not exercised.
Key Highlights
- 7,257 SF auto parts store in St. Paul, MN offered on a fee‑simple basis
- Double‑net lease with Advance Stores Company Inc. with over 7 years remaining
- Lease includes a 3.00% rent increase in 2032
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$78,838
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.54%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,576,760
$1.6M
Cap Rate 7%
$1,126,257
$1.1M
Cap Rate 9%
$875,978
$876.0K
Market Conditions
NOI Build-Up for 7,257 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$117.6K $16.20/SF
− Vacancy
−$4.9K −$0.68/SF
EGI
$112.6K $15.52/SF
− OpEx
−$33.8K −$4.66/SF
NOI
$78.8K $10.86/SF
Area
Dakota County, MN
Vacancy
4.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,576,760
Cap Rate 7%
$1,126,257
Cap Rate 9%
$875,978
Alternative Uses
Best Use
Industrial
$1.13M
$985.5K – $1.31M
NOI $78,838 @ 7.0% cap · market cap 4.54%
Second Best
Retail
$1.09M
$956.7K – $1.28M
NOI $76,534 @ 7.0% cap · market cap 4.41%
Theoretical Best
Healthcare Medical
$1.79M
$1.56M – $2.08M
NOI $125,009 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
535
Businesses Nearby
19k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 86%
Electronics 7%
Dining 7%
Dollar Tree
Shops & Services
12,172 visits/mo
0.2 miles
Advance Auto Parts
Shops & Services
3,148 visits/mo
0.1 miles
Boost Mobile
Electronics
1,434 visits/mo
0.1 miles
Mr. Tire
Shops & Services
1,375 visits/mo
0.2 miles
SUBWAY
Dining
1,269 visits/mo
0.4 miles
Demographics for 55117, MN
44,525
Population
17,784
Households
2.5
Avg Household Size
34
Median Age
33%
College-Educated
87%
High-School Grad
9.2 sq mi
ZIP Area
4,840
Density / Sq Mi
$71,784
Median Household Income
$43,366
Median Earnings
$1,178
Median Rent
$262,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Fee-simple auto parts asset leased on a double-net basis with scheduled rent increases and over seven years remaining.
Where is this auto shop located?
The property is located at 1111 Rice St Saint Paul, MN.
What is the asking price?
The asking price for this property is $1,735,000.
What are key features of this property?
This property features: 7,257 SF auto parts store in St. Paul, MN offered on a fee‑simple basis; Double‑net lease with Advance Stores Company Inc. with over 7 years remaining; Lease includes a 3.00% rent increase in 2032
