Payne Avenue Retail
For Sale
Contact for pricing
1146 Payne Ave, MN
Retail space available near I-35E in St. Paul.
Property Size2,386 SF
Lot Size0.29 Acres
Price / SF$157.17
Days on Market258
Property Features for 1146 Payne Ave
General Information
Standard status
Active
Size
2,386 SF
Lot size
0.29 Acres
Property subtype
RETAIL
Properties For Sale
at 1146 Payne Ave Contact us- Floor
- 1
- Size
- 2,376 SF
- Type
- RETAIL
- Lease Type
- NNN
- Availability
- AVAILABLE, Now
- Sublease
- No
Freestanding Retail for Lease
• Freestanding stand-alone building — no shared walls,
full site control
•...
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Listing Agency:
Wyn Group
(612) 772-3566
Listed By:
Jay Mawas · License #40684904
(612) 772-3566
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:00AM
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 Wyn Group
Investment Insights
Based on property information with market context.
This 2,386-square-foot retail space is located near I-35E, where traffic counts average 148,951 vehicles per day. The property is situated approximately 2.5 miles north of St. Paul, benefiting from a 5-mile population of 349,534. The location is surrounded by various tenants, including O’Reilly Auto Parts, Walgreens, Dollar General, US Bank, and Burger King. Please note that fuel pumps, tanks, and canopies have been removed from the property.
Key Highlights
- High traffic location near I‑35E (148,951 vehicles per day).
- Large 5‑mile population of 349,534.
- Proximity to St. Paul (approximately 2.5 miles).
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
$30,117
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
8.03%
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%
$602,340
$602.3K
Cap Rate 7%
$430,243
$430.2K
Cap Rate 9%
$334,633
$334.6K
Market Conditions
NOI Build-Up for 2,386 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
$42.9K $18.00/SF
− Vacancy
−$2.8K −$1.17/SF
EGI
$40.2K $16.83/SF
− OpEx
−$10.0K −$4.21/SF
NOI
$30.1K $12.62/SF
Area
MN
Vacancy
6.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$602,340
Cap Rate 7%
$430,243
Cap Rate 9%
$334,633
Alternative Uses
Best Use
Specialty Retail
$430.2K
$376.5K – $502.0K
NOI $30,117 @ 7.0% cap · market cap 8.03%
Second Best
Retail
$374.9K
$328.0K – $437.3K
NOI $26,240 @ 7.0% cap · market cap 7.00%
Theoretical Best
Office A
$592.9K
$518.8K – $691.7K
NOI $41,504 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,291
Businesses Nearby
44k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 74%
Dining 26%
Holiday Station Store
Shops & Services
13,908 visits/mo
0.2 miles
Mister Car Wash
Shops & Services
11,776 visits/mo
0.2 miles
Burger King
Dining
11,264 visits/mo
0.2 miles
Speedway
Shops & Services
4,990 visits/mo
0.4 miles
O'Reilly Auto Parts
Shops & Services
1,985 visits/mo
0.4 miles
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Gas station - Retail space available near I-35E in St. Paul.
Where is this gas station located?
The property is located at 1146 Payne Ave MN.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: High traffic location near I‑35E (148,951 vehicles per day).; Large 5‑mile population of 349,534.; Proximity to St. Paul (approximately 2.5 miles).
