Leased Mixed-Use Building with
For Sale
$1,225,000
1154 Grand Ave, Saint Paul, MN 55105
Fully occupied property combines restaurant and office tenancy under B2 zoning.
Property Size7,100 SF
Lot Size0.21 Acres
Price / SF$172.54
Days on Market36
Property Features for 1154 Grand Ave
General Information
Standard status
Active
Size
7,100 SF
Total Parking Spaces
11
Lot size
0.21 Acres
Zoning
B2
Occupancy
100%
Additional Details
Cap Rate
6.17%
Office Units
2
Building Details
Year Built
1912
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
RE/MAX Results
(651) 256-7404
Listed By:
Mark K Hulsey · License #40169559
Source:
Homesearchlive
Added: Jul 25
Changed: Aug 28
Last Checked: Aug 25 at 4:51AM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This 1912 mixed-use building contains approximately 7,100 square feet, including a 2,250-square-foot basement. Toppers Pizza occupies the approximately 2,250-square-foot first floor, while the second floor contains two office suites of approximately 1,300 square feet each. Both office suites are occupied by Hovland Music. The second floor was previously configured as two apartments and retains bathroom and kitchen infrastructure. An 11-car parking lot is located immediately behind the building.
The property sits at the corner of Grand Avenue and S Dunlap Street in St. Paul, with nearby national retailers and three universities identified in the surrounding area. Toppers Pizza is operating under its first 5-year NNN option term through June 30, 2029, with an additional unexercised 5-year option. The office leases extend through 2032, and a billboard lease with Clear Channel runs through March 31, 2029. The 9,000-square-foot lot is zoned B2 – Community Business.
The property sits at the corner of Grand Avenue and S Dunlap Street in St. Paul, with nearby national retailers and three universities identified in the surrounding area. Toppers Pizza is operating under its first 5-year NNN option term through June 30, 2029, with an additional unexercised 5-year option. The office leases extend through 2032, and a billboard lease with Clear Channel runs through March 31, 2029. The 9,000-square-foot lot is zoned B2 – Community Business.
Key Highlights
- Approximately 7,100 SF mixed‑use building including a 2,250‑square‑foot basement
- First floor includes approximately 2,250 SF occupied by Toppers Pizza
- Two second‑floor office suites, each approximately 1,300 SF, occupied by Hovland Music
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
$92,112
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
7.52%
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%
$1,842,240
$1.8M
Cap Rate 7%
$1,315,886
$1.3M
Cap Rate 9%
$1,023,467
$1.0M
Market Conditions
NOI Build-Up for 7,100 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
$127.8K $18.00/SF
− Vacancy
−$5.0K −$0.70/SF
EGI
$122.8K $17.30/SF
− OpEx
−$30.7K −$4.32/SF
NOI
$92.1K $12.97/SF
Area
Dakota County, MN
Vacancy
3.90%
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%
$1,842,240
Cap Rate 7%
$1,315,886
Cap Rate 9%
$1,023,467
Alternative Uses
Best Use
Specialty Retail
$1.32M
$1.15M – $1.54M
NOI $92,112 @ 7.0% cap · market cap 7.52%
Second Best
Office B
$1.26M
$1.10M – $1.47M
NOI $88,071 @ 7.0% cap · market cap 7.19%
Theoretical Best
Healthcare Medical
$1.75M
$1.53M – $2.04M
NOI $122,305 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,067
Businesses Nearby
Explore this area
Business Placement
Demographics for 55105, MN
28,812
Population
12,045
Households
2.4
Avg Household Size
33
Median Age
78%
College-Educated
99%
High-School Grad
3.5 sq mi
ZIP Area
8,232
Density / Sq Mi
$108,200
Median Household Income
$51,131
Median Earnings
$1,240
Median Rent
$453,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied property combines restaurant and office tenancy under B2 zoning.
Where is this mixed-use property located?
The property is located at 1154 Grand Ave Saint Paul, MN.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: Approximately 7,100 SF mixed‑use building including a 2,250‑square‑foot basement; First floor includes approximately 2,250 SF occupied by Toppers Pizza; Two second‑floor office suites, each approximately 1,300 SF, occupied by Hovland Music
