Retail Property with Established
For Sale
Contact for pricing
945 Rice St, MN
Retail property featuring four tenants and ample parking.
Property Size14,456 SF
Lot Size1.13 Acres
Price / SF$197.15
Days on Market3107
Property Features for 945 Rice St
General Information
Standard status
Active
Size
14,456 SF
Lot size
1.13 Acres
Property subtype
RETAIL
Listing Agency:
Christopher W Howard
(612) 751-1942
Listed By:
Chris Howard
Source:
Moodyscre
Added: Mar 14, 2018
Changed: Sep 2
Last Checked: Sep 13 at 7:03AM
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 Christopher W Howard
Investment Insights
Based on property information with market context.
This retail property, constructed in 1989, features upgraded mechanical systems and a roof that were updated in 2012. The building has a footprint of 14,400 square feet and a rentable area of 13,620 square feet. The property is situated on a lot of 47,900 square feet and includes 58 parking spaces. It currently houses four tenants: a liquor store, a restaurant, a Subway, and a grocery store. The property is zoned for retail use and is located in St Paul, MN.
Key Highlights
- Four established tenants provide immediate income: Liquor, Restaurant, SUBWAY & Grocery.
- Upgraded mechanicals and roof (2012) reduce potential maintenance costs.
- Substantial 47,900 SF lot with ample parking (58 spaces).
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
$182,471
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
6.40%
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%
$3,649,420
$3.6M
Cap Rate 7%
$2,606,729
$2.6M
Cap Rate 9%
$2,027,456
$2.0M
Market Conditions
NOI Build-Up for 14,456 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
$260.2K $18.00/SF
− Vacancy
−$16.9K −$1.17/SF
EGI
$243.3K $16.83/SF
− OpEx
−$60.8K −$4.21/SF
NOI
$182.5K $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%
$3,649,420
Cap Rate 7%
$2,606,729
Cap Rate 9%
$2,027,456
Alternative Uses
Best Use
Specialty Retail
$2.61M
$2.28M – $3.04M
NOI $182,471 @ 7.0% cap · market cap 6.40%
Second Best
Retail
$2.27M
$1.99M – $2.65M
NOI $158,982 @ 7.0% cap · market cap 5.58%
Theoretical Best
Office A
$3.59M
$3.14M – $4.19M
NOI $251,458 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
635
Businesses Nearby
4k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 71%
Dining 29%
Advance Auto Parts
Shops & Services
3,148 visits/mo
0.4 miles
SUBWAY
Dining
1,269 visits/mo
0.1 miles
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Retail property featuring four tenants and ample parking.
Where is this strip mall located?
The property is located at 945 Rice St MN.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: Four established tenants provide immediate income: Liquor, Restaurant, SUBWAY & Grocery.; Upgraded mechanicals and roof (2012) reduce potential maintenance costs.; Substantial 47,900 SF lot with ample parking (58 spaces).
