Wabasha Flats Portfolio Investment
For Sale
Contact for pricing
Pending
122 Wabasha St S, Saint Paul, MN 55107
Fully leased mixed-use portfolio with long-term tenants and annual escalations.
Property Size81,881 SF
Days on Market195
Property Features for 122 Wabasha St S
General Information
Standard status
Pending
Size
81,881 SF
Class
B
Property subtype
Industrial, Mixed Use, Office, Retail
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$1,006,000
Building Details
Year Built
1916
Year Renovated
2021
Buildings
2
Stories
4
Units
10
Tenancy
Multi
Listing Agency:
KW Commercial Lake Minnetonka
(651) 492-2201
Listed By:
Brian Ertel · License #20622742
Source:
Crexi
Added: Jan 28
Changed: Aug 9
Last Checked: Aug 11 at 3:42PM
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 KW Commercial Lake Minnetonka
Investment Insights
Based on property information with market context.
The Wabasha Flats Portfolio presents an opportunity to acquire three separate buildings: a four-story multi-tenant office building, a single-story multi-tenant retail building, and a single-tenant industrial building. The total building square footage for the portfolio is 81,881 square feet, comprising 10 units plus a parking lease. The four-story Wabasha building was built in 1916, with a single-story addition constructed in 1981, and the Eaton building was built in 1979. All buildings are fully leased. Seven of the eleven leases were renewed on a long-term basis over the last year. The properties are located at 122-140 Wabasha St. and 150 Eaton Street in Saint Paul, MN 55107. The portfolio is 100% occupied with annual rent escalations. The Net Operating Income (NOI) is $939,459 as of December 31, 2025, with a capitalization rate of 8.5% and a weighted average lease term (WALT) of 4.9 years remaining.
Key Highlights
- 8. 5% Cap Rate
- NOI of $939,459 (as of 12/31/2025)
- 100% Occupied
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
$1,015,680
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
9.19%
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%
$20,313,600
$20.3M
Cap Rate 7%
$14,509,714
$14.5M
Cap Rate 9%
$11,285,333
$11.3M
Market Conditions
NOI Build-Up for 81,881 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
$1.83M $22.32/SF
− Vacancy
−$473.3K −$5.78/SF
EGI
$1.35M $16.54/SF
− OpEx
−$338.6K −$4.13/SF
NOI
$1.02M $12.40/SF
Area
Dakota County, MN
Vacancy
25.90%
Lease Rate
$22.32 /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%
$20,313,600
Cap Rate 7%
$14,509,714
Cap Rate 9%
$11,285,333
Alternative Uses
Best Use
Office B
$14.51M
$12.70M – $16.93M
NOI $1,015,680 @ 7.0% cap · market cap 9.19%
Second Best
Mixed Use
$13.90M
$12.16M – $16.21M
NOI $972,746 @ 7.0% cap · market cap 8.80%
Theoretical Best
Healthcare Medical
$20.15M
$17.63M – $23.51M
NOI $1,410,482 @ 7.0% cap · market cap 12.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,290
Businesses Nearby
Explore this area
Business Placement
Demographics for 55107, MN
15,383
Population
6,063
Households
2.5
Avg Household Size
34
Median Age
31%
College-Educated
89%
High-School Grad
4.1 sq mi
ZIP Area
3,752
Density / Sq Mi
$78,125
Median Household Income
$46,197
Median Earnings
$1,335
Median Rent
$259,900
Median Home Value
Market
Vacancy Rate% for Office 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?
Mixed-use property - Fully leased mixed-use portfolio with long-term tenants and annual escalations.
Where is this mixed-use property located?
The property is located at 122 Wabasha St S Saint Paul, MN.
What is the asking price?
The asking price for this property is $11,050,000.
What are key features of this property?
This property features: 8. 5% Cap Rate; NOI of $939,459 (as of 12/31/2025); 100% Occupied
