Corner Auto Parts Store with NNN
1111 Rice St Saint Paul, MN 55117
1111 Rice St, Saint Paul, MN, 55117
$1,735,000
For Sale
$1,735,000
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 Market25
Property Features for 1111 Rice St
General Information
- Standard status
- Active
- Size
- 7,257 SF
- Property subtype
- Auto Parts
Listing agency
(312) 624-7005
Listed by
Jack Skidmore · License #License(s): IL: 475.212875
(312) 624-7005
Source
Marcusmillichap
Added: Jun 28 Updated: Jul 10 at 2:09PM Checked: Jul 21 at 2:57AM
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
Local Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $117.6k | $16.20 |
| − Vacancy | −$4.9k | −$0.68 |
| EGI | $112.6k | $15.52 |
| − OpEx | −$33.8k | −$4.66 |
| NOI | $78.8k | $10.86 |
7,257 SF · lease $16.20/SF/yr · vacancy 4.20% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Auto shops
Similar For Sale Nearby
Similar Off Market Nearby
- Gary's Automotive Repair — 455 Atwater St W, St Paul, MN 55117
- Gacal Auto Body — 363 Atwater St W, St Paul, MN 55117
- Taller — 353 Larch St, St Paul, MN 55117
- GACAL Auto Body & Auto Repair Inc — 363 atwater st w, st paul, mn 55117
- Hojalatero Frankie — 820 western ave n, st paul, mn 55117
FAQs
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
