Multi-Tenant Retail NNN
For Sale
Contact for pricing
945 Rice St, St Paul, MN 55117
Built in 1989 NNN retail center with 58 parking spaces and four tenants: liquor, restaurant, Subway, and grocery.
Property Size14,456 SF
Lot Size1.10 Acres
Price / SF$197.15
Days on Market3153
Property Features for 945 Rice St
General Information
Standard status
Active
Size
14,456 SF
Total Parking Spaces
58
Lot size
1.10 Acres
Property subtype
RETAIL
Site & Location
Neighborhood
Planning District 6
Building Details
Year Built
1989
Year Renovated
2012
Tenancy
Multi
Listing Agency:
Christopher W Howard
(612) 751-1942
Listed By:
Chris Howard
Source:
Moodyscre
Added: Mar 14, 2018
Changed: Oct 25
Last Checked: Oct 28 at 10:32AM
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
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Investment Insights
Based on property information with market context.
This multi-tenant retail NNN center was built in 1989 and includes upgraded mechanicals with a roof replacement completed in 2012. The property is configured for four tenants, with existing operations including a liquor store, restaurant, Subway, and a grocery use. Building size is listed at 13,620 SF rentable, with a 14,400 SF footprint. The lot area is 47,900 SF and provides 58 parking spaces.
The asset is offered for sale at 945 Rice St, St Paul, MN 55117. It is positioned to serve neighborhood retail needs with on-site parking for customers and employees.
Please note that the liquor store lease will require a 15–20 year extension prior to closing. Market rates are typically described as $12–$14.00/SF on a NNN basis.
The asset is offered for sale at 945 Rice St, St Paul, MN 55117. It is positioned to serve neighborhood retail needs with on-site parking for customers and employees.
Please note that the liquor store lease will require a 15–20 year extension prior to closing. Market rates are typically described as $12–$14.00/SF on a NNN basis.
Key Highlights
- Built in 1989 NNN retail center with approximately 13,620 SF rentable space and 14,400 SF footprint
- Four tenants: liquor store, restaurant, Subway, and grocery
- 58 on‑site parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$174,860
Cap Rate
6.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,497,200
$3.5M
Cap Rate 7%
$2,498,000
$2.5M
Cap Rate 9%
$1,942,889
$1.9M
Market Conditions
NOI Build-Up for 14,456 SF
Gross rent
$260.2K $18.00/SF
− Vacancy
−$10.4K −$0.72/SF
EGI
$249.8K $17.28/SF
− OpEx
−$74.9K −$5.18/SF
NOI
$174.9K $12.10/SF
Area
Ramsey County, MN
Vacancy
4.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,497,200
Cap Rate 7%
$2,498,000
Cap Rate 9%
$1,942,889
Alternative Uses
Best Use
Retail
$2.50M
$2.19M – $2.91M
NOI $174,860 @ 7.0% cap · market cap 6.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.45M
$3.02M – $4.02M
NOI $241,423 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
635
Businesses Nearby
4k
Monthly Visits Nearby
Under-served
Demand for This Use
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
Demographics for 55117, MN
44,525
Population
17,784
Households
2.5
Avg Household Size
34
Median Age
33%
College-Educated
87%
High-School Grad
9.2 sq mi
ZIP Area
4,840
Density / Sq Mi
$71,784
Median Household Income
$43,366
Median Earnings
$1,178
Median Rent
$262,700
Median Home Value
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Shopping center - Built in 1989 NNN retail center with 58 parking spaces and four tenants: liquor, restaurant, Subway, and grocery.
Where is this shopping center located?
The property is located at 945 Rice St St Paul, 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: Built in 1989 NNN retail center with approximately 13,620 SF rentable space and 14,400 SF footprint; Four tenants: liquor store, restaurant, Subway, and grocery; 58 on‑site parking spaces
