Multi-Tenant Automotive Property For
For Sale
Contact for pricing
2128 Rice St, Saint Paul, MN 55113
9,400 SF multi-tenant automotive property with strong income.
Property Size9,400 SF
Lot Size0.71 Acres
Price / SF$234.04
Days on Market175
Property Features for 2128 Rice St
General Information
Standard status
Active
Size
9,400 SF
Lot size
0.71 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Net Operating Income
$176,000
Building Details
Year Built
1986
Listing Agency:
SURMOUNT
(332) 345-4222
Listed By:
Edward Otocka · License #NY 10401298466
Source:
Crexi
Added: Feb 18
Changed: Aug 10
Last Checked: Aug 10 at 6:19AM
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 SURMOUNT
Investment Insights
Based on property information with market context.
Located at 2128 Rice Street in Saint Paul, Minnesota, this multi-tenant property features approximately 9,400 rentable square feet on an estimated 0.71-acre parcel. The property is currently leased to three tenants. Victory Auto occupies a portion of the property under a 10-year double-net (NN) lease that commenced on March 21, 2023, paying $105,478 in rent with scheduled 1.00% annual increases. Prime Detailing recently executed a 5-year lease beginning February 1, 2026, paying $39,600 with 3.00% annual increases. The third tenant has a 2-year base lease term and an annual net operating income of $30,922 with a scheduled 3.00% increase in month 13. The combined annual net operating income across all three tenants totals $176,000.
Key Highlights
- Multi‑tenant property with a combined annual net operating income of $176,000.
- Victory Auto is a major tenant under a 10‑year double‑net (NN) lease commenced on March 21, 2023, paying $105,478 annually with 1.00% annual increases.
- Prime Detailing executed a 5‑year lease beginning February 1, 2026, paying $39,600 with 3.00% annual increases.
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
$102,119
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
4.64%
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%
$2,042,380
$2.0M
Cap Rate 7%
$1,458,843
$1.5M
Cap Rate 9%
$1,134,656
$1.1M
Market Conditions
NOI Build-Up for 9,400 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
$152.3K $16.20/SF
− Vacancy
−$6.4K −$0.68/SF
EGI
$145.9K $15.52/SF
− OpEx
−$43.8K −$4.66/SF
NOI
$102.1K $10.86/SF
Area
Dakota County, MN
Vacancy
4.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$2,042,380
Cap Rate 7%
$1,458,843
Cap Rate 9%
$1,134,656
Alternative Uses
Best Use
Industrial
$1.46M
$1.28M – $1.70M
NOI $102,119 @ 7.0% cap · market cap 4.64%
Second Best
Retail
$1.42M
$1.24M – $1.65M
NOI $99,134 @ 7.0% cap · market cap 4.51%
Theoretical Best
Healthcare Medical
$2.31M
$2.02M – $2.70M
NOI $161,924 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
99k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 69%
Shops & Services 31%
McDonald's
Dining
20,029 visits/mo
0.3 miles
Holiday Station Store
Shops & Services
18,209 visits/mo
0.2 miles
Taco Bell
Dining
14,820 visits/mo
0.1 miles
Burger King
Dining
10,827 visits/mo
0.0 miles
Popeyes Louisiana Kitchen
Dining
9,288 visits/mo
0.2 miles
Demographics for 55113, MN
41,699
Population
19,075
Households
2.2
Avg Household Size
40
Median Age
55%
College-Educated
95%
High-School Grad
14.8 sq mi
ZIP Area
2,818
Density / Sq Mi
$86,830
Median Household Income
$49,820
Median Earnings
$1,353
Median Rent
$331,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Automotive property - 9,400 SF multi-tenant automotive property with strong income.
Where is this automotive property located?
The property is located at 2128 Rice St Saint Paul, MN.
What is the asking price?
The asking price for this property is $2,200,003.
What are key features of this property?
This property features: Multi‑tenant property with a combined annual net operating income of $176,000.; Victory Auto is a major tenant under a 10‑year double‑net (NN) lease commenced on March 21, 2023, paying $105,478 annually with 1.00% annual increases.; Prime Detailing executed a 5‑year lease beginning February 1, 2026, paying $39,600 with 3.00% annual increases.
