Auto Shop Property with T1
New
For Sale
$225,000
237 Richmond St, Saint Paul, MN 55102
T1 zoning supports a range of district-permitted uses, subject to confirmation of the intended use with the City of Saint Paul.
Property Size786 SF
Days on Market4
Property Features for 237 Richmond St
General Information
Standard status
Active
Size
786 SF
Property subtype
Retail
Zoning
T1 – Traditional Neighborhood
Building Details
Building Size
786 SF
Year Built
1964
Listing Agency:
(623) 696-2084
Listed By:
Mechelle Holland · License #MN #40883506
(623) 696-2084
Source:
7s
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 6:42AM
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 Mechelle Holland
Investment Insights
Based on property information with market context.
Located at 237 Richmond St in Saint Paul, this auto shop property was built in 1964 and carries T1, or Traditional Neighborhood, zoning. The site’s former auto-repair function is not authorized under the current zoning framework, so future plans will need to align with district requirements.
The property may be evaluated for redevelopment or conversion to another use permitted within the T1 district. Buyers should confirm proposed use eligibility and applicable requirements directly with the City of Saint Paul.
The property may be evaluated for redevelopment or conversion to another use permitted within the T1 district. Buyers should confirm proposed use eligibility and applicable requirements directly with the City of Saint Paul.
Key Highlights
- T1 – Traditional Neighborhood zoning
- Former auto‑repair use is not permitted under current zoning
- Potential for redevelopment or conversion to a permitted T1 use
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
$8,539
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
3.80%
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%
$170,780
$170.8K
Cap Rate 7%
$121,986
$122.0K
Cap Rate 9%
$94,878
$94.9K
Market Conditions
NOI Build-Up for 786 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
$12.7K $16.20/SF
− Vacancy
−$535 −$0.68/SF
EGI
$12.2K $15.52/SF
− OpEx
−$3.7K −$4.66/SF
NOI
$8.5K $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%
$170,780
Cap Rate 7%
$121,986
Cap Rate 9%
$94,878
Alternative Uses
Best Use
Industrial
$122.0K
$106.7K – $142.3K
NOI $8,539 @ 7.0% cap · market cap 3.80%
Second Best
Retail
$118.4K
$103.6K – $138.2K
NOI $8,289 @ 7.0% cap · market cap 3.68%
Theoretical Best
Healthcare Medical
$193.4K
$169.3K – $225.7K
NOI $13,540 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
954
Businesses Nearby
27k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 87%
Shops & Services 13%
McDonald's
Dining
23,016 visits/mo
0.2 miles
Marathon
Shops & Services
3,549 visits/mo
0.1 miles
Demographics for 55102, MN
20,355
Population
11,582
Households
1.8
Avg Household Size
39
Median Age
55%
College-Educated
96%
High-School Grad
3.3 sq mi
ZIP Area
6,168
Density / Sq Mi
$74,143
Median Household Income
$54,042
Median Earnings
$1,295
Median Rent
$280,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Caliber Auto Transfer — 564 Drake St, St Paul, MN 55102
- Bonded Auto Repair Specialists — 533 Randolph Ave, St Paul, MN 55102
- Guardian Recovery Services — 533 Randolph Ave, St Paul, MN 55102
- Xpress Hail Repair — 678 7th St W, St Paul, MN 55102
- Tyson's Towing & Transport — 560 Randolph Ave #200, St Paul, MN 55102
Frequently Asked Questions
What type of property is this?
Auto shop - T1 zoning supports a range of district-permitted uses, subject to confirmation of the intended use with the City of Saint Paul.
Where is this auto shop located?
The property is located at 237 Richmond St Saint Paul, MN.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: T1 – Traditional Neighborhood zoning; Former auto‑repair use is not permitted under current zoning; Potential for redevelopment or conversion to a permitted T1 use
