Two-Level Office
For Sale
Contact for pricing
2375 University Avenue West, Saint Paul, MN 55114
Two available office suites in a clean, remodeled two-level building with rear-lot parking on University Ave W.
Property Size15,120 SF
Price / SF$148.81
Days on Market56
Property Features for 2375 University Avenue West
General Information
Standard status
Active
Size
15,120 SF
Class
B
Total Parking Spaces
21
Property subtype
Retail, Office, Mixed Use
Zoning
T3 - Traditional Neighborhood
Lease Type
Modified
Investment Type
Owner/User
Site & Location
Traffic Count
14,249 vehicles/day
Highway Access
Yes
Building Details
Year Built
1930
Year Renovated
2020
Buildings
1
Stories
2
Units
21
Tenancy
Multi
Listing Agency:
Results Commercial
(651) 256-7404
Listed By:
Mark Hulsey · License #MN 40169559
Source:
Crexi
Added: Jun 15
Changed: Aug 8
Last Checked: Aug 8 at 7:31AM
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 Results Commercial
Investment Insights
Based on property information with market context.
This two-level office building totals 15,120 SF and features clean, contemporary, bright interior finishes. The property includes 21 parking spaces in a rear lot, with additional parking surrounding the building. The building has been exceptionally maintained and remodeled throughout the current ownership.
Located at 2375 University Avenue West in St. Paul, the site offers high visibility on University Ave W with 14,249 vehicles per day noted for the corridor. The property is described as having convenient, easy access to I-94 and a centrally located position within the Twin Cities metro. University Ave is also served by bus lines and light rail.
The building is zoned T3 – Traditional Neighborhood, with permitted uses listed as commercial, residential, office, retail, and mixed-use options. Two suites are available for owner occupants: 3,203 SF and 5,115 SF, providing multiple entry points for different workplace needs. Current tenants include ThinkSelf Inc., Home Group Inc., New Light Center LLC, Rise Inc., Keystone Interpreting Solutions Inc., Landmark Piano LLC, and Pete’s Mobile of MN LLC, supporting an occupied, established setting for prospective buyers or owners.
Located at 2375 University Avenue West in St. Paul, the site offers high visibility on University Ave W with 14,249 vehicles per day noted for the corridor. The property is described as having convenient, easy access to I-94 and a centrally located position within the Twin Cities metro. University Ave is also served by bus lines and light rail.
The building is zoned T3 – Traditional Neighborhood, with permitted uses listed as commercial, residential, office, retail, and mixed-use options. Two suites are available for owner occupants: 3,203 SF and 5,115 SF, providing multiple entry points for different workplace needs. Current tenants include ThinkSelf Inc., Home Group Inc., New Light Center LLC, Rise Inc., Keystone Interpreting Solutions Inc., Landmark Piano LLC, and Pete’s Mobile of MN LLC, supporting an occupied, established setting for prospective buyers or owners.
Key Highlights
- Two‑level building totaling 15,120 SF (year built 1930) with 21 rear‑lot parking spaces plus additional surrounding parking
- University Ave W frontage with high traffic count of 14,249 vehicles per day
- Zoned T3 – Traditional Neighborhood; permitted uses include commercial, residential, office, retail, and mixed‑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
$187,554
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
8.34%
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%
$3,751,080
$3.8M
Cap Rate 7%
$2,679,343
$2.7M
Cap Rate 9%
$2,083,933
$2.1M
Market Conditions
NOI Build-Up for 15,120 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
$337.5K $22.32/SF
− Vacancy
−$87.4K −$5.78/SF
EGI
$250.1K $16.54/SF
− OpEx
−$62.5K −$4.13/SF
NOI
$187.6K $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%
$3,751,080
Cap Rate 7%
$2,679,343
Cap Rate 9%
$2,083,933
Alternative Uses
Best Use
Office B
$2.68M
$2.34M – $3.13M
NOI $187,554 @ 7.0% cap · market cap 8.34%
Second Best
Retail
$2.28M
$1.99M – $2.66M
NOI $159,459 @ 7.0% cap · market cap 7.09%
Theoretical Best
Healthcare Medical
$3.72M
$3.26M – $4.34M
NOI $260,457 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14,249 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,186
Businesses Nearby
Explore this area
Business Placement
Demographics for 55114, MN
5,012
Population
2,806
Households
1.8
Avg Household Size
29
Median Age
67%
College-Educated
96%
High-School Grad
1.3 sq mi
ZIP Area
3,855
Density / Sq Mi
$65,236
Median Household Income
$52,738
Median Earnings
$1,588
Median Rent
$296,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
1031 exchange property - Two available office suites in a clean, remodeled two-level building with rear-lot parking on University Ave W.
Where is this 1031 exchange property located?
The property is located at 2375 University Avenue West Saint Paul, MN.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Two‑level building totaling 15,120 SF (year built 1930) with 21 rear‑lot parking spaces plus additional surrounding parking; University Ave W frontage with high traffic count of 14,249 vehicles per day; Zoned T3 – Traditional Neighborhood; permitted uses include commercial, residential, office, retail, and mixed‑use
