Office Building with Rear
For Sale
$720,000
32 32nd Avenue S, Saint Cloud, MN 56301
Commercial Sale, Saint Cloud, MN
Property Size4,500 SF
Lot Size0.35 Acres
Price / SF$160
Days on Market74
Property Features for 32 32nd Avenue S
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business/Commercial
Rooms
Basement
Parking features
Parking Lot
Accessibility
Accessible Approach with Ramp
Subdivision
Roosevelt Place Add
High school district
St. Cloud
Directions
From Division St, North on 32nd Ave N
Standard status
Active
APN
82504640000
Lot size
0.35 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5810
Utilities
Heating system
Forced Air
Cooling system
Central Air, Ductless
Building Details
Year built
1976
Building materials
Block, Frame
Roof type
Flat, Metal
Listing Agency:
Premier Real Estate Services
(320) 259-4554
Listed By:
Noel M. Johnson · License #20360894
(320) 980-3100
Added: Jul 15
Changed: Sep 24
Last Checked: Sep 26 at 11:06AM
MLS# 7110118
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property includes a 4,500-square-foot professional office building and a 1,200-square-foot shop on a 0.348-acre parcel. The main building dates to 1976 and received an extensive interior and exterior renovation in 2013. Updates included windows, HVAC, entry doors, stucco, sidewalks, a heated front walk, parking lot work, and interior improvements. The property also has a basement, a parking lot, ramp access, forced-air heat, and central air and ductless cooling.
Several tenants have long-term occupancy, including the largest tenant, whose lease runs through January 2035. The site sits one-half block from Division Street (Hwy 23).
Several tenants have long-term occupancy, including the largest tenant, whose lease runs through January 2035. The site sits one-half block from Division Street (Hwy 23).
Key Highlights
- 4,500‑square‑foot professional building plus a 1,200‑square‑foot rear shop
- 0.348‑acre site with several long‑term tenants
- Largest tenant lease extends through January 2035
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
$51,882
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
7.21%
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%
$1,037,640
$1.0M
Cap Rate 7%
$741,171
$741.2K
Cap Rate 9%
$576,467
$576.5K
Market Conditions
NOI Build-Up for 4,500 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
$72.4K $16.08/SF
− Vacancy
−$3.2K −$0.71/SF
EGI
$69.2K $15.37/SF
− OpEx
−$17.3K −$3.84/SF
NOI
$51.9K $11.53/SF
Area
Stearns County, MN
Vacancy
4.40%
Lease Rate
$16.08 /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%
$1,037,640
Cap Rate 7%
$741,171
Cap Rate 9%
$576,467
Alternative Uses
Best Use
Office B
$741.2K
$648.5K – $864.7K
NOI $51,882 @ 7.0% cap · market cap 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$985.3K
$862.1K – $1.15M
NOI $68,970 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,506
Businesses Nearby
Explore this area
Business Placement
Demographics for 56301, MN
33,786
Population
13,511
Households
2.5
Avg Household Size
30
Median Age
32%
College-Educated
91%
High-School Grad
76.6 sq mi
ZIP Area
441
Density / Sq Mi
$69,725
Median Household Income
$29,226
Median Earnings
$1,103
Median Rent
$262,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Long-term tenants occupy the professional building, with a separate shop positioned behind it.
Where is this office building located?
The property is located at 32 32nd Avenue S Saint Cloud, MN.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: 4,500‑square‑foot professional building plus a 1,200‑square‑foot rear shop; 0.348‑acre site with several long‑term tenants; Largest tenant lease extends through January 2035
