Mixed-Use Redevelopment
For Sale
Contact for pricing
Pending
398 Wabasha Street North, Saint Paul, MN 55101
Located in a vibrant mixed-use redevelopment in downtown St. Paul.
Property Size17,101 SF
Days on Market168
Property Features for 398 Wabasha Street North
General Information
Standard status
Pending
Size
17,101 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$378,350
Building Details
Year Built
2017
Tenancy
Single
Listing Agency:
Upland Real Estate Group Inc
(612) 376-4475
Listed By:
Keith Sturm · License #MN 81883
Source:
Crexi
Added: Feb 25
Changed: Aug 8
Last Checked: Aug 12 at 1:21PM
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 Upland Real Estate Group Inc
Investment Insights
Based on property information with market context.
The property is part of the Treasure Island Center, a mixed-use redevelopment located in downtown St. Paul, Minnesota. Originally built in 1962 as a department store, the building was vacant for several years before being redeveloped into a modern destination. The property now combines retail, office, medical, and recreational spaces. The TRIA Rink, an NHL-regulation ice rink on the rooftop, serves as the official practice facility for the Minnesota Wild and hosts community events, college hockey games, and figure skating.
Key Highlights
- Located in the heart of downtown St. Paul, Minnesota.
- Part of the Treasure Island Center, a vibrant mixed‑use redevelopment.
- Modern destination combining retail, office, medical, and recreational space.
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
$294,582
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
7.01%
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%
$5,891,640
$5.9M
Cap Rate 7%
$4,208,314
$4.2M
Cap Rate 9%
$3,273,133
$3.3M
Market Conditions
NOI Build-Up for 17,101 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
$513.0K $30.00/SF
− Vacancy
−$22.1K −$1.29/SF
EGI
$491.0K $28.71/SF
− OpEx
−$196.4K −$11.48/SF
NOI
$294.6K $17.23/SF
Area
Dakota County, MN
Vacancy
4.30%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
40.00%
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%
$5,891,640
Cap Rate 7%
$4,208,314
Cap Rate 9%
$3,273,133
Alternative Uses
Best Use
Healthcare Medical
$4.21M
$3.68M – $4.91M
NOI $294,582 @ 7.0% cap · market cap 7.01%
Second Best
Specialty Retail
$3.17M
$2.77M – $3.70M
NOI $221,860 @ 7.0% cap · market cap 5.28%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,370
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 55101, MN
7,788
Population
5,651
Households
1.4
Avg Household Size
38
Median Age
57%
College-Educated
96%
High-School Grad
0.8 sq mi
ZIP Area
9,735
Density / Sq Mi
$72,703
Median Household Income
$56,947
Median Earnings
$1,573
Median Rent
$252,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Michele M. Marshall, Pharm — 345 Smith Ave N, St Paul, MN 55102
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- Genoa Healthcare — 122 Wabasha St S Suite 110, St Paul, MN 55107
- The Naked Boar — Douglas St, St Paul, MN 55102
Frequently Asked Questions
What type of property is this?
Drug store - Located in a vibrant mixed-use redevelopment in downtown St. Paul.
Where is this drug store located?
The property is located at 398 Wabasha Street North Saint Paul, MN.
What is the asking price?
The asking price for this property is $4,203,889.
What are key features of this property?
This property features: Located in the heart of downtown St. Paul, Minnesota.; Part of the Treasure Island Center, a vibrant mixed‑use redevelopment.; Modern destination combining retail, office, medical, and recreational space.
