Two-Story Walgreens Corporate
For Sale
Contact for pricing
400 Wabasha St N, Saint Paul, MN 55101
Walgreens condo on the first and second floors within Treasure Island Center under a corporate NNN lease.
Property Size11,701 SF
Price / SF$359.28
Days on Market158
Property Features for 400 Wabasha St N
General Information
Standard status
Active
Size
11,701 SF
Property subtype
RETAIL
Listing Agency:
Upland Real Estate Group, Inc
(612) 376-4475
Listed By:
Deborah Vannelli · License #20103724
(612) 376-4475
Source:
Moodyscre
Added: Feb 22
Changed: Jul 29
Last Checked: Jul 29 at 6:11AM
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.
Walgreens is a condo located on the first and second floors of Treasure Island Center. The property is on a corporate NNN lease with 6 years and 4 months remaining.
The center includes multiple tenants, including an MN Wild Hockey Team practice rink and other local operators listed in the offering. The location is near I-94 and I-35E, with reported average traffic counts of 141,085 and 70,774 vehicles per day, respectively.
This offering reflects a single-tenant corporate drugstore presence with the lease structured as a corporate NNN arrangement.
The center includes multiple tenants, including an MN Wild Hockey Team practice rink and other local operators listed in the offering. The location is near I-94 and I-35E, with reported average traffic counts of 141,085 and 70,774 vehicles per day, respectively.
This offering reflects a single-tenant corporate drugstore presence with the lease structured as a corporate NNN arrangement.
Key Highlights
- Walgreens condo on the first and second floors within Treasure Island Center
- Corporate NNN lease with 6 years, 4 months remaining
- Building tenants include MN Wild Hockey Team practice rink, PWHL, TRIA Orthopedic, St. Paul Port Authority, Pillbox Tavern, and St. Paul Event Center
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $210.6k | $18.00 |
| − Vacancy | −$8.2k | −$0.70 |
| EGI | $202.4k | $17.30 |
| − OpEx | −$50.6k | −$4.32 |
| NOI | $151.8k | $12.97 |
11,701 SF · lease $18.00/SF/yr · vacancy 3.90% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.17M
$1.90M – $2.53M
NOI $151,803 @ 7.0% cap · market cap 3.61%
Second Best
Retail
$1.76M
$1.54M – $2.06M
NOI $123,401 @ 7.0% cap · market cap 2.94%
Theoretical Best
Healthcare Medical
$2.88M
$2.52M – $3.36M
NOI $201,561 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,370
Businesses Nearby
67k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 69%
Dining 19%
Shops & Services 12%
Holiday Inn St. Paul Downtown
Hotels & Casinos
21,977 visits/mo
0.4 miles
Hampton Inn and Suites Downtown St. Paul
Hotels & Casinos
9,558 visits/mo
0.4 miles
Drury Plaza Hotel
Hotels & Casinos
6,733 visits/mo
0.5 miles
BP
Shops & Services
6,179 visits/mo
0.4 miles
Insomnia Cookies
Dining
5,444 visits/mo
0.5 miles
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 Retail 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
- Jon Swanson, PharmD — 345 Smith Ave N, St Paul, MN 55102
- Radius Living rx — 124 Wabasha St S, St Paul, MN 55107
- 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 - Walgreens condo on the first and second floors within Treasure Island Center under a corporate NNN lease.
Where is this drug store located?
The property is located at 400 Wabasha St N 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: Walgreens condo on the first and second floors within Treasure Island Center; Corporate NNN lease with 6 years, 4 months remaining; Building tenants include MN Wild Hockey Team practice rink, PWHL, TRIA Orthopedic, St. Paul Port Authority, Pillbox Tavern, and St. Paul Event Center
