Two-Story Walgreens Corporate
400 Wabasha St N, St Paul, MN 55101
For Sale
Contact for pricing
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 Market261
Property Features for 400 Wabasha St N
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Listing Agency:
Upland Real Estate Group, Inc
(612) 332-6600
Listed By:
Deborah Vannelli · License #20103724
(612) 376-4475
Source:
Moodyscre
Added: Feb 22
Changed: Oct 26
Last Checked: Nov 8 at 5:51AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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
Estimated NOI and Cap Rate
NOI / Yr
$141,535
Cap Rate
3.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,830,700
$2.8M
Cap Rate 7%
$2,021,929
$2.0M
Cap Rate 9%
$1,572,611
$1.6M
Market Conditions
NOI Build-Up for 11,701 SF
Gross rent
$210.6K $18.00/SF
− Vacancy
−$8.4K −$0.72/SF
EGI
$202.2K $17.28/SF
− OpEx
−$60.7K −$5.18/SF
NOI
$141.5K $12.10/SF
Area
Ramsey County, MN
Vacancy
4.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,830,700
Cap Rate 7%
$2,021,929
Cap Rate 9%
$1,572,611
Alternative Uses
Best Use
Retail
$2.02M
$1.77M – $2.36M
NOI $141,535 @ 7.0% cap · market cap 3.37%
Second Best
Specialty Retail
$1.48M
$1.29M – $1.72M
NOI $103,333 @ 7.0% cap · market cap 2.46%
Theoretical Best
Office A
$2.79M
$2.44M – $3.26M
NOI $195,413 @ 7.0% cap · market cap 4.65%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Similar Off Market Nearby
- The Naked Boar — Douglas St, 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
- Michele M. Marshall, Pharm — 345 Smith Ave N, St Paul, MN 55102
- Jon Swanson, PharmD — 345 Smith Ave N, 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 St 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
