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 Market168
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: Aug 9 at 7:59AM
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
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
$151,803
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
3.61%
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%
$3,036,060
$3.0M
Cap Rate 7%
$2,168,614
$2.2M
Cap Rate 9%
$1,686,700
$1.7M
Market Conditions
NOI Build-Up for 11,701 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
$210.6K $18.00/SF
− Vacancy
−$8.2K −$0.70/SF
EGI
$202.4K $17.30/SF
− OpEx
−$50.6K −$4.32/SF
NOI
$151.8K $12.97/SF
Area
Dakota County, MN
Vacancy
3.90%
Lease Rate
$18.00 /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%
$3,036,060
Cap Rate 7%
$2,168,614
Cap Rate 9%
$1,686,700
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.
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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
