Chic Loft in River
For Sale
$187,000
406 Wacouta Street #601 Saint, Saint Paul, MN 55101
Corner-unit loft with modern updates and historic character.
Property Size877 SF
Days on Market365
Property Features for 406 Wacouta Street #601 Saint
General Information
Standard status
Active
Size
877 SF
Property subtype
Single Family Detached
Amenities
Central Air
Forced Air
Refrigerator
Dryer
Cooktop
Dishwasher
Range
Washer
Stainless Steel Appliances
Flat
Building Details
Building Size
877 SF
Year Built
1905
Listing Agency:
Keller Williams Premier Realty
(612) 715-1829
Listed By:
Randi Dahl · License #40430202
(612) 715-1829
Source:
Kw
Added: Aug 22, 2025
Changed: Aug 21
Last Checked: Aug 20 at 7:29PM
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 Keller Williams Premier Realty
Investment Insights
Based on property information with market context.
This corner-unit loft, located in the River Park Lofts, combines historic character with modern sophistication. The updated space features exposed brick walls and original timber beams. A semi-private entrance adds privacy. The updated kitchen includes Cambria quartz countertops, a backsplash, and stainless steel Fisher & Paykel appliances. The bathroom has been upgraded with a Cambria quartz vanity, and a new Miele washer/dryer. Custom storage solutions by Twin Cities Closets enhance functionality, including a customized bedroom closet. The loft blends architectural details with contemporary updates. The monthly homeowners association fee includes heating, A/C, cable, internet, snow removal, water + sewer, and security. Residents are responsible for electricity. The River Park Lofts building offers safety and security, along with luxury features, including concrete floors, exposed brick + wood beams throughout, an exercise room, party/community room, and entry into the skyway. The location is convenient to Mears Park, CHS Field, the Light Rail, Farmer's Market, and numerous restaurants.
Key Highlights
- All‑inclusive HOA fee covering essential utilities and services.
- Prime location with convenient access to Mears Park and CHS Field.
- Unique loft featuring exposed brick and original timber beams.
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
$11,769
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
6.29%
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%
$235,380
$235.4K
Cap Rate 7%
$168,129
$168.1K
Cap Rate 9%
$130,767
$130.8K
Market Conditions
NOI Build-Up for 877 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
$22.8K $26.04/SF
− Vacancy
−$1.4K −$1.64/SF
EGI
$21.4K $24.40/SF
− OpEx
−$9.6K −$10.98/SF
NOI
$11.8K $13.42/SF
Area
Dakota County, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$235,380
Cap Rate 7%
$168,129
Cap Rate 9%
$130,767
Alternative Uses
Best Use
Apartment 5plus
$168.1K
$147.1K – $196.2K
NOI $11,769 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$215.8K
$188.8K – $251.8K
NOI $15,107 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,586
Businesses Nearby
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 Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Corner-unit loft with modern updates and historic character.
Where is this apartment building located?
The property is located at 406 Wacouta Street #601 Saint Saint Paul, MN.
What is the asking price?
The asking price for this property is $187,000.
What are key features of this property?
This property features: All‑inclusive HOA fee covering essential utilities and services.; Prime location with convenient access to Mears Park and CHS Field.; Unique loft featuring exposed brick and original timber beams.
