Building Details

Building Size 877 SF

Year Built 1905

Listing Agency: Keller Williams Premier Realty

Listed By: Randi Dahl · License #40430202 Show Phone

Source: Kw

Added: Aug 22, 2025 Changed: Oct 6 Last Checked: Oct 5 at 3:37PM

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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 / Yr

$11,769

Cap Rate

6.29%

Suggested Prices Based on Cap Rates

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

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

Ramsey 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 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 (±1% cap)

NOI $11,769 @ 7.0% cap · market cap 6.29%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$209.2K

$183.1K – $244.1K (±1% cap)

NOI $14,646 @ 7.0% cap · market cap 7.83%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Furniture & Home Goods Butcher Electrical Service Home Appliance Store Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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.