Remodeled Retail-Residential Mixed-Use
For Sale
Contact for pricing
609 Dale Street N, Saint Paul, MN 55103
Four-unit mixed-use property with remodeled interiors, two retail spaces, two apartments, and parking at rear.
Property Size4,320 SF
Price / SF$114.58
Days on Market61
Property Features for 609 Dale Street N
General Information
Standard status
Active
Size
4,320 SF
Total Parking Spaces
4
Property subtype
Mixed Use, Multifamily, Retail
Zoning
B2 - Community Business
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$84,588
Building Details
Year Built
1928
Buildings
1
Units
4
Tenancy
Multi
Listing Agency:
RE/MAX Results
(651) 256-7404
Listed By:
Hayden Hulsey, CCIM · License #MN 40266763
Source:
Crexi
Added: Jun 12
Changed: Aug 8
Last Checked: Aug 11 at 5:37PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
609 Dale is a recently remodeled mixed-use, four-unit property with two retail tenants on the main level and two apartments on the second level. The building includes two 2-bedroom, 1-bath apartments, while the retail component is leased to a yoga studio and a yarn shop. Unit interiors have been fully remodeled, and the exterior has undergone extensive renovations including tuck pointing and painting. There is also a semi-finished basement space that can support storage and is available for use by the main level yarn shop tenant.
Located at 609 Dale Street N in the heart of St. Paul, the property offers convenient access for tenants and visitors. Parking is provided via a four-car lot in the rear, with additional on-street parking available in front on Dale. The site is described as having great visibility, and the property is zoned B2 Community Business.
All units are currently occupied, and the leases are noted as allowing flexibility for an owner-user in the retail spaces and an apartment. The listing indicates tenants are responsible for their own electric, while boiler heat is paid by the landlord. With a total gross building size of approximately 4,320 square feet, this setup can fit operators seeking a mixed-use live/work concept or investors looking for an already-stabilized retail-and-residential asset. Please contact the listing broker for the rent roll/expenses and to schedule a tour with 24+ hours notice required.
Located at 609 Dale Street N in the heart of St. Paul, the property offers convenient access for tenants and visitors. Parking is provided via a four-car lot in the rear, with additional on-street parking available in front on Dale. The site is described as having great visibility, and the property is zoned B2 Community Business.
All units are currently occupied, and the leases are noted as allowing flexibility for an owner-user in the retail spaces and an apartment. The listing indicates tenants are responsible for their own electric, while boiler heat is paid by the landlord. With a total gross building size of approximately 4,320 square feet, this setup can fit operators seeking a mixed-use live/work concept or investors looking for an already-stabilized retail-and-residential asset. Please contact the listing broker for the rent roll/expenses and to schedule a tour with 24+ hours notice required.
Key Highlights
- 4‑unit mixed‑use property built in 1928, with ~4,320 gross building SF
- Two remodeled retail spaces plus two 2nd‑level 2 bed/1 bath apartments
- Recently remodeled unit interiors and exterior renovations including tuck pointing and painting
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
$45,560
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
9.20%
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%
$911,200
$911.2K
Cap Rate 7%
$650,857
$650.9K
Cap Rate 9%
$506,222
$506.2K
Market Conditions
NOI Build-Up for 4,320 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
$77.8K $18.00/SF
− Vacancy
−$12.7K −$2.93/SF
EGI
$65.1K $15.07/SF
− OpEx
−$19.5K −$4.52/SF
NOI
$45.6K $10.55/SF
Area
Dakota County, MN
Vacancy
16.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$911,200
Cap Rate 7%
$650,857
Cap Rate 9%
$506,222
Alternative Uses
Best Use
Multifamily LT 5
$901.7K
$789.0K – $1.05M
NOI $63,118 @ 7.0% cap · market cap 12.75%
Second Best
Apartment 5plus
$828.2K
$724.7K – $966.2K
NOI $57,973 @ 7.0% cap · market cap 11.71%
Theoretical Best
Healthcare Medical
$1.06M
$930.2K – $1.24M
NOI $74,416 @ 7.0% cap · market cap 15.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
423
Businesses Nearby
Explore this area
Business Placement
Demographics for 55103, MN
13,874
Population
5,652
Households
2.5
Avg Household Size
32
Median Age
27%
College-Educated
79%
High-School Grad
2.0 sq mi
ZIP Area
6,937
Density / Sq Mi
$47,872
Median Household Income
$35,625
Median Earnings
$1,040
Median Rent
$240,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-unit mixed-use property with remodeled interiors, two retail spaces, two apartments, and parking at rear.
Where is this mixed-use property located?
The property is located at 609 Dale Street N Saint Paul, MN.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 4‑unit mixed‑use property built in 1928, with ~4,320 gross building SF; Two remodeled retail spaces plus two 2nd‑level 2 bed/1 bath apartments; Recently remodeled unit interiors and exterior renovations including tuck pointing and painting
