Remodeled 4-Unit Mixed-Use
For Sale
$495,000
609 Dale Street N, Saint Paul, MN 55103
Commercial Sale, Saint Paul, MN
Property Size4,320 SF
Lot Size0.07 Acres
Price / SF$114.58
Days on Market80
Property Features for 609 Dale Street N
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business/Commercial
Parking features
Parking Lot
Exterior features
Brick/Stone
Subdivision
Chute Brothers Division, No 4
High school district
St. Paul
Directions
I-94 to Dale Street North to property.
Standard status
Active
APN
352923110214
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7948
Utilities
Heating system
Oil
Amenities
semi-finished basement
Building Details
Year built
1928
Listing Agency:
RE/MAX Results · RE/MAX International
(651) 251-4800
Listed By:
Mark K Hulsey · License #40169559
(952) 829-2900
Added: Jun 12
Changed: Aug 24
Last Checked: Aug 30 at 9:06AM
MLS# 7091816
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 609 Dale Street N in Saint Paul, this 1928 mixed-use building contains approximately 4,320 gross square feet across four occupied units. The property includes two main-level retail spaces and two second-level apartments, each configured with two bedrooms and one bathroom. Existing retail occupants include a yoga studio and a yarn shop, while the leases provide flexibility for an owner-user in the retail spaces and an apartment.
Interior remodeling has been completed throughout the units, with exterior work including tuckpointing and painting. The B2 Community Business zoning designation supports the property’s mixed-use configuration. A semi-finished basement provides storage and additional use area for the main-level yarn shop. The site includes a rear four-car parking lot and on-street parking along Dale Street. Tenants pay their own electric service, while boiler heat is paid by the landlord and the building is heated with oil.
Interior remodeling has been completed throughout the units, with exterior work including tuckpointing and painting. The B2 Community Business zoning designation supports the property’s mixed-use configuration. A semi-finished basement provides storage and additional use area for the main-level yarn shop. The site includes a rear four-car parking lot and on-street parking along Dale Street. Tenants pay their own electric service, while boiler heat is paid by the landlord and the building is heated with oil.
Key Highlights
- Four occupied units: two retail spaces and two 2 bed/1 bath apartments
- Approximately 4,320 gross building square feet on 0.073 acres
- B2 Community Business zoning
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
Apartment 5plus
$828.2K
$724.7K – $966.2K
NOI $57,973 @ 7.0% cap · market cap 11.71%
Second Best
Mixed Use
$733.2K
$641.5K – $855.4K
NOI $51,322 @ 7.0% cap · market cap 10.37%
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
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
879
Businesses Nearby
12k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Wendy's
Dining
11,688 visits/mo
0.2 miles
SUBWAY
Dining
369 visits/mo
0.2 miles
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 Retail 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?
Mixed-use property - Fully leased building combines two retail suites with two second-level apartments.
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: Four occupied units: two retail spaces and two 2 bed/1 bath apartments; Approximately 4,320 gross building square feet on 0.073 acres; B2 Community Business zoning
