Medical Office Building with
New
For Sale
$2,799,000
6311 Wayzata Boulevard, Saint Louis Park, MN 55416
Commercial Sale, Saint Louis Park, MN
Property Size15,078 SF
Lot Size0.72 Acres
Price / SF$185.63
Days on Market2
Property Features for 6311 Wayzata Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business/Commercial
Window features
Aluminum Frames
Subdivision
John A Johnsons Add
Lot features
Corner Lot
High school district
St. Louis Park
Directions
Wayzata Blvd Frontage Rd to property
Standard status
Active
APN
0411721320047
Lot size
0.72 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
110701
Utilities
Heating system
Oil
Cooling system
Central Air
Building Details
Year built
1963
Roof type
Flat
Listing Agency:
RE/MAX Advantage Plus · RE/MAX International
(952) 226-7700
Listed By:
Mark P. Abdel
(651) 283-8251
Added: Sep 25
Last Checked: Sep 26 at 10:06AM
MLS# 7146891
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.
This medical office property at 6311 Wayzata Boulevard occupies a 0.72-acre site and includes approximately 50 parking spaces. Built in 1963, the building has a flat roof, central air conditioning, and oil heat. Its office layout is described as adaptable for medical, healthcare, and professional operations.
The property is in the I-394 commercial corridor, with connections to I-394 and Highway 100. Businesses, restaurants, retail destinations, and residential neighborhoods are identified in the surrounding area. The site is in St. Louis Park, a short distance from downtown Minneapolis.
The property is in the I-394 commercial corridor, with connections to I-394 and Highway 100. Businesses, restaurants, retail destinations, and residential neighborhoods are identified in the surrounding area. The site is in St. Louis Park, a short distance from downtown Minneapolis.
Key Highlights
- Approximately 50 on‑site parking spaces
- 0.72‑acre site
- Built in 1963
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
$230,042
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
8.22%
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%
$4,600,840
$4.6M
Cap Rate 7%
$3,286,314
$3.3M
Cap Rate 9%
$2,556,022
$2.6M
Market Conditions
NOI Build-Up for 15,078 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
$470.4K $31.20/SF
− Vacancy
−$87.0K −$5.77/SF
EGI
$383.4K $25.43/SF
− OpEx
−$153.4K −$10.17/SF
NOI
$230.0K $15.26/SF
Area
Hennepin County, MN
Vacancy
18.50%
Lease Rate
$31.20 /SF/Yr
Expense Ratio
40.00%
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%
$4,600,840
Cap Rate 7%
$3,286,314
Cap Rate 9%
$2,556,022
Alternative Uses
Best Use
Healthcare Medical
$3.29M
$2.88M – $3.83M
NOI $230,042 @ 7.0% cap · market cap 8.22%
Second Best
Office B
$2.56M
$2.24M – $2.98M
NOI $179,049 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$3.60M
$3.15M – $4.20M
NOI $251,811 @ 7.0% cap · market cap 9.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,722
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 55416, MN
34,129
Population
19,197
Households
1.8
Avg Household Size
36
Median Age
73%
College-Educated
98%
High-School Grad
7.3 sq mi
ZIP Area
4,675
Density / Sq Mi
$105,926
Median Household Income
$70,993
Median Earnings
$1,701
Median Rent
$457,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
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Similar Off Market Nearby
- Banfield Pet Hospital — 5640 Cedar Lk Rd S, St Louis Park, MN 55416
Frequently Asked Questions
What type of property is this?
Medical Office Space - The property includes central air conditioning and oil-fired heating.
Where is this medical office space located?
The property is located at 6311 Wayzata Boulevard Saint Louis Park, MN.
What is the asking price?
The asking price for this property is $2,799,000.
What are key features of this property?
This property features: Approximately 50 on‑site parking spaces; 0.72‑acre site; Built in 1963
