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    Mixed-Use Asset on Grand Avenue Title is generated by Realmo AI

    664 Grand Avenue, Saint Paul, MN 55105

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    For Sale
    $3,850,000

    Commercial - Saint Paul, MN

    Property size:
    18,851 SF
    Lot size:
    0.49 Acres
    Price / SF:
    $204/SF
    Added:
    Mar 26, 2026
    Days on Market:
    63
    Last Refresh:
    May 27 at 6:06 pm

    Property Features for 664 Grand Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Business/Commercial,Residential-Multi-Family
    Bedrooms
    5
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking features
    Parking Lot
    Exterior features
    Brick/Stone
    Standard status
    Active
    APN
    022823410074
    Size
    18,851 SF
    Lot size
    0.49 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    91560

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1928
    Architectural style
    Other

    We can help!

    Listing Contact
    Mark K Hulsey
    Mark K Hulsey

    Listing agent Mark K Hulsey

    Listing office RE/MAX Results 11200 W 78th Street, Eden Prairie, MN

    Listing date Mar 26, 2026

    MLS# 7043344 Listing URL

    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.

    HighLights

    • Diversified income stream from retail, office, and residential tenants provides stability.
    • 43‑car parking lot included in sale.
    • Turn‑key restaurant/bar opportunity with recent, high‑quality buildout.
    • Prime Grand Avenue location with high foot traffic and affluent demographics.
    • Value‑add potential with vacant restaurant/bar space for owner‑operator or lease‑up.
    • Recent capital improvements including interior and exterior updates.

    Overview

    This mixed-use asset is located on Grand Avenue in St. Paul. The 18,851 square foot building includes a basement and 11,719 square feet above grade. The property features a diversified income stream with a mix of retail, office, and residential tenants. The retail component is anchored by Mick’s Bottle Shop and a fully built-out restaurant/bar space. There are five apartments upstairs, including one studio, three one-bedroom units, and one two-bedroom unit. Additionally, there are three fully leased offices on the second level with a strong rental history. A 43-car parking lot is included in the sale. Recent capital improvements include extensive interior and exterior updates, with a complete restaurant and bar buildout completed approximately one year ago. The property offers a turn-key restaurant/bar opportunity. All units are currently leased except for the restaurant/bar space. The property is suitable for investors seeking stable in-place income with upside or restaurant/bar operators seeking turn-key potential. The lot size is 0.4924 acres. The property is zoned for business/commercial and residential multi-family use.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $2.81M
    NOI $252,975 @ 9.00% cap · cautious / downside scenario
    Moderate
    $3.61M
    NOI $252,975 @ 7.00% cap · market / base-case scenario
    Aggressive
    $5.06M
    NOI $252,975 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $490.9k $26.04
    − Vacancy −$30.9k −$1.64
    EGI $460.0k $24.40
    − OpEx −$207.0k −$10.98
    NOI $253.0k $13.42
    18,851 SF · lease $26.04/SF/yr · vacancy 6.30% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $3.61M
    $3.16M – $4.22M (±1% cap)
    NOI $252,975 @ 7.0% cap · market cap 6.57%
    Second Best
    Specialty Retail
    $3.49M
    $3.06M – $4.08M (±1% cap)
    NOI $244,563 @ 7.0% cap · market cap 6.35%
    Theoretical Best
    Healthcare Medical
    $4.64M
    $4.06M – $5.41M (±1% cap)
    NOI $324,727 @ 7.0% cap · market cap 8.43%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Saint Paul
    County
    Dakota
    State
    Minnesota
    Longitude
    -93.127969
    Latitude
    44.939706

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    FAQs

    What type of property is this?
    Mixed-use property - Ten-unit mixed-use property with retail, office, and residential spaces.
    Where is this mixed-use property located?
    The property is located at 664 Grand Avenue Saint Paul, MN.
    What is the asking price?
    The asking price for this property is $3,850,000.
    What are key features of this property?
    This property features: Diversified income stream from retail, office, and residential tenants provides stability.; 43‑car parking lot included in sale.; Turn‑key restaurant/bar opportunity with recent, high‑quality buildout.
    (651) 256-7404
    We can help!
    Listing Contact
    Mark K Hulsey
    Mark K Hulsey
    Real Estate License ID: 40169559
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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