Historic Restaurant and
For Sale
$1,995,000
79 Western Avenue North Saint, Saint Paul, MN 55102
Remodeled dining, bar, and event venue with preserved architectural details and access to shared surface parking.
Property Size12,645 SF
Days on Market195
Property Features for 79 Western Avenue North Saint
General Information
Standard status
Active
Size
12,645 SF
Property subtype
Restaurant
Amenities
free parking
Building Details
Building Size
12,645 SF
Year Built
1920
Listing Agency:
SVN | Northco Real Estate Services
(952) 820-1634
Listed By:
Edward Rupp · License #40514585
(952) 820-1634
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 31
Last Checked: Aug 29 at 3:31PM
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 SVN | Northco Real Estate Services
Investment Insights
Based on property information with market context.
The Commodore is a restaurant, bar, and event property in a 1920 building, with approximately 10,025 SF arranged across four distinct rooms. The interiors were remodeled while retaining original architectural elements, including plasterwork. An approximately 2,620 SF ballroom is also available, expanding the property's event-oriented configuration. The property operated as The Commodore Bar & Restaurant from 2015 until the onset of the COVID-19 pandemic and has since been used only as an event venue.
The building is located at 79 Western Avenue North in Saint Paul’s Cathedral Hill neighborhood, one block from Summit Avenue. It is near downtown Saint Paul, Selby Avenue’s restaurant and boutique district, and Grand Avenue. The property is also a short distance from the Cathedral of Saint Paul, the James J. Hill Mansion, and the University Club of Saint Paul. Free parking is available through a shared parking agreement with the Commodore Condominium Association.
The building is located at 79 Western Avenue North in Saint Paul’s Cathedral Hill neighborhood, one block from Summit Avenue. It is near downtown Saint Paul, Selby Avenue’s restaurant and boutique district, and Grand Avenue. The property is also a short distance from the Cathedral of Saint Paul, the James J. Hill Mansion, and the University Club of Saint Paul. Free parking is available through a shared parking agreement with the Commodore Condominium Association.
Key Highlights
- Approximately 10,025 SF of restaurant, bar, and event space
- Four distinct remodeled rooms with retained original plasterwork
- Approximately 2,620 SF ballroom also available
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
$164,050
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%
$3,281,000
$3.3M
Cap Rate 7%
$2,343,571
$2.3M
Cap Rate 9%
$1,822,778
$1.8M
Market Conditions
NOI Build-Up for 12,645 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
$227.6K $18.00/SF
− Vacancy
−$8.9K −$0.70/SF
EGI
$218.7K $17.30/SF
− OpEx
−$54.7K −$4.32/SF
NOI
$164.0K $12.97/SF
Area
Dakota County, MN
Vacancy
3.90%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$3,281,000
Cap Rate 7%
$2,343,571
Cap Rate 9%
$1,822,778
Alternative Uses
Best Use
Specialty Retail
$2.34M
$2.05M – $2.73M
NOI $164,050 @ 7.0% cap · market cap 8.22%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$3.11M
$2.72M – $3.63M
NOI $217,823 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,759
Businesses Nearby
3k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 100%
Residence Inn by Marriot
Hotels & Casinos
3,279 visits/mo
0.4 miles
Demographics for 55102, MN
20,355
Population
11,582
Households
1.8
Avg Household Size
39
Median Age
55%
College-Educated
96%
High-School Grad
3.3 sq mi
ZIP Area
6,168
Density / Sq Mi
$74,143
Median Household Income
$54,042
Median Earnings
$1,295
Median Rent
$280,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Remodeled dining, bar, and event venue with preserved architectural details and access to shared surface parking.
Where is this conventional restaurant located?
The property is located at 79 Western Avenue North Saint Saint Paul, MN.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Approximately 10,025 SF of restaurant, bar, and event space; Four distinct remodeled rooms with retained original plasterwork; Approximately 2,620 SF ballroom also available
