Updated Flex Space
For Sale
Contact for pricing
820 Western Ave N, Saint Paul, MN 55117
Flexible I-1-zoned building with updated electrical and plumbing systems and potential for outside storage.
Property Size7,041 SF
Price / SF$113.62
Days on Market10
Property Features for 820 Western Ave N
General Information
Standard status
Active
Size
7,041 SF
Property subtype
INDUSTRIAL
Zoning
I-1
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Listing Agency:
Matthews REIS
(612) 385-0688
Listed By:
Kurt Sauer · License #40841921
(866) 889-0550
Source:
Moodyscre
Added: Sep 15
Changed: Sep 18
Last Checked: Sep 22 at 10:13PM
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 Matthews REIS
Investment Insights
Based on property information with market context.
This 7,041-square-foot flex space building offers a versatile commercial configuration within a sub-10,000-square-foot footprint. The property includes updated electrical and plumbing systems, while the roof is 9 years old and carries a 15-year warranty. Flexible I-1 zoning supports outside storage potential.
Located at 820 Western Ave N in St. Paul, the property provides access to both I-35E and I-94, supporting connections across the central MSP area.
Located at 820 Western Ave N in St. Paul, the property provides access to both I-35E and I-94, supporting connections across the central MSP area.
Key Highlights
- 7,041‑square‑foot flex space building
- Flexible I‑1 zoning with ability for outside storage
- Updated electric and plumbing systems
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
$63,334
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
7.92%
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%
$1,266,680
$1.3M
Cap Rate 7%
$904,771
$904.8K
Cap Rate 9%
$703,711
$703.7K
Market Conditions
NOI Build-Up for 7,041 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
$101.4K $14.40/SF
− Vacancy
−$4.0K −$0.56/SF
EGI
$97.4K $13.84/SF
− OpEx
−$34.1K −$4.84/SF
NOI
$63.3K $8.99/SF
Area
Dakota County, MN
Vacancy
3.90%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
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%
$1,266,680
Cap Rate 7%
$904,771
Cap Rate 9%
$703,711
Alternative Uses
Best Use
Industrial
$1.09M
$956.1K – $1.27M
NOI $76,491 @ 7.0% cap · market cap 9.56%
Second Best
Flex RnD
$904.8K
$791.7K – $1.06M
NOI $63,334 @ 7.0% cap · market cap 7.92%
Theoretical Best
Healthcare Medical
$1.73M
$1.52M – $2.02M
NOI $121,288 @ 7.0% cap · market cap 15.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
868
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 55117, MN
44,525
Population
17,784
Households
2.5
Avg Household Size
34
Median Age
33%
College-Educated
87%
High-School Grad
9.2 sq mi
ZIP Area
4,840
Density / Sq Mi
$71,784
Median Household Income
$43,366
Median Earnings
$1,178
Median Rent
$262,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible I-1-zoned building with updated electrical and plumbing systems and potential for outside storage.
Where is this flex space located?
The property is located at 820 Western Ave N Saint Paul, MN.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 7,041‑square‑foot flex space building; Flexible I‑1 zoning with ability for outside storage; Updated electric and plumbing systems
