Building Details

Year Built 1914

Buildings 1

Listing Agency: Coldwell Banker Realty

Listed By: Deanna Doyle Show Phone

Source: Bradadamrealty

Added: Aug 28 Changed: Oct 2 Last Checked: Oct 7 at 4:45PM

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Investment Insights

Based on property information with market context.

This mixed-use property at 860 University Ave W in Saint Paul combines an operating restaurant with five residential units in a 5,008 SF building. Constructed in 1914, the property has supported a family-operated restaurant business since 1986 and includes a commercial kitchen, updated hood system, and two commercial freezers. The building also features a roof replaced within the last 5 years and exterior siding improvements.

The property is zoned T2 and sits on University Avenue with light rail access at the property. Five residential units are leased, creating a multifaceted income configuration alongside the restaurant operation. The layout supports both continued restaurant use and residential occupancy within the same building.

Key Highlights

• 5,008 SF mixed‑use building with an operating restaurant and five residential units
• Restaurant has an updated commercial kitchen and new hood system
• Two commercial freezers included

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$67,206

Cap Rate

5.38%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,344,120 $1.3M

Cap Rate 7%

$960,086 $960.1K

Cap Rate 9%

$746,733 $746.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,008 SF

Gross rent

$130.4K $26.04/SF

− Vacancy

−$8.2K −$1.64/SF

EGI

$122.2K $24.40/SF

− OpEx

−$55.0K −$10.98/SF

NOI

$67.2K $13.42/SF

Area

Ramsey County, MN

Vacancy

6.30%

Lease Rate

$26.04 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,344,120

Cap Rate 7%

$960,086

Cap Rate 9%

$746,733

Alternative Uses

Best Use

Apartment 5plus

$960.1K

$840.1K – $1.12M (±1% cap)

NOI $67,206 @ 7.0% cap · market cap 5.38%

Second Best

Mixed Use

$810.9K

$709.5K – $946.1K (±1% cap)

NOI $56,763 @ 7.0% cap · market cap 4.54%

Theoretical Best

Office A

$1.19M

$1.05M – $1.39M (±1% cap)

NOI $83,636 @ 7.0% cap · market cap 6.69%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick Real Estate Agency Electrical Service Law Firm Storage Facility (Bike/Boat/Book/etc) Store Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Yes

Paved road access

Yes

Commercial hood

Location Intelligence

Trade Area within ½ mile

862

Businesses Nearby

Explore this area Business Placement

Demographics for 55104, MN

45,612

Population

20,358

Households

2.2

Avg Household Size

33

Median Age

52%

College-Educated

93%

High-School Grad

6.0 sq mi

ZIP Area

7,602

Density / Sq Mi

$75,038

Median Household Income

$42,770

Median Earnings

$1,159

Median Rent

$290,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Operating restaurant with five residential units, commercial kitchen improvements, and light rail access along University Avenue.

Where is this mixed-use property located?

The property is located at 860 University Ave W Saint Paul, MN.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: 5,008 SF mixed‑use building with an operating restaurant and five residential units; Restaurant has an updated commercial kitchen and new hood system; Two commercial freezers included