This exceptional 7.36-acre parcel presents a unique residential development opportunity within the vibrant Highland Bridge project in Saint Paul, Minnesota. Located at 966 Mississippi River Blvd, this land, encompassing APNs 17-28-23-13-0018, 17-28-23-13-0017, 17-28-23-42-0004, 17-28-23-42-0007, 17-28-23-42-0006, 17-28-23-42-0010, and 17-28-23-42-0009, is zoned F-1, F-2, and F-3, allowing for the construction of approximately 150-160 rowhomes. Situated within the 121-acre Highland Bridge redevelopment (former Ford site), this property benefits from its proximity to the Mississippi River and the planned amenities of this expansive mixed-use development. These amenities include over 3,000 residential units, 265,000 square feet of office space, 150,000 square feet of retail space (including a recently opened Lunds and Byerlys), and 55 acres of meticulously planned parks and open spaces. The parks feature playgrounds, pickleball and basketball courts, a dog park, skate park, sand volleyball courts, and dedicated pedestrian and bike paths connecting to the Mississippi River trail system. A central water feature with public gathering areas and extensive landscaping further enhances the appeal of this location. The property's western location places it ideally between new public gathering spaces and the Mississippi River Parkway, offering residents an unparalleled urban lifestyle. The development also includes Highland Little League fields and a new home for the University of St. Thomas Baseball and Softball programs. This is a rare opportunity to be part of a thriving, master-planned community in a highly desirable location.
Property Features for 966 Mississippi River Blvd
General Information
Property type
Land
Lot Size
320,602 SF
HighLights
7.36‑acre development site in Saint Paul's Highland Bridge project, suitable for approximately 150‑160 rowhomes.
150,000 square feet of new retail, including a Lunds & Byerlys.
55 acres of public plazas and open space.
Four public parks with playgrounds, pickleball, basketball, dog park, skate park, and sand volleyball courts.
Dedicated pedestrian and bike paths with access to the Mississippi River trail system.
Central water feature with public gathering areas and landscaping.
Land - 7.36 Acres, Saint Paul, MN. Prime Development
Where is this land located?
The property is located at 966 Mississippi River Blvd Saint Paul, MN.
What are key features of this property?
This property features: 7.36-acre development site in Saint Paul's Highland Bridge project, suitable for approximately 150-160 rowhomes.; 150,000 square feet of new retail, including a Lunds & Byerlys.; 55 acres of public plazas and open space.
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966 Mississippi River Blvd Saint Paul, MN 55116
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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.
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
966 Mississippi River Blvd Saint Paul, MN 55116
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966 Mississippi River Blvd, Saint Paul, MN
Brian Pankratz
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966 Mississippi River Blvd, Saint Paul, MN
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966 Mississippi River Blvd, Saint Paul, MN
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966 Mississippi River Blvd, Saint Paul, MN
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966 Mississippi River Blvd, Saint Paul, MN
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to 966 Mississippi River Blvd Saint Paul, MN 55116
966 Mississippi River Blvd, Saint Paul, MN
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