Industrial Warehouse with Office
For Sale
$3,400,000
976 Minnehaha Avenue W, Saint Paul, MN 55104
Commercial Sale, Saint Paul, MN
Property Size37,175 SF
Lot Size1.17 Acres
Price / SF$91.46
Days on Market17
Property Features for 976 Minnehaha Avenue W
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial
Parking features
Parking Lot
Fireplace
1
Accessibility
Accessible Approach with Ramp
Subdivision
Section 35 Town 29 Range 23
High school district
St. Paul
Directions
Located on the South side W Minnehaha Ave between Chatsworth St N &Victoria St N
Standard status
Active
APN
352923210016
Lot size
1.17 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
77934
Utilities
Heating system
Fireplace(s)
Amenities
breakrooms
Building Details
Year built
1955
Listing Agency:
RE/MAX Results · RE/MAX International
(651) 251-4800
Listed By:
Mark K Hulsey · License #40169559
(952) 829-2900
Added: Sep 15
Changed: Sep 28
Last Checked: Oct 1 at 6:06AM
MLS# 7144774
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.
Investment Insights
Based on property information with market context.
At 976 Minnehaha Avenue W, this 37,175-square-foot industrial property contains approximately 29,000 square feet of warehouse area and 8,175 square feet of office space. The interior also includes retail or showroom areas, breakrooms, private offices, and upper-level flex space. Six restrooms serve the building, with four on the first floor and two on the second. Loading is provided by one drive-in door and one combination drive-in/dock door. The property was built in 1955 and is zoned I-1 for light-industrial and related commercial uses.
A fenced private lot accommodates outdoor storage and parking, including approximately 14 customer spaces along the building’s side. Additional street parking is available. The property fronts Minnehaha Avenue, is along a bus route, and offers access to nearby highways, downtown Saint Paul, and the Twin Cities metro area.
A fenced private lot accommodates outdoor storage and parking, including approximately 14 customer spaces along the building’s side. Additional street parking is available. The property fronts Minnehaha Avenue, is along a bus route, and offers access to nearby highways, downtown Saint Paul, and the Twin Cities metro area.
Key Highlights
- 37,175 SF total, including approximately 29,000 SF of warehouse and 8,175 SF of office space
- One drive‑in door and one combination drive‑in/dock door
- I‑1 zoning for light‑industrial, warehouse, production, distribution, office, and related commercial uses
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
$116,914
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
3.44%
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%
$2,338,280
$2.3M
Cap Rate 7%
$1,670,200
$1.7M
Cap Rate 9%
$1,299,044
$1.3M
Market Conditions
NOI Build-Up for 37,175 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
$187.4K $5.04/SF
− Vacancy
−$7.5K −$0.20/SF
EGI
$179.9K $4.84/SF
− OpEx
−$63.0K −$1.69/SF
NOI
$116.9K $3.14/SF
Area
Ramsey County, MN
Vacancy
4.00%
Lease Rate
$5.04 /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%
$2,338,280
Cap Rate 7%
$1,670,200
Cap Rate 9%
$1,299,044
Alternative Uses
Best Use
Warehouse
$7.01M
$6.13M – $8.17M
NOI $490,400 @ 7.0% cap · market cap 14.42%
Second Best
Industrial
$5.77M
$5.05M – $6.73M
NOI $403,859 @ 7.0% cap · market cap 11.88%
Theoretical Best
Office A
$8.87M
$7.76M – $10.35M
NOI $620,843 @ 7.0% cap · market cap 18.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
14 ft
Clear height
1
Dock-high doors
1
Drive-in doors
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
894
Businesses Nearby
Under-served
Demand for This Use
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
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - I-1 zoning supports light-industrial, warehouse, production, distribution, office, and related commercial uses.
Where is this warehouse located?
The property is located at 976 Minnehaha Avenue W Saint Paul, MN.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 37,175 SF total, including approximately 29,000 SF of warehouse and 8,175 SF of office space; One drive‑in door and one combination drive‑in/dock door; I‑1 zoning for light‑industrial, warehouse, production, distribution, office, and related commercial uses
