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Property profile & analytics
OFF-MARKET
Estimated value
$7,515,000
Office buildings
60 Plato E Blvd, Saint Paul, MN 55107-1827
Individually Owned
3-yr Hold
Absentee Owner
Free & Clear
Property ID
US46-0561481
Property summary
AI-generated overview
The Drake Building, a meticulously preserved historic landmark (1900, renovated 2002) in Saint Paul's Central Business District (MN - Saint Paul CBD), offers unique executive office space. This four-story building, totaling 82,000 square feet, boasts a blend of original character and modern amenities. Three suites are currently available, ranging from 3,193 to 6,274 contiguous square feet. The building features high ceilings (10-17 feet), ample natural light from a central lightwell, and a charming patio incorporating original cobblestone pavers. Originally a marble plant, the building retains much of its historic charm, while offering modern functionality. Conveniently located at 60 E Plato Blvd, Saint Paul, MN 55107, in Ramsey County, the property includes 377 surface parking stalls (a 4.6:1,000 SF ratio). The building's mixed-use nature and prime location make it an ideal space for businesses seeking a prestigious and historically significant address. This is a rare opportunity to lease in a truly one-of-a-kind Saint Paul office building.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1913
Total area
86,912 SF
Lot
2.78 ac (121,097 SF)
APN
05-28-22-33-0059
UPID
US46-0561481
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$10.19M
Blend (final)
Blend
$7.52M
Owner & transaction history
Northwest Area Foundation · 3 yrs held
Northwest Area Foundation
since 2023
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Warehouse, storage
$10.0M
+5.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Saint Paul submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Saint Paul submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$9,515,000
Current use
WAREHOUSE, STORAGE
$10,015,000
Change: +5% · Conversion: Difficult
RETAIL STORES
$8,885,000
Change: -7% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$7,990,000
Change: -16% · Conversion: Easy
Blend value · Realmo final
$7.52M
Range $6.76M – $8.27M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$86 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$365,694
Tax year 2023
Assessed value
$8,233,200
Assessed 2023
Previous assessed
$8,755,000
-6.0% YoY
Effective rate
4.44%
On assessed value
Assessed land
$847,700
Assessed improvement
$7,385,500
Land market value
$847,700
Improvement market value
$7,385,500
Total market value
$8,233,200
Applied tax rate
625.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
Off-Market
Year built
1913
Heating
YES
Cooling
CENTRAL
Buildings
3
Total area
86,912 SF
Lot
2.78 ac (121,097 SF)
APN
05-28-22-33-0059
UPID
US46-0561481
Jurisdiction
RAMSEY
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$9.5M
WAREHOUSE, STORAGE
Est. value
$10.0M
RETAIL STORES
Est. value
$8.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$8.0M
OFFICE BUILDING Current
WAREHOUSE, STORAGE
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1913
Heating
YES
Cooling
Yes
Buildings
3
Lot
2.78 ac
Current owner
From public records · entity-resolved
Northwest Area Foundation
Individual
Free & Clear · 3 yrs held
Mailing address
1625 ENERGY PARK DR STE 100TH SAINT PAUL, SAINT-PAUL
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 16, 2023
—
Northwest Area Foundation
Drake Building LLC
Lease
—
Jun 14, 2016
—
Drake Building LLC
—
Deed
related
$6,500,000 · Bank Mutual
—
—
Drake Building LLC
—
Deed Of Trust
related
$6,500,000 · Bank Mutual
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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