For Sale: Saint Paul MLS# 7024561
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Property Description
WEST 7TH STREET APARTMENTS IS A CLASSIC ALL-BRICK SEVEN-UNIT BUILDING CLOSE TO DOWNTOWN SAINT PAUL, THE MALL OF AMERICA, AND THE MPLS/ST.PAUL INTERNATIONAL AIRPORT. THIS PROPERTY HAS BEEN VERY WELL MANAGED AND CARED FOR OVER THE YEARS, CLEAN AND CONSTRUCTED IN 1966. RESIDENTS ENJOY THE OFF-STREET PARKING LOT ALONG WITH THE OPTION TO RENT ONE OF THE FOUR GARAGES. THERE IS ONSITE COIN LAUNDRY AND EXTRA STORAGE LOCKERS FOR RESIDENTS. CURRENTLY ALL THE UNITS ARE RENTED AND EACH TENANT PAYS FOR THEIR OWN SEPARATE ELECTRIC. OWNER PAYS HEAT, WATER AND TRASH. ALL FOUR UPPER APARTMENTS FEATURE OAK HARDWOOD FLOORING AND THEY ALL HAVE WALL AIR CONDITIONING UNITS. SPACIOUS ROOMS AND ONE OF THE LOWER LEVEL UNITS IS A SPECIAL TWO-BED TWO-BATHROOM UNIT! A NEW OWNER CAN RAISE RENTS ON LEASE RENEWALS TO CAPTURE A HIGHER RETURN ON THEIR INVESTMENT! NET OPERATING INCOME $51, 324 AND A TRUE 7.3+ CAP RATE
Listing
Listing Status:
Active
Contingency:
None
List Price:
$699,900
Property Type:
Commercial
City:
Saint Paul
Garage Spaces:
4
County:
Ramsey
Year Built:
1966
State:
MN
Property Style:
2 Stories
Zip Code:
55102
Neighborhood/Area:
103
Subdivision Name:
Clarkes Add
Interior
Ceiling Height:
8-10
Flooring:
Carpet, Luxury Vinyl Plank, Tile, Wood
Refrigerators:
One Per Unit
Appliances Included:
- Range
- Refrigerator
Basement Details:
- Egress Window(s)
- Finished
- Full
Exterior
Stories:
Two
Garage Spaces:
4
Air Conditioning:
Wall Unit(s)
Foundation Size:
3,800 ft2
Fencing:
Chain Link
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
- Boiler
- Hot Water
Parking Features:
- Asphalt
- Detached Garage
- Parking Lot
Road Frontage:
City Street
Pool:
None
Roof Details:
- Age Over 8 Years
- Asphalt
- Pitched
Lot & Land
Acres:
0.22
Geolocation:
44.924645, -93.131817
Inclusions:
Building, Land, Leases, Rental License
Lot Dimensions:
80 x 120
Zoning:
Residential-Multi-Family
Lot Description:
Tree Coverage - Light
Farm
Topography:
Level
Schools
School District:
2102
District Phone:
6517678100
Expenses
Annual Electric Expense:
$1,000
Annual Fuel Expense:
$2,640
Annual Insurance Expense:
$4,200
Annual Trash Expense:
$2,195
Annual Water/Sewer Expense:
$1,354
Tenant Expenses:
Electricity
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$13,992
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$13,992
Income
Annual Gross Income:
$84,207
Rent
Annual Net Income:
$51,324
Units
Total Units:
7
Miscellaneous
Current Use:
Residential
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Common
- Hot Water Common
Water System:
City Water/Connected
Power Company Name:
Xcel Energy
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Apartment Cash Flow, Inc..
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.