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Lafond Avenue Apartments 1010 Lafond Ave 11 Unit Apartment Building $1,529,297 CAD ($139,027 CAD/Unit) 6.87% Cap Rate Saint Paul, MN 55104
Investment Highlights
- 11-unit multifamily property with a strong unit mix of seven 2-bedroom and four 1-bedroom apartments across approximately 7,850 rentable square feet
- Eligible for the 4-D Tax Program through Saint Paul and Ramsey County, with potential property tax reductions of up to 80%
- Located near the Lexington Parkway and University Avenue corridor with strong access to public transit, highway connectivity, and a growing employment
- Immediate income upside through unbilled parking, storage, and implementation of a Ratio Utility Billing System (RUBS)
- Recent capital improvements including vinyl double-pane windows, white EPDM flat roof, newer water heater, and resurfaced parking lot with 10 surface
Executive Summary
Built in 1964 and positioned near the Lexington Parkway and University Avenue corridor, the property features a strong unit mix of seven 2-bedroom and four 1-bedroom apartments totaling approximately 7,850 rentable square feet across two stories.
Parking and storage are not currently being billed, presenting immediate upside for investors looking to grow gross income from day one. Capital improvements over the past decade include vinyl double-pane windows, a white EPDM flat roof, a newer water heater, and a resurfaced parking lot (2019) with 10 surface spots and dedicated space for trash and recycling service.
Almost all units are market-rate, meaning investors have the option to enroll in the robust affordable housing programs offered by Saint Paul and Ramsey County, including the 4-D Tax Program, which can reduce property taxes by up to 80%. The current expense structure of owner-paid water, sewer, trash, and heat also makes the property an ideal candidate for a Ratio Utility Billing System (RUBS) to recapture a significant portion of utility costs and hedge against rising expenses.
Situated near public transit, major highway access, neighborhood retail, and the employment and development activity along University Avenue, the property benefits from a deep and growing renter pool in one of Saint Paul's most active corridors.
Parking and storage are not currently being billed, presenting immediate upside for investors looking to grow gross income from day one. Capital improvements over the past decade include vinyl double-pane windows, a white EPDM flat roof, a newer water heater, and a resurfaced parking lot (2019) with 10 surface spots and dedicated space for trash and recycling service.
Almost all units are market-rate, meaning investors have the option to enroll in the robust affordable housing programs offered by Saint Paul and Ramsey County, including the 4-D Tax Program, which can reduce property taxes by up to 80%. The current expense structure of owner-paid water, sewer, trash, and heat also makes the property an ideal candidate for a Ratio Utility Billing System (RUBS) to recapture a significant portion of utility costs and hedge against rising expenses.
Situated near public transit, major highway access, neighborhood retail, and the employment and development activity along University Avenue, the property benefits from a deep and growing renter pool in one of Saint Paul's most active corridors.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
-
|
-
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $1,529,297 CAD | Building Class | C |
| Price Per Unit | $139,027 CAD | Lot Size | 0.26 AC |
| Sale Type | Investment | Building Size | 9,240 SF |
| Cap Rate | 6.87% | Average Occupancy | 91% |
| Sale Condition | 1031 Exchange | No. Stories | 3 |
| No. Units | 11 | Year Built/Renovated | 1964/2013 |
| Property Type | Multifamily | Parking Ratio | 1.08/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RM2 | ||
| Price | $1,529,297 CAD |
| Price Per Unit | $139,027 CAD |
| Sale Type | Investment |
| Cap Rate | 6.87% |
| Sale Condition | 1031 Exchange |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 9,240 SF |
| Average Occupancy | 91% |
| No. Stories | 3 |
| Year Built/Renovated | 1964/2013 |
| Parking Ratio | 1.08/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM2 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 650 |
| 2+1 | 7 | - | 750 |
1 1
Moderately walkable
70/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 35-29-23-22-0070 | Total Assessment | $1,326,040 CAD (2025) |
| Land Assessment | $305,859 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $1,020,180 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
35-29-23-22-0070
Land Assessment
$305,859 CAD (2025)
Improvements Assessment
$1,020,180 CAD (2025)
Total Assessment
$1,326,040 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2026
Contacts
-
Nate Schammel -
Luke Hermanson -
Zach Burnside -
David Dirkers -
MRG Realty Partners
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Lafond Avenue Apartments | 1010 Lafond Ave
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