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1940 Iglehart Ave
Saint Paul, MN 55104
Multifamily Property For Sale
·
32 Units
Investment Highlights
- Stable In-Place Rents – Average rents are approximately $1,193 per month, supporting a solid existing income profile.
- Spacious Floor Plans – Residences average approximately 959 square feet, providing larger layouts than many competing rental options.
- Nearby Recreation Amenities – Located just three blocks from Merriam Park, with baseball diamonds, tennis courts, a soccer field, and open green space
- Proximity to Major Colleges – Located near Macalester College and the University of St. Thomas, helping support steady renter demand.
- Established Merriam Park Location – Positioned in a desirable neighborhood with access to nearby education, recreation, and residential amenities.
Executive Summary
Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Spanish Villa Apartments, a 32-unit multifamily property located at 1940 Iglehart Avenue in Saint Paul, Minnesota.
Built in 1972, Spanish Villa Apartments offers investors the opportunity to acquire a well-located apartment asset in the established Merriam Park area, with strong access to nearby education, recreation, and residential amenities. The property benefits from its location near Macalester College and the University of St. Thomas, supporting steady rental demand in the area.
Spanish Villa Apartments is comprised of 16 one-bedroom residences, 12 two-bedroom/one-bath residences, and 4 two-bedroom/ one-and-a-half-bath residences, providing a balanced unit mix with broad renter appeal. The residences average approximately 959 square feet in size, offering notably spacious layouts for the market. With average rents of approximately $1,193 per month, the property provides a stable in-place income profile while allowing investors to evaluate future rent growth based on market positioning and unit condition.
The property sits on a 0.24-acre lot and features 25 surface parking spaces and 5 garage spaces, offering convenient on-site parking for residents. Spanish Villa Apartments has also benefited from capital improvements, including a roof replacement in 2022 and windows replaced in 2006. In addition, 30 units feature LVP flooring, and the property includes owned laundry equipment and an on-site manager. The property is located just three blocks from Merriam Park, which features baseball diamonds, tennis
courts, a soccer field, and open green space, further adding to the appeal of the location.
Built in 1972, Spanish Villa Apartments offers investors the opportunity to acquire a well-located apartment asset in the established Merriam Park area, with strong access to nearby education, recreation, and residential amenities. The property benefits from its location near Macalester College and the University of St. Thomas, supporting steady rental demand in the area.
Spanish Villa Apartments is comprised of 16 one-bedroom residences, 12 two-bedroom/one-bath residences, and 4 two-bedroom/ one-and-a-half-bath residences, providing a balanced unit mix with broad renter appeal. The residences average approximately 959 square feet in size, offering notably spacious layouts for the market. With average rents of approximately $1,193 per month, the property provides a stable in-place income profile while allowing investors to evaluate future rent growth based on market positioning and unit condition.
The property sits on a 0.24-acre lot and features 25 surface parking spaces and 5 garage spaces, offering convenient on-site parking for residents. Spanish Villa Apartments has also benefited from capital improvements, including a roof replacement in 2022 and windows replaced in 2006. In addition, 30 units feature LVP flooring, and the property includes owned laundry equipment and an on-site manager. The property is located just three blocks from Merriam Park, which features baseball diamonds, tennis
courts, a soccer field, and open green space, further adding to the appeal of the location.
Property Facts
| Sale Type | Investment | Lot Size | 0.24 AC |
| No. Units | 32 | Building Size | 36,516 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1972 |
| Apartment Style | Low-Rise | Parking Ratio | 0.82/1,000 SF |
| Building Class | C |
| Sale Type | Investment |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 36,516 SF |
| No. Stories | 3 |
| Year Built | 1972 |
| Parking Ratio | 0.82/1,000 SF |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | 750 |
| 2+1 | 12 | - | 1,150 |
| 2+1.5 | 4 | - | 1,225 |
Property Taxes
| Parcel Number | 33-29-23-34-0123 | Improvements Assessment | $3,801,824 CAD |
| Land Assessment | $889,088 CAD | Total Assessment | $4,690,912 CAD |
Property Taxes
Parcel Number
33-29-23-34-0123
Land Assessment
$889,088 CAD
Improvements Assessment
$3,801,824 CAD
Total Assessment
$4,690,912 CAD
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