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Phalen Shores Apartments 985 Ivy Ave E 53 Unit Apartment Building $7,992,442 CAD ($150,801 CAD/Unit) 8.08% Cap Rate Saint Paul, MN 55106
Investment Highlights
- 1987-built, 53-unit building on the western edge of Phalen Regional Park
- Significant Capital Investment to the property via current ownership
- 67,752 Total SqFt
- Solid internal / external construction mix of concrete, masonry, & brick
- Very strong & unique asset which will continue to attract tenant demand for many decades to come
- 42,629 Net Rentable SqFt
Executive Summary
985 Ivy Avenue East is a 53-unit building constructed in 1987 on the western edge of Phalen Regional Park, built with a durable mix of concrete, masonry, & brick.
The property sits immediately adjacent to nearly 500 acres of parkland, including Phalen Lake & Beach, the Recreation Center, & the Golf Course. Residents are also within close proximity to the Phalen Village retail node at Phalen Boulevard & Maryland Avenue.
This strong & unique asset will continue attracting tenant demand & delivering long-term value well into the future.
The property sits immediately adjacent to nearly 500 acres of parkland, including Phalen Lake & Beach, the Recreation Center, & the Golf Course. Residents are also within close proximity to the Phalen Village retail node at Phalen Boulevard & Maryland Avenue.
This strong & unique asset will continue attracting tenant demand & delivering long-term value well into the future.
Data Room Click Here to Access
Financial Summary (Actual - 2025) 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 |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) 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 | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $7,992,442 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $150,801 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.62 AC |
| Cap Rate | 8.08% | Building Size | 44,431 SF |
| No. Units | 53 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1987 |
| Property Subtype | Apartment | Parking Ratio | 1.19/1,000 SF |
| Zoning | RM2 Multiple-Family | ||
| Price | $7,992,442 CAD |
| Price Per Unit | $150,801 CAD |
| Sale Type | Investment |
| Cap Rate | 8.08% |
| No. Units | 53 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 1.62 AC |
| Building Size | 44,431 SF |
| No. Stories | 5 |
| Year Built | 1987 |
| Parking Ratio | 1.19/1,000 SF |
| Zoning | RM2 Multiple-Family |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Heating
- Kitchen
- High Speed Internet Access
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Dining Room
- Vinyl Flooring
- Window Coverings
Site Amenities
- Controlled Access
- Laundry Facilities
- Property Manager on Site
- Security System
- Wheelchair Accessible
- Package Service
- Smoke Free
- Walking/Biking Trails
- Storage Space
- Elevator
- Lounge
- Maintenance on site
- Multi Use Room
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | $1,576 CAD | 690 - 722 |
| 2+1 | 29 | $1,888 CAD | 866 - 950 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Numbers | Total Assessment | $6,671,952 CAD (2026) | |
| Land Assessment | $1,473,389 CAD (2026) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $5,198,562 CAD (2026) | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$1,473,389 CAD (2026)
Improvements Assessment
$5,198,562 CAD (2026)
Total Assessment
$6,671,952 CAD (2026)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2025
Contacts
-
David Dirkers -
Nate Schammel -
Zach Burnside -
Luke Hermanson -
MRG Realty Partners
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Phalen Shores Apartments | 985 Ivy Ave E
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