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1847 Laurel Ave
Saint Paul, MN 55104
Immeuble residentiel Propriété À vendre
·
17 Unités
Certaines informations ont été traduites automatiquement.
Faits saillants de l'investissement
- Tucked into the thriving residential neighborhood of Merriam Park near the University of St. Thomas, Macalester College, and St. Catherine University
- Long Term Ownership: The real estate has been in the family for over 30 years.
- The property has been meticulously cared for with common areas and unit interiors looking immaculate.
- New plumbing in half the units, two units have been completely gutted and renovated, new insulation, new roof drains, updated windows, etc.
Résumé de l'annonce
Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Laurel Avenue Apartments. Laurel Avenue Apartments is a multifamily property located in the Merriam Park
neighborhood of Saint Paul, Minnesota. The property benefits from a highly walkable, amenity-rich location just five blocks from the University of Saint Thomas and within close proximity to some of the Twin Cities’ most highly regarded dining and neighborhood retail options, supporting consistent rental demand.
Constructed in 1914, Laurel Avenue Apartments is comprised of 17 total residences, including 12 studio units and 5 one-bedroom units. The units average approximately 375 square feet and currently achieve average rents of $731 per month, positioning the property at an attainable price point for the submarket. The property sits on a 0.21- acre site and offers a dense unit configuration well suited to its urban infill location.
The asset is enrolled in the City of Saint Paul’s 4D Affordable Housing Incentive Program, with four units designated at 60 percent of Area Median Income. There are approximately three years remaining in the current 4D term. A future owner may elect to renew the program and continue receiving the associated property tax benefits or allow the designation to expire at the end of the term, providing operational flexibility.
Ownership has completed a number of capital improvements throughout the property, including replacing half of the buildings plumbing with PEX, replacing windows, fulling insulating walls and crawl spaces, and replacing both of the main roof drains. In 2016, the exterior stucco was completely removed and replaced using traditional application along with new exterior trim and window sill/trim. Two units have been fully gutted and renovated, and the building is serviced by a dual gas-fired boiler system installed in 2008. Additional features include owned on-site laundry, gas cooking, and a pet-free policy, contributing to operational efficiency and long-term durability for a future owner.
neighborhood of Saint Paul, Minnesota. The property benefits from a highly walkable, amenity-rich location just five blocks from the University of Saint Thomas and within close proximity to some of the Twin Cities’ most highly regarded dining and neighborhood retail options, supporting consistent rental demand.
Constructed in 1914, Laurel Avenue Apartments is comprised of 17 total residences, including 12 studio units and 5 one-bedroom units. The units average approximately 375 square feet and currently achieve average rents of $731 per month, positioning the property at an attainable price point for the submarket. The property sits on a 0.21- acre site and offers a dense unit configuration well suited to its urban infill location.
The asset is enrolled in the City of Saint Paul’s 4D Affordable Housing Incentive Program, with four units designated at 60 percent of Area Median Income. There are approximately three years remaining in the current 4D term. A future owner may elect to renew the program and continue receiving the associated property tax benefits or allow the designation to expire at the end of the term, providing operational flexibility.
Ownership has completed a number of capital improvements throughout the property, including replacing half of the buildings plumbing with PEX, replacing windows, fulling insulating walls and crawl spaces, and replacing both of the main roof drains. In 2016, the exterior stucco was completely removed and replaced using traditional application along with new exterior trim and window sill/trim. Two units have been fully gutted and renovated, and the building is serviced by a dual gas-fired boiler system installed in 2008. Additional features include owned on-site laundry, gas cooking, and a pet-free policy, contributing to operational efficiency and long-term durability for a future owner.
Faits sur la propriété
| Prix par unité | 97 117 $ CAD | Style d’appartement | De faible hauteur |
| Type de vente | Investissement | Classe d’immeuble | C |
| Taux de capitalisation | 5,70% | Taille du lot | 0,21 AC |
| Nombre d’unités | 17 | Taille du bâtiment | 8 820 pi² |
| Type de propriété | Immeuble residentiel | Nombre d’étages | 2 |
| Sous-type de propriété | Appartement | Année de construction | 1914 |
| Prix par unité | 97 117 $ CAD |
| Type de vente | Investissement |
| Taux de capitalisation | 5,70% |
| Nombre d’unités | 17 |
| Type de propriété | Immeuble residentiel |
| Sous-type de propriété | Appartement |
| Style d’appartement | De faible hauteur |
| Classe d’immeuble | C |
| Taille du lot | 0,21 AC |
| Taille du bâtiment | 8 820 pi² |
| Nombre d’étages | 2 |
| Année de construction | 1914 |
Unité renseignements sur le mélange
| Description | Nombre d’unités | Loyer moyen/mois | pi² |
|---|---|---|---|
| Studios | 12 | - | 324 |
| 1+1 | 5 | - | 498 |
Impôts fonciers
| Numéro de lot | 04-28-23-21-0123 | Évaluation des bâtiments | 1 741 075 $ CAD |
| Évaluation du terrain | 464 797 $ CAD | Évaluation totale | 2 205 872 $ CAD |
Impôts fonciers
Numéro de lot
04-28-23-21-0123
Évaluation du terrain
464 797 $ CAD
Évaluation des bâtiments
1 741 075 $ CAD
Évaluation totale
2 205 872 $ CAD
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