For Sale: Saint Paul MLS# 7022196
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Property Description
Morton Street Apartments is a very attractive and well maintained 12-unit apartment building located within walking distance to both the Belvidere and Bluff Parks in Saint Paul, Minnesota. This property offers an exceptional opportunity to acquire a solid, fully-occupied investment in a desirable neighborhood of St. Paul. With a strong history of occupancy, consistent operations, and a focus on long-term maintenance, Morton Apartments is super clean and provides immediate cash flow. The main and upper floor units feature refinished original hardwood flooring. The property includes on-site coin-operated laundry, updated vinyl replacement windows and a 10-car off-street parking lot. Unit mix is ten one-bedroom, one bath and one Studio, one bath. The average 1-bd rent is $1, 060 and average studio is $890. Built in 1963 and perfectly situated on a 0.39 acre corner lot. This makes for a great 1031 option coming out of a smaller rental property. Close to the Minneapolis International Airport, plenty of employment and downtown Saint Paul.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$1,295,000
Property Type:
Commercial
City:
Saint Paul
Garage Spaces:
0
County:
Ramsey
Year Built:
1963
State:
MN
Property Style:
Other
Zip Code:
55107
Neighborhood/Area:
104
Subdivision Name:
The W St Paul Re&Imp Synd 1
Interior
Ceiling Height:
8-10
Flooring:
Luxury Vinyl Plank, Tile, Wood
Refrigerators:
One Per Unit
Appliances Included:
- Range
- Refrigerator
Basement Details:
- Block
- Finished
- Full
Exterior
Stories:
Three Or More
Garage Spaces:
0
Air Conditioning:
Wall Unit(s)
Foundation Size:
2,600 ft2
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
- Boiler
- Hot Water
Parking Features:
- Asphalt
- Parking Lot
- Paved Lot
Unit Amenities:
- Cable
- Ceiling Fan(s)
- Hardwood Floors
- Kitchen Window
- Natural Woodwork
- Tile Floors
- Walk-In Closet
Road Frontage:
City Street
Exterior Material:
- Block
- Frame
Pool:
None
Roof Details:
- Age Over 8 Years
- Asphalt
- Pitched
Lot & Land
Acres:
0.39
Geolocation:
44.925995, -93.079154
Inclusions:
Building, Land, Rental License
Lot Dimensions:
90 x 180
Zoning:
Residential-Multi-Family
Lot Description:
Corner Lot
Farm
Topography:
Hilly
Schools
School District:
2102
District Phone:
6517678100
Expenses
Annual Caretaker Expense:
$7,427
Annual Electric Expense:
$1,000
Annual Fuel Expense:
$5,393
Annual Insurance Expense:
$5,000
Annual Trash Expense:
$2,940
Tenant Expenses:
Broadband, Electricity
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$19,036
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$19,036
Income
Annual Gross Income:
$148,552
Rent
Annual Net Income:
$95,156
Units
Total Units:
12
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.