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Lafond Avenue Apartments 1010 Lafond Ave 11 Unit Apartment Building $1,100,000 ($100,000/Unit) 6.93% Cap Rate Saint Paul, MN 55104

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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.

1010 Lafond Ave STP - Flyer

Property Facts

Price	$1,100,000	Building Class	C
Price Per Unit	$100,000	Lot Size	0.26 AC
Sale Type	Investment	Building Size	9,240 SF
Cap Rate	6.93%	Average Occupancy	91%
Sale Condition	1031 Exchange	No. Stories	3
No. Units	11	Year Built/Renovated	1964/2010
Property Type	Multifamily	Parking Ratio	1.08/1,000 SF
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Apartment Style	Low-Rise
Zoning	RM2

Price	$1,100,000
Price Per Unit	$100,000
Sale Type	Investment
Cap Rate	6.93%
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	1964/2010
Parking Ratio	1.08/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	RM2