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Riviera Apartments 149 Morton St E 12 Unit Apartment Building $1,295,000 ($107,917/Unit) 7.35% Cap Rate Saint Paul, MN 55107
Investment Highlights
- Newer Roof
- Off Street Parking for Tenants
- Maintenance Free Stucco Exterior
- Newer Windows
- On-Site Laundry
Executive Summary
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.
Data Room Click Here to Access
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$150,360
|
$20.88
|
| Other Income |
$1,200
|
$0.17
|
| Vacancy Loss |
$3,007
|
$0.42
|
| Effective Gross Income |
$148,553
|
$20.63
|
| Taxes |
$19,036
|
$2.64
|
| Operating Expenses |
$34,360
|
$4.77
|
| Total Expenses |
$53,396
|
$7.42
|
| Net Operating Income |
$95,157
|
$13.22
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $150,360 |
| Annual Per SF | $20.88 |
| Other Income | |
|---|---|
| Annual | $1,200 |
| Annual Per SF | $0.17 |
| Vacancy Loss | |
|---|---|
| Annual | $3,007 |
| Annual Per SF | $0.42 |
| Effective Gross Income | |
|---|---|
| Annual | $148,553 |
| Annual Per SF | $20.63 |
| Taxes | |
|---|---|
| Annual | $19,036 |
| Annual Per SF | $2.64 |
| Operating Expenses | |
|---|---|
| Annual | $34,360 |
| Annual Per SF | $4.77 |
| Total Expenses | |
|---|---|
| Annual | $53,396 |
| Annual Per SF | $7.42 |
| Net Operating Income | |
|---|---|
| Annual | $95,157 |
| Annual Per SF | $13.22 |
Property Facts
| Price | $1,295,000 | Apartment Style | Low-Rise |
| Price Per Unit | $107,917 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.39 AC |
| Cap Rate | 7.35% | Building Size | 7,800 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 8.71 | No. Stories | 3 |
| No. Units | 12 | Year Built/Renovated | 1963/2010 |
| Property Type | Multifamily | Parking Ratio | 1.54/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | Apartments | ||
| Price | $1,295,000 |
| Price Per Unit | $107,917 |
| Sale Type | Investment |
| Cap Rate | 7.35% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 8.71 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.39 AC |
| Building Size | 7,800 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1963/2010 |
| Parking Ratio | 1.54/1,000 SF |
| Zoning | Apartments |
Amenities
Unit Amenities
- Air Conditioning
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $860.00 | 450 - 475 |
| 1+1 | 11 | $1,060 | 550 - 600 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 08-28-22-31-0101 | Total Assessment | $968,200 (2025) |
| Land Assessment | $240,000 (2025) | Annual Taxes | $19,036 ($2.44/SF) |
| Improvements Assessment | $728,200 (2025) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
08-28-22-31-0101
Land Assessment
$240,000 (2025)
Improvements Assessment
$728,200 (2025)
Total Assessment
$968,200 (2025)
Annual Taxes
$19,036 ($2.44/SF)
Tax Year
2026 Payable 2026
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Riviera Apartments | 149 Morton St E
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