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Charles Place 1631 Charles Ave 15 Unit Apartment Building $1,275,000 ($85,000/Unit) 7.93% Cap Rate Saint Paul, MN 55104
Investment Highlights
- ALL BRICK EXTERIOR WITH GREAT CLASSIC CURB APPEAL
- NEWER HOT WATER BOILER SERVICES ALL APARTMENTS
- NEWER ANDERSEN 100 SERIES WINDOWS THROUGHOUT THE ENTIRE BUILDING!!
- RESIDENTS PAY THEIR OWN ELECTRIC BILL
Executive Summary
Charles Place apartments presents a unique value-add investment opportunity right in the heart of Saint Paul within walking distance to the newly built Allianz Stadium where the MN United soccer team plays! This whole Merriam Park neighborhood currently is in an opportunity zone and is getting transformed into a trendy and upscale destination. Take advantage of this opportunity to acquire 15 units, all-brick exterior, built in 1940 with original oak hardwood flooring and original doors and plaster coved ceilings. A newer Lochinvar Knight hot water boiler system was installed in 2012 and newer water heaters in 2010. The whole building received newer Andersen Series 100 windows in 2018. Electrical panels to each unit are on 60-amp breakers. All units are currently occupied and leased and ready for new owners to take over!! Stabilized with zero delinquencies and a current in place 7.93% Cap Rate!!
Data Room Click Here to Access
Financial Summary (Pro Forma - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$151,744
|
$14.79
|
| Other Income |
$2,400
|
$0.23
|
| Vacancy Loss |
$2,276
|
$0.22
|
| Effective Gross Income |
$151,868
|
$14.80
|
| Taxes |
$24,792
|
$2.42
|
| Operating Expenses |
$25,964
|
$2.53
|
| Total Expenses |
$50,756
|
$4.95
|
| Net Operating Income |
$101,112
|
$9.85
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $151,744 |
| Annual Per SF | $14.79 |
| Other Income | |
|---|---|
| Annual | $2,400 |
| Annual Per SF | $0.23 |
| Vacancy Loss | |
|---|---|
| Annual | $2,276 |
| Annual Per SF | $0.22 |
| Effective Gross Income | |
|---|---|
| Annual | $151,868 |
| Annual Per SF | $14.80 |
| Taxes | |
|---|---|
| Annual | $24,792 |
| Annual Per SF | $2.42 |
| Operating Expenses | |
|---|---|
| Annual | $25,964 |
| Annual Per SF | $2.53 |
| Total Expenses | |
|---|---|
| Annual | $50,756 |
| Annual Per SF | $4.95 |
| Net Operating Income | |
|---|---|
| Annual | $101,112 |
| Annual Per SF | $9.85 |
Property Facts
| Price | $1,275,000 | Apartment Style | Low-Rise |
| Price Per Unit | $85,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 7.93% | Building Size | 10,260 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 11.91 | No. Stories | 3 |
| No. Units | 15 | Year Built/Renovated | 1940/2010 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | RM2 - Medium-Density Multiple-Family Residential | ||
| Price | $1,275,000 |
| Price Per Unit | $85,000 |
| Sale Type | Investment |
| Cap Rate | 7.93% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 11.91 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 10,260 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1940/2010 |
| Opportunity Zone |
Yes |
| Zoning | RM2 - Medium-Density Multiple-Family Residential |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Recycling
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 5 | $775.00 | 450 |
| 1+1 | 10 | $877.00 | 650 |
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Walk Score®
Very Walkable (88)
Bike Score®
Very Bikeable (78)
Property Taxes
| Parcel Number | 33-29-23-14-0039 | Total Assessment | $1,119,500 |
| Land Assessment | $300,000 | Annual Taxes | $24,792 ($2.42/SF) |
| Improvements Assessment | $819,500 | Tax Year | 2025 Payable 2025 |
Property Taxes
Parcel Number
33-29-23-14-0039
Land Assessment
$300,000
Improvements Assessment
$819,500
Total Assessment
$1,119,500
Annual Taxes
$24,792 ($2.42/SF)
Tax Year
2025 Payable 2025
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Charles Place | 1631 Charles Ave
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