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Thomas 14 Apartments 1715 Thomas Ave 14 Unit Apartment Building $1,435,000 ($102,500/Unit) 7.01% Cap Rate Saint Paul, MN 55104

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INVESTMENT HIGHLIGHTS

  • Newer Pitched Shingled Roofs
  • 13 Off-Street parking Spaces
  • Renovated Laundry rooms with brand new speed queen washers and dryers
  • Original Oak Hardwood Flooring

EXECUTIVE SUMMARY

14-units located right in the heart of the Midway neighborhood of Saint Paul, MN. Two identical seven-unit buildings next to each other offer all one-bedroom, one bath apartments with plenty of charm and character plus off-street parking. These properties are very well-maintained with newer commercial grade carpet and freshly painted walls throughout the common spaces and two renovated laundry rooms for residents to use and enjoy! All the top floor units feature solid oak hardwood floors! Each apartment includes unique and built-in bookcases that help separate the living rooms from the kitchens. The pitched roofs have been recently replaced and the freshly painted exterior stucco is low maintenance. Outside has plenty of green space around the buildings and in between and the back parking lot includes 13 off-street parking spaces. The buildings are secure, 100% fully occupied and easy to rent being close to both downtown Minneapolis and Saint Paul, MN and walking distance to the Minnesota United’s Allianz Field. Super clean and turn-key!!

DATA ROOM Click Here to Access

FINANCIAL SUMMARY (PRO FORMA - 2025)

ANNUAL ANNUAL PER SF
Gross Rental Income $156,696 $32.65
Other Income $2,280 $0.48
Vacancy Loss $3,133 $0.65
Effective Gross Income $155,843 $32.47
Taxes $24,860 $5.18
Operating Expenses $30,367 $6.33
Total Expenses $55,227 $11.51
Net Operating Income $100,616 $20.96

FINANCIAL SUMMARY (PRO FORMA - 2025)

Gross Rental Income
Annual $156,696
Annual Per SF $32.65
Other Income
Annual $2,280
Annual Per SF $0.48
Vacancy Loss
Annual $3,133
Annual Per SF $0.65
Effective Gross Income
Annual $155,843
Annual Per SF $32.47
Taxes
Annual $24,860
Annual Per SF $5.18
Operating Expenses
Annual $30,367
Annual Per SF $6.33
Total Expenses
Annual $55,227
Annual Per SF $11.51
Net Operating Income
Annual $100,616
Annual Per SF $20.96

PROPERTY FACTS

Price $1,435,000
Price Per Unit $102,500
Sale Type Investment
Cap Rate 7.01%
Sale Condition 1031 Exchange
Gross Rent Multiplier 9.2
No. Units 14
Property Type Multifamily
Property Subtype Apartment
Apartment Style Garden
Building Class B
Lot Size 0.36 AC
Building Size 8,600 SF
Average Occupancy 100%
No. Stories 2
Year Built/Renovated 1959/2020
Parking Ratio 1.51/1,000 SF
Zoning Multi-Family

AMENITIES

  • Smoke Detector

UNIT AMENITIES

  • Air Conditioning
  • Cable Ready
  • Storage Space
  • Washer/Dryer
  • Heating
  • Ceiling Fans
  • Tile Floors
  • Eat-in Kitchen
  • Kitchen
  • Hardwood Floors
  • Refrigerator
  • Stainless Steel Appliances
  • Tub/Shower
  • Carpet
  • Lawn
  • Pantry
  • Vinyl Flooring
  • Large Bedrooms

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
1+1 14 $1,016 600
Walk Score®
Very Walkable (85)
Bike Score®
Very Bikeable (80)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 33-29-23-12-0108
  • 33-29-23-12-0107
Land Assessment
$280,000
Improvements Assessment
$819,900
Total Assessment
$1,099,900
Annual Taxes
$24,860 ($2.89/SF)
Tax Year
2025 Payable 2025
  • Listing ID: 38002309

  • Date on Market: 10/9/2025

  • Last Updated:

  • Address: 1715 Thomas Ave, Saint Paul, MN 55104

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