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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



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 | Apartment Style | Garden |
| Price Per Unit | $102,500 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.36 AC |
| Cap Rate | 7.01% | Building Size | 8,600 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 9.2 | No. Stories | 2 |
| No. Units | 14 | Year Built/Renovated | 1959/2020 |
| Property Type | Multifamily | Parking Ratio | 1.51/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | Multi-Family | ||
| 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 |
1 1
Walk Score®
Very Walkable (85)
Bike Score®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $1,099,900 | |
| Land Assessment | $280,000 | Annual Taxes | $24,860 ($2.89/SF) |
| Improvements Assessment | $819,900 | Tax Year | 2025 Payable 2025 |
PROPERTY TAXES
Parcel Numbers
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
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Thomas 14 Apartments | 1715 Thomas Ave
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