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394 Pierce St 7 Unit Apartment Building For Sale Saint Paul, MN 55104
Investment Highlights
- Simple late 1950s brick walk up, one unit type across two levels, easy to operate and easy to underwrite
- A couple of units updated with the balance in original condition, rent upside through standard unit turns, not a full repositioning
- 7 one bedroom units at $565,000, roughly $80,700 per door, priced below the seller's 2022 purchase price of $575,000
- Utility chargebacks already in place, tenants reimburse water, sewer and trash, keeping the owner expense load light
- ?Respectable proposals from qualified, verified buyers will be considered as received, seller favors clean terms with certainty of close
Executive Summary
394 Pierce St N is a seven unit apartment building in St Paul, built in the late 1950s with all one bedroom units across two levels and open stairwells at each end of the building.? Three units sit on the lower level and four on the upper level.?
The building operates simply.? Utility chargebacks are already in place, with water and sewer split across tenants and flat trash fees on most leases.? A portion of the units have been updated while the rest remain original, so the path to higher rents runs through standard unit turns rather than heavy capital work.?
The property is professionally managed and the financial file is organized, including an itemized rent roll, tenant ledgers and current leases, so diligence can move quickly.?
Respectable proposals from qualified, verified buyers will be considered as received.? The seller favors clean terms with certainty of close.? A direct contract for deed is not available, but the seller is open to creative proposals that include a partial carryback.?
Interior photos and 3D unit models are available.? Contact the listing broker for the full financial package and flyer.?
The building operates simply.? Utility chargebacks are already in place, with water and sewer split across tenants and flat trash fees on most leases.? A portion of the units have been updated while the rest remain original, so the path to higher rents runs through standard unit turns rather than heavy capital work.?
The property is professionally managed and the financial file is organized, including an itemized rent roll, tenant ledgers and current leases, so diligence can move quickly.?
Respectable proposals from qualified, verified buyers will be considered as received.? The seller favors clean terms with certainty of close.? A direct contract for deed is not available, but the seller is open to creative proposals that include a partial carryback.?
Interior photos and 3D unit models are available.? Contact the listing broker for the full financial package and flyer.?
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Sale Type | Investment | Building Size | 5,692 SF |
| No. Units | 7 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1958 |
| Apartment Style | Low-Rise | Parking Ratio | 1.05/1,000 SF |
| Building Class | C | Opportunity Zone |
Yes
|
| Lot Size | 0.16 AC | ||
| Zoning | RM2 | ||
| Sale Type | Investment |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 5,692 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.05/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM2 |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | $893.50 | 550 - 900 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 33-29-23-41-0109 | Total Assessment | $643,600 (2025) |
| Land Assessment | $140,000 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $503,600 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
33-29-23-41-0109
Land Assessment
$140,000 (2025)
Improvements Assessment
$503,600 (2025)
Total Assessment
$643,600 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
Contacts
-
Nate Schammel -
Luke Hermanson -
Zach Burnside -
David Dirkers -
MRG Realty Partners
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394 Pierce St
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