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Belvidere Flats 485 Belvidere St E 4 Unit Apartment Building $475,000 ($118,750/Unit) 7.03% Cap Rate Saint Paul, MN 55107
Investment Highlights
- New Plumbing
- 4-D Program participant
- Tenants pay heat (baseboard)
Executive Summary
Fully leased 4-plex on St. Paul's West Side, south of the river with easy access to downtown, the West Side Flats, and District del Sol. Quiet residential block with strong renter demand from the surrounding neighborhood. Close to parks, local restaurants, and transit without the traffic of a main corridor.
Two 2BR/1BA units and two 1BR/1BA units across 2,950 SF. All four tenants are on signed leases through mid-2026 to mid-2027 at rents that were increased during the most recent lease-up cycle. 100% occupancy with market rent upside remaining and room to push on renewals.
Tenants pay their own gas and electricity. Owner covers water/sewer, trash, and recycling.
The property is enrolled in the City of St. Paul's 4d Affordable Housing Incentive Program, which provides up to an 80% reduction in property tax class rates on enrolled units. The covenant transfers with the property on sale, so a buyer inherits the tax benefit on day one with an estimated $4,600+ in annual savings compared to standard tax rates. Contact the listing broker for full program details, rent and income limits, and recertification requirements.
Two units turned over in mid-2025 and were leased up at significantly higher rents. The heavy lifting on vacancy and turnover spend is behind you. A buyer steps into a stabilized rent roll with all four units performing, no deferred maintenance surprises from the recent turn cycle, and a clean path to cash flow from day one.
Solid entry point for an investor looking for a manageable 4-unit with tenants already in place, cash flowing, and a low tax basis that's hard to find for under $500k in St. Paul!
Two 2BR/1BA units and two 1BR/1BA units across 2,950 SF. All four tenants are on signed leases through mid-2026 to mid-2027 at rents that were increased during the most recent lease-up cycle. 100% occupancy with market rent upside remaining and room to push on renewals.
Tenants pay their own gas and electricity. Owner covers water/sewer, trash, and recycling.
The property is enrolled in the City of St. Paul's 4d Affordable Housing Incentive Program, which provides up to an 80% reduction in property tax class rates on enrolled units. The covenant transfers with the property on sale, so a buyer inherits the tax benefit on day one with an estimated $4,600+ in annual savings compared to standard tax rates. Contact the listing broker for full program details, rent and income limits, and recertification requirements.
Two units turned over in mid-2025 and were leased up at significantly higher rents. The heavy lifting on vacancy and turnover spend is behind you. A buyer steps into a stabilized rent roll with all four units performing, no deferred maintenance surprises from the recent turn cycle, and a clean path to cash flow from day one.
Solid entry point for an investor looking for a manageable 4-unit with tenants already in place, cash flowing, and a low tax basis that's hard to find for under $500k in St. Paul!
Data Room Click Here to Access
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| 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 (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| 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
| Price | $475,000 | Apartment Style | Low-Rise |
| Price Per Unit | $118,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 7.03% | Building Size | 4,000 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1988 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Zoning | H-1 - Residential District | ||
| Price | $475,000 |
| Price Per Unit | $118,750 |
| Sale Type | Investment |
| Cap Rate | 7.03% |
| Sale Condition | 1031 Exchange |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 4,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1988 |
| Parking Ratio | 1/1,000 SF |
| Zoning | H-1 - Residential District |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $922.00 | 675 |
| 2+1 | 2 | $1,237 | 800 |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 09-28-22-33-0009 | Total Assessment | $399,000 |
| Land Assessment | $80,000 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $319,000 | Tax Year | 2025 |
Property Taxes
Parcel Number
09-28-22-33-0009
Land Assessment
$80,000
Improvements Assessment
$319,000
Total Assessment
$399,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
Contacts
-
Nate Schammel -
Zach Burnside -
Luke Hermanson -
David Dirkers -
MRG Realty Partners
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Belvidere Flats | 485 Belvidere St E
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