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Belvidere Flats 485 Belvidere St E 4 Unit Apartment Building $449,750 ($112,438/Unit) 7.42% Cap Rate Saint Paul, MN 55107
Investment Highlights
- New Plumbing
- 4-D Program participant
- Tenants pay heat (baseboard)
Executive Summary
Fully occupied 4-plex on St. Paul's West Side. Located in a tucked-away residential block with easy access to downtown, West Side Flats, and District del Sol. Near parks, restaurants, and transit.
Two 2BR/1BA and two 1BR/1BA units, 2,950 SF total. All four tenants on signed leases (mid-2026 through mid-2027) with rents raised during the most recent lease-up cycle. Current rents still sit below market ceiling, leaving room on renewals. Tenants pay gas and electric; landlord covers water/sewer and trash.
Enrolled in St. Paul's 4d Affordable Housing Incentive Program, featuring up to 80% reduction in property tax class rates. The covenant transfers with the property, with estimated annual savings of $4,600+ over standard rates. Contact the listing agents for program details, rent/income limits, and recertification requirements.
Two units turned over in mid-2025 and were re-leased at meaningfully higher rents. The recent turnover cycle is complete; all four units are performing well with no deferred maintenance carried over.
Priced under $500k with a low tax basis, strong occupancy, and cash flow in place. This is a rare combination to find in St. Paul's current market. Reach out to the listing agents for financials and showing availability.
Two 2BR/1BA and two 1BR/1BA units, 2,950 SF total. All four tenants on signed leases (mid-2026 through mid-2027) with rents raised during the most recent lease-up cycle. Current rents still sit below market ceiling, leaving room on renewals. Tenants pay gas and electric; landlord covers water/sewer and trash.
Enrolled in St. Paul's 4d Affordable Housing Incentive Program, featuring up to 80% reduction in property tax class rates. The covenant transfers with the property, with estimated annual savings of $4,600+ over standard rates. Contact the listing agents for program details, rent/income limits, and recertification requirements.
Two units turned over in mid-2025 and were re-leased at meaningfully higher rents. The recent turnover cycle is complete; all four units are performing well with no deferred maintenance carried over.
Priced under $500k with a low tax basis, strong occupancy, and cash flow in place. This is a rare combination to find in St. Paul's current market. Reach out to the listing agents for financials and showing availability.
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 | $449,750 | Apartment Style | Low-Rise |
| Price Per Unit | $112,438 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 7.42% | Building Size | 2,950 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 | $449,750 |
| Price Per Unit | $112,438 |
| Sale Type | Investment |
| Cap Rate | 7.42% |
| 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 | 2,950 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 -
Luke Hermanson -
Zach Burnside -
David Dirkers -
MRG Realty Partners
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Belvidere Flats | 485 Belvidere St E
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