17-Property Portfolio - St. Paul, MN 49 Manitoba Ave 35 Unit Apartment Building $6,113,300 ($174,666/Unit) 2.46% Cap Rate Saint Paul, MN 55117

This offering presents a rare opportunity to acquire a stabilized 17-property, 35-unit residential portfolio strategically located in St. Paul, Minnesota. The portfolio operates under the Neighborhood Stabilization Program (NSP), ensuring predictable income tied to HUD Area Median Income (AMI) guidelines rather than market volatility. Current rents are based on 50% AMI, with a clear path to incremental revenue growth through a proposed transition to 60% AMI at the program’s maturity in August 2028. Properties benefit from reduced property taxes under the 4D Affordable classification and exemption from St. Paul’s rent stabilization ordinance, creating a favorable regulatory environment.
The portfolio comprises primarily duplex homes with larger family-sized units, including multiple four- and five-bedroom residences, totaling approximately 36,960 rentable square feet. Parking amenities include garages and off-street spaces, enhancing tenant retention. Financial performance is supported by consistent rent collections, normalized operating expenses, and a projected 2026 NOI of $188,452. The offering contemplates a purchase price of approximately $6.1 million, with existing affordability mortgages structured in subordinate lien positions and expected to be forgiven upon NSP covenant satisfaction.
This investment combines stable cash flow, tax advantages, and long-term affordability commitments aligned with City support, making it an attractive acquisition for investors seeking predictable returns and community impact.