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616 Ivy Ave E 7 Unit Apartment Building $679,900 ($97,129/Unit) 5.91% Cap Rate Saint Paul, MN 55130
Executive Summary
Seven-unit apartment building in Saint Paul's Payne-Phalen neighborhood, built 1959, approximately 4,800 SF on an RM2 lot. All units are 1BR/1BA. Two units have been renovated by current ownership. Rear off-street parking pad installed, shared coin laundry, basement storage and an exterior shed. Seller has installed a new 200 amp electrical panel as of April 2025 in the laundry room for the entire building and all work was permitted. Very clean building with room to increase rents to market. Unit #1 has been approved for section-8 housing and the rest could also get approved if next owner wanted to.
Property Facts
| Price | $679,900 | Building Class | C |
| Price Per Unit | $97,129 | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 6,658 SF |
| Cap Rate | 5.91% | Average Occupancy | 71% |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 1.05/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | Multi-Family Residential | ||
| Price | $679,900 |
| Price Per Unit | $97,129 |
| Sale Type | Investment |
| Cap Rate | 5.91% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 6,658 SF |
| Average Occupancy | 71% |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 1.05/1,000 SF |
| Zoning | Multi-Family Residential |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | - |
1 1
Moderately walkable
60/100
Moderately drivable
70/100
Some public transit
40/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 20-29-22-43-0022 | Improvements Assessment | $407,300 |
| Land Assessment | $140,000 | Total Assessment | $547,300 |
Property Taxes
Parcel Number
20-29-22-43-0022
Land Assessment
$140,000
Improvements Assessment
$407,300
Total Assessment
$547,300
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616 Ivy Ave E