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708-730 Marshall Ave
Saint Paul, MN 55104
Multifamily Property For Sale
·
12 Units
INVESTMENT HIGHLIGHTS
- Attractive Assumable Debt Terms - Term: 6.50 Years Remaining | Rate: 3.73% | Loan Balance: $1,540,000.00
- Future Redevelopment Potential – Concept Plans In Place With City Approvals Secured
- $1,893 Average Monthly Rent – Very Minimal Historic Vacancy
- Well Maintained And Operated Asset
- 8 Two Bedrooms | 2 Three Bedrooms | 2 Four Bedrooms
- Separately Metered Utilities Allow For Full Tenant Responsibility
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to announce the exclusive listing of Marshall Townhomes, comprised of 12-townhome units located within the Summit Hill Neighborhood of Saint Paul, Minnesota. 708-730 Marshall Avenue is being offered for sale on a free-and-clear basis.
Built in 1981, Marshall Townhomes consists of one building on a 0.93-acre parcel, conveniently positioned between Downtown Saint Paul (2.5 miles) and Downtown Minneapolis (8 miles). The unit mix includes: one two-bedroom/one-bathroom unit at 650 square feet, seven two-bedroom/one-bathroom units at 850 square feet, two three-bedroom/one and one half-bathroom at 1725 square feet, and two four-bedroom/one and one half-bathroom units at 1980 square feet. Each unit is equipped with A/C wall units and individual furnaces for heating and cooling. Tenants benefit from the spacious unit layouts, in-unit laundry, patios, backyard space, and off-street parking.
The property has been well maintained, with consistent improvements throughout. All units have been updated within the last ten years and have received continued as-needed updates as units turn. Since acquiring the property in 2022, the current owner has replaced nearly all appliances and has fully renovated five units. These updates include, but are not limited to: flooring, counter tops, cabinets, appliances, toilets, electrical fixtures, bathrooms, and vanities. Furthermore, all windows have been replaced since the building was built, with the current owner replacing about 30% of the windows within the last few years. Additionally, the roof was replaced in 2022.
This offering presents an opportunity to acquire a stabilized asset with favorable assumable financing in place. Looking forward, investors can capitalize on multiple value-add strategies, including rent increases, capturing additional parking income, and continued unit upgrades. Furthermore, at loan maturity in 2032, the site presents significant redevelopment potential, with the ability to add as many as 75+ apartment units. Thanks to the lot size and existing zoning, no variances are required—allowing the next owner to bypass the planning commission process and streamline redevelopment.
Built in 1981, Marshall Townhomes consists of one building on a 0.93-acre parcel, conveniently positioned between Downtown Saint Paul (2.5 miles) and Downtown Minneapolis (8 miles). The unit mix includes: one two-bedroom/one-bathroom unit at 650 square feet, seven two-bedroom/one-bathroom units at 850 square feet, two three-bedroom/one and one half-bathroom at 1725 square feet, and two four-bedroom/one and one half-bathroom units at 1980 square feet. Each unit is equipped with A/C wall units and individual furnaces for heating and cooling. Tenants benefit from the spacious unit layouts, in-unit laundry, patios, backyard space, and off-street parking.
The property has been well maintained, with consistent improvements throughout. All units have been updated within the last ten years and have received continued as-needed updates as units turn. Since acquiring the property in 2022, the current owner has replaced nearly all appliances and has fully renovated five units. These updates include, but are not limited to: flooring, counter tops, cabinets, appliances, toilets, electrical fixtures, bathrooms, and vanities. Furthermore, all windows have been replaced since the building was built, with the current owner replacing about 30% of the windows within the last few years. Additionally, the roof was replaced in 2022.
This offering presents an opportunity to acquire a stabilized asset with favorable assumable financing in place. Looking forward, investors can capitalize on multiple value-add strategies, including rent increases, capturing additional parking income, and continued unit upgrades. Furthermore, at loan maturity in 2032, the site presents significant redevelopment potential, with the ability to add as many as 75+ apartment units. Thanks to the lot size and existing zoning, no variances are required—allowing the next owner to bypass the planning commission process and streamline redevelopment.
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 0.93 AC |
| No. Units | 12 | Building Size | 13,654 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1981/1992 |
| Building Class | C | Parking Ratio | 1.32/1,000 SF |
| Zoning | C - Commercial | ||
| Sale Type | Investment |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.93 AC |
| Building Size | 13,654 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1981/1992 |
| Parking Ratio | 1.32/1,000 SF |
| Zoning | C - Commercial |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Storage Space
- Washer/Dryer
- Heating
- Kitchen
- Yard
- Dining Room
- Patio
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 8 | $1,673 | 650 - 850 |
| 3+1.5 | 2 | $2,174 | 1,725 |
| 4+1.5 | 2 | $2,517 | 1,980 |
PROPERTY TAXES
| Parcel Number | 02-28-23-11-0031 | Improvements Assessment | $1,263,500 |
| Land Assessment | $240,000 | Total Assessment | $1,503,500 |
PROPERTY TAXES
Parcel Number
02-28-23-11-0031
Land Assessment
$240,000
Improvements Assessment
$1,263,500
Total Assessment
$1,503,500
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