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940 3rd St E 7 Unit Apartment Building $525,000 ($75,000/Unit) 8.91% Cap Rate Saint Paul, MN 55106
Investment Highlights
- $75,000 per unit with proforma cap rate of 8.91%
- Mix of 2-bed, 1-bed, and studio units totaling 7 units
- Property updates throughout, including a new hot water heater (2025)
- The property is enrolled in the 4D tax program that reduces property taxes by up to 80%
Executive Summary
940 3rd St E is a fully occupied 7-unit multifamily property located in St. Paul, MN. The property features a mix of 2-bedroom, 1-bedroom, and studio units with a proforma NOI of $46,767 and a proforma cap rate of 8.91%. The building is enrolled in the 4D tax program that reduces property taxes by up to 80%, providing significant tax savings. Recent improvements include a new hot water heater (2025), complete basement workshop area cleanout, dry wall repairs in stairwells, and unit updates throughout.
Call Luke at 651-428-7814 for more information and to schedule a private viewing.
Call Luke at 651-428-7814 for more information and to schedule a private viewing.
Property Facts
| Price | $525,000 | Building Class | C |
| Price Per Unit | $75,000 | Lot Size | 0.23 AC |
| Sale Type | Investment | Building Size | 6,426 SF |
| Cap Rate | 8.91% | Average Occupancy | 100% |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1988/1995 |
| Property Subtype | Apartment | Parking Ratio | 1.56/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | H2 - Residential Multifamily | ||
| Price | $525,000 |
| Price Per Unit | $75,000 |
| Sale Type | Investment |
| Cap Rate | 8.91% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 6,426 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1988/1995 |
| Parking Ratio | 1.56/1,000 SF |
| Zoning | H2 - Residential Multifamily |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 5 | - | - |
| 2+1.5 | 1 | - | - |
1 1
Moderately walkable
60/100
Very drivable
80/100
Good public transit
60/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 33-29-22-24-0204 | Improvements Assessment | $375,400 |
| Land Assessment | $140,000 | Total Assessment | $515,400 |
Property Taxes
Parcel Number
33-29-22-24-0204
Land Assessment
$140,000
Improvements Assessment
$375,400
Total Assessment
$515,400
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940 3rd St E
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