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53-Unit Elevator-Served Multifamily 985 Ivy Ave E 53 Unit Apartment Building $5,950,000 ($112,264/Unit) 7.93% Cap Rate Saint Paul, MN 55106
Investment Highlights
- 53-unit, elevator-served multifamily property with senior living optionality (current use: conventional MF)
- Surrounded by over 100 acres of city-owned parkland with no directly adjacent residential neighbors
- Non-combustible concrete and masonry construction with durable, institutional-quality physical plant
Executive Summary
985 Ivy is a 53-unit multifamily property located in Saint Paul’s Payne-Phalen neighborhood, adjacent to Phalen Regional Park. The property is currently operated as market-rate, general-occupancy rental housing and offers a mix of one- and two-bedroom apartments.
Originally constructed with senior-oriented design considerations, the building features non-combustible concrete and masonry construction, elevator service, heated underground parking, and centralized building systems. These characteristics provide a durable physical plant suitable for continued conventional multifamily operation and may also support independent senior (55+) or assisted living conversion strategies, subject to buyer verification of zoning, code compliance, licensing, and feasibility.
The property is well maintained and benefits from a tranquil setting with immediate access to over 100 acres of parkland and trail systems, while remaining minutes from downtown Saint Paul and major transportation corridors. 985 Ivy offers stable in-place cash flow with long-term optionality in an established, supply-constrained submarket.
Originally constructed with senior-oriented design considerations, the building features non-combustible concrete and masonry construction, elevator service, heated underground parking, and centralized building systems. These characteristics provide a durable physical plant suitable for continued conventional multifamily operation and may also support independent senior (55+) or assisted living conversion strategies, subject to buyer verification of zoning, code compliance, licensing, and feasibility.
The property is well maintained and benefits from a tranquil setting with immediate access to over 100 acres of parkland and trail systems, while remaining minutes from downtown Saint Paul and major transportation corridors. 985 Ivy offers stable in-place cash flow with long-term optionality in an established, supply-constrained submarket.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| 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 | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| 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 | $5,950,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $112,264 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.62 AC |
| Cap Rate | 7.93% | Building Size | 44,431 SF |
| Sale Condition | 1031 Exchange | No. Stories | 5 |
| No. Units | 53 | Year Built | 1987 |
| Property Type | Multifamily | Parking Ratio | 1.31/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RM2 Multiple-Family | ||
| Price | $5,950,000 |
| Price Per Unit | $112,264 |
| Sale Type | Investment |
| Cap Rate | 7.93% |
| Sale Condition | 1031 Exchange |
| No. Units | 53 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 1.62 AC |
| Building Size | 44,431 SF |
| No. Stories | 5 |
| Year Built | 1987 |
| Parking Ratio | 1.31/1,000 SF |
| Zoning | RM2 Multiple-Family |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Disposal
- Heating
- Kitchen
- High Speed Internet Access
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Dining Room
- Vinyl Flooring
- Window Coverings
Site Amenities
- Controlled Access
- Laundry Facilities
- Property Manager on Site
- Security System
- Wheelchair Accessible
- Package Service
- Smoke Free
- Walking/Biking Trails
- Storage Space
- Elevator
- Lounge
- Maintenance on site
- Multi Use Room
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | $1,157 | 690 - 722 |
| 2+1 | 29 | $1,362 | 866 - 950 |
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Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Numbers | Total Assessment | $4,983,500 | |
| Land Assessment | $1,060,000 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $3,923,500 | Tax Year | 2025 Payable 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$1,060,000
Improvements Assessment
$3,923,500
Total Assessment
$4,983,500
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025 Payable 2025
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53-Unit Elevator-Served Multifamily | 985 Ivy Ave E
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