Phalen Shores Apartments 985 Ivy Ave E 53 Unit Apartment Building $6,625,000 ($125,000/Unit) Saint Paul, MN 55106

Phalen Shores Apartments presents an exceptional opportunity to acquire a 53-unit, five-story multifamily community located in Saint Paul’s established Phalen Park neighborhood. The property features 29 two-bedroom and 24 one-bedroom apartment homes, each offering spacious layouts and modern updates designed for long-term resident comfort and appeal.
Residents enjoy a full suite of amenities, including a community room, laundry facilities on each level, heated underground parking, secure entry, and individual storage units. The property also features a new roof installed in 2018 and a rooftop solar energy system, reducing operating expenses and supporting long-term sustainability.
Originally developed as senior housing, Phalen Shores offers flexibility for traditional multifamily or senior living operations, allowing investors to align the property with diverse resident needs and market opportunities. Located just blocks from Lake Phalen and minutes from downtown Saint Paul, the property provides excellent access to parks, retail, healthcare, and major employment centers.
With its desirable unit mix, solid construction, and strong submarket fundamentals, Phalen Shores Apartments represents a income-producing asset with sustainable efficiency and long-term value growth potential in one of Saint Paul’s most connected and established neighborhoods.