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$ 1,100,000
Est. payment /mo
Active
1010 Lafond AVE Saint Paul, MN 55104
18 Beds
11 Baths
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Subdivision D W Moores Add
MLS Listing ID 7020224
Bedrooms 18
Year Built 1964
Annual Tax Amount $20,005
Tax Year 2026
Contingent None
Lot Dimensions 85x135
Property Description
Built in 1964 and positioned near the Lexington Parkway and University Avenue corridor, the property features a strong unit mix of seven 2-bedroom and four 1-bedroom apartments totaling approximately 7,850 rentable square feet across two stories. Parking and storage are not currently being billed, presenting immediate upside for investors looking to grow gross income from day one.
Capital improvements over the past decade include vinyl double-pane windows, a white EPDM flat roof, a newer water heater, and a resurfaced parking lot (2019) with 10 surface spots and dedicated space for trash and recycling service.
Almost all units are market-rate, meaning investors have the option to enroll in the robust affordable housing programs offered by Saint Paul and Ramsey County, including the 4-D Tax Program, which can reduce property taxes by up to 80%. The current expense structure of owner-paid water, sewer, trash, and heat also makes the property an ideal candidate for a Ratio Utility Billing System (RUBS) to recapture a significant portion of utility costs and hedge against rising expenses.
Situated near public transit, major highway access, neighborhood retail, and the employment and development activity along University Avenue, the property benefits from a deep and growing renter pool in one of Saint Paul's most active corridors.
Capital improvements over the past decade include vinyl double-pane windows, a white EPDM flat roof, a newer water heater, and a resurfaced parking lot (2019) with 10 surface spots and dedicated space for trash and recycling service.
Almost all units are market-rate, meaning investors have the option to enroll in the robust affordable housing programs offered by Saint Paul and Ramsey County, including the 4-D Tax Program, which can reduce property taxes by up to 80%. The current expense structure of owner-paid water, sewer, trash, and heat also makes the property an ideal candidate for a Ratio Utility Billing System (RUBS) to recapture a significant portion of utility costs and hedge against rising expenses.
Situated near public transit, major highway access, neighborhood retail, and the employment and development activity along University Avenue, the property benefits from a deep and growing renter pool in one of Saint Paul's most active corridors.
Location
State MN
County Ramsey
Zoning Residential-Multi-Family
Interior
Heating Boiler
Cooling Wall Unit(s)
Inclusions Building, Rental License
Fireplace No
Exterior
Parking Features Paved Lot
Utilities Available Electric Common, Electric Separate, Heating Common, Hot Water Common
Roof Type Age Over 8 Years,Flat
Present Use Commercial,Residential
Building
Story Two
Foundation 3080
Sewer City Sewer/Connected
Water City Water/Connected
Level or Stories Two
New Construction false
Schools
School District St. Paul
Listed by Nathan Schammel • MRG Realty Partners, LLC