Property Listing
Description
4-plex on St. Paul's West Side. Potential owner-occupant opportunity with one unit becoming vacant at the end of June. Located in a tucked-away residential block with easy access to downtown, West Side Flats, and District del Sol. Near parks, restaurants, and transit. Two 2BR/1BA and two 1BR/1BA units, 2,950 SF total. All four tenants on signed leases (mid-2026 through mid-2027) with rents raised during the most recent lease-up cycle. Current rents still sit below market ceiling, leaving room on renewals. Tenants pay gas and electric; landlord covers water/sewer and trash. Enrolled in St. Paul's 4d Affordable Housing Incentive Program, featuring up to 80% reduction in property tax class rates. The covenant transfers with the property, with estimated annual savings of $4,600+ over standard rates. Two units turned over in mid-2025 and were re-leased at meaningfully higher rents. The recent turnover cycle is complete; all four units are performing well with no deferred maintenance carried over. Priced under $500k with a low tax basis, strong occupancy, and cash flow in place. This is a rare combination to find in St. Paul's current market.
Property Information
Status: Active
Sub Type: ********
List Price: $449,750
MLS#: 6823925
Current Price: $449,750
Address: 485 Belvidere Street E, Saint Paul, MN 55107
City: Saint Paul
State: MN
Postal Code: 55107
Geo Lat: 44.922383
Geo Lon: -93.065072
Subdivision: Paul Martins 1st Addition, To
County: Ramsey
Property Description
Year Built: 1893
Lot Size SqFt: 4791.6
Gen Tax: 2248
Specials Inst: 865
High School: St. Paul
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Total SqFt.: 4600
Style: Array
Total Bedrooms: 6
Total Bathrooms: 4
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Garage Stalls: 0
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