Property Listing
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.
Property Information
Status: Active
Sub Type: ********
List Price: $1,100,000
MLS#: 7020224
Current Price: $1,100,000
Address: 1010 Lafond Avenue, Saint Paul, MN 55104
City: Saint Paul
State: MN
Postal Code: 55104
Geo Lat: 44.960009
Geo Lon: -93.142924
Subdivision: D W Moores Add
County: Ramsey
Property Description
Year Built: 1964
Lot Size SqFt: 10890
Gen Tax: 21408
Specials Inst: 1402.6
High School: St. Paul
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Total SqFt.: ********
Style: ********
Total Bedrooms: 18
Total Bathrooms: 11
Total Full Baths: ********
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Garage Stalls: 0
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Property Features
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Inclusions: Building, Rental License
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