For Sale: South Saint Paul MLS# 7131978
Active
$1,649,000
Commercial: Other
Built 1978
0.487 acres
South St. Paul schools
MLS# 7131978
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Property Description
The Park Apartments in South St. Paul has been proudly owned and self managed for over 25 years. It is located in a first ring suburb of the Twin Cities in Dakota county just off highway 494 and in between both highway 52 and highway 61. This all brick and stucco twelve unit was originally constructed in 1978 and has received many upgrades including renovated units in five of the twelve apartments, double hung vinyl replacement windows throughout, freshly painted common areas, newer hallway carpeting and entrances. The long term owner has meticulously cared for the property and is offering this as a low maintenance turnkey asset for a new investor. One thing that makes this apartment building unique versus other similar size buildings is that each unit has electric baseboard heaters which the tenants pay for reducing the owners operational costs. Average in-place rents for the two-bedrooms are 1, 329.00/month and the one-bedroom rents for $1, 135.00/month. There are eight detached garages which brings in an additional $600.00/month.
The city of South St. Paul is situated on the west bank of the Mississippi River and just south of St. Paul, close to the Minneapolis-St. Paul International Airport (MSP), many scenic parks including Kaposia Landing and the Mississippi River Greenway. South St. Paul does not have rent stabilization ordinances which allows an owner the freedom to continue to renovate and improve and increase its annual gross income.
PROPERTY FACTS
Year Built: 1978
Units: 12 garden style apartments
Square Footage: Building total 10, 902 sqft / garage total 1, 600 sqft
Zoning: Multiple-dwelling
Parking: 4 detached two-car garage stalls / plus 14 off-street parking spots
Exterior: All-brick and stucco exterior
Heating: Individual electric baseboard heating / tenants pay their own unit heat
Air Conditioning: In the wall air conditioning units / seller owned
Roof: Flat roof on the 12-units and a newer pitched roof on the garages
Balconies: The eight units on the upper two floors feature balconies with newer patio doors
Patios: Two south facing garden units have private patios
Laundry: Two sets of Maytag coin laundry machines / seller owned
Storage: There are three hallway storage lockers that produce extra income
UNIT DESCRIPTION
11 - Two Bedroom, One Bath - Approx. 800+ Sqft. / Average rent $1, 329.00
1 - One Bedroom, One Bath - Approx. 600+ Sqft / Average rent $1, 135.00
PROPERTY IMPROVEMENTS
Hallways and Common Areas Recently Painted and carpeted (2024)
Newer Hot Water Heater
Brand New Water Softener System (2025)
Exterior concrete steps new (2025)
Newer Double-Hung Windows Throughout the Building
Apartment entrance doors recently replaced
Five of the twelve apartments have been totally renovated from top to bottom with newer luxury vinyl plank flooring (LVP), carpet in bedrooms, new trim and doors, fresh paint, new tiled bathrooms and vanities, new custom kitchen cabinets and granite countertops, patio doors, new light fixtures, new blinds, and stainless steel appliance package.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$1,649,000
Property Type:
Commercial
City:
South Saint Paul
Garage Spaces:
8
County:
Dakota
Year Built:
1978
State:
MN
Property Style:
Other
Zip Code:
55075
Subdivision Name:
South St Paul Syndicate Park
Interior
Ceiling Height:
8-10
Flooring:
Carpet, Luxury Vinyl Plank, Tile
Refrigerators:
One Per Unit
Appliances Included:
- Range
- Refrigerator
Exterior
Stories:
Three Or More
Garage Spaces:
8
Garage Dimensions:
20 x 80
Garage Size:
1,600 ft2
Garage Door Height:
8
Garage Door Width:
12
Air Conditioning:
Wall Unit(s)
Foundation Size:
3,634 ft2
Foundation Dimensions:
46 x 79
Fencing:
None
Handicap Accessible:
Other
Road Responsibility:
Public Maintained Road
Heating System:
Baseboard
Parking Features:
- Detached Garage
- Multiple Garages
- Parking Lot
Unit Amenities:
- Balcony
- Ceiling Fan(s)
- Paneled Doors
- Patio
- Tile Floors
Road Frontage:
City Street
Exterior Material:
- Block
- Frame
Pool:
None
Roof Details:
- Age 8 Years or Less
- Age Over 8 Years
- Asphalt
- Flat
- Pitched
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.487
Geolocation:
44.875646, -93.034381
Inclusions:
Building, Land, Leases, Rental License
Lot Dimensions:
164 x 130
Zoning:
Residential-Multi-Family
Lot Description:
Tree Coverage - Light
Farm
Topography:
Sloped
Schools
School District:
6
District Phone:
6514579400
Expenses
Annual Caretaker Expense:
$9,660
Annual Electric Expense:
None
Annual Fuel Expense:
$3,303
Annual Insurance Expense:
$7,443
Annual Maintenance Expense:
$4,560
Annual Trash Expense:
$3,814
Annual Water/Sewer Expense:
$8,247
Tenant Expenses:
Broadband, Electricity, Heat
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$24,222
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$24,222
Income
Annual Gross Income:
$193,212
Rent
Annual Net Income:
$121,935
Units
Total Units:
12
Miscellaneous
Current Use:
Residential
Fuel System:
Electric
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Separate
- Hot Water Common
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
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Listing provided by RMLS,
courtesy of Apartment Cash Flow, Inc..
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.