Becky Zincke
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1010 Lafond Avenue, Saint Paul, MN 55104

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Listed By

Agency Name: MRG Realty Partners, LLC
Agency Phone: 651-900-4386

Shown By

Agent Name: Becky Zincke
Agent Phone: (507) 990-1729
Agency Title: Counselor Realty

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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.

1010 Lafond Avenue | MLS# 7020224

This commercial property located at 1010 Lafond Avenue, Saint Paul, MN 55104 is currently listed for sale with an asking price of $1,100,000. Lafond Avenue is located within the St. Paul school district. Search Saint Paul real estate on bzincke.counselorrealtyofrochester.com today.

Property Features

Property Type: Commercial - Business
Cooling: Wall Unit(s)
Fuel Type: Natural Gas
Heating: Boiler
Lot Size: 0.26 Acres
Roof Type: Age Over 8 Years, Flat
Stories: 2.0
Taxes: $20,005
Year Built: 1964

Feature Descriptions

Current Use: Commercial, Residential
Days on Site: 4
Foundation Size: 3080
Lot Dimensions: 85x135
Owners Expense: Electricity, Exterior Maintenance, Gas, Insurance, Management, Sewer, Taxes, Trash Collection, Water
Parcel#: 352923220070
Parking: Paved Lot
Sale Includes: Building, Rental License
Sewer: City Sewer/Connected
Tenant Expenses: Electricity
Units: 11
Utilities: Electric Common, Electric Separate, Heating Common, Hot Water Common
Water: City Water/Connected

Local Schools

School District: St. Paul

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Demographics

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