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Property Details

1631 Charles Avenue
Saint Paul, MN 55104

Price: $1,225,000

Listing # 6739015


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Charles Place apartments presents a unique value-add investment opportunity right in the heart of Saint Paul within walking distance to the newly built Allianz Stadium where the MN United soccer team plays! This whole Merriam Park neighborhood currently is in an opportunity zone and is getting transformed into a trendy and upscale destination. Take advantage of this opportunity to acquire 15 units, all-brick exterior, built in 1940 with original oak hardwood flooring and original doors and plaster coved ceilings. A newer Lochinvar Knight hot water boiler system was installed in 2012 and newer water heaters in 2010. The whole building received newer Andersen Series 100 windows in 2018. Electrical panels to each unit are on 60-amp breakers. Operations receive additional revenue from on-site coin operated laundry. All units are currently occupied and leased and ready for new owners to take over!! Average studio rent is $777 and average one-bedroom rent is $876 per month with plenty of room to move these rents up to market. Stabilized with zero delinquencies and a current in place 8.67% Cap Rate!!

Basic Features:

Style Apartment
Type Commercial Sale
Zoning Residential-Multi-Family
Year Built 1940
School District St. Paul
County Ramsey
Lot Size 50 x 120
Acreage 0.17 acres
Lot Description Tree Coverage - Light
Number of Units 15
Tax $ / Year $24,792 / 2025
Tax ID
Legal Description

Includes:

Range,Refrigerator,Building,Land,Leases,Rental License

Additional Features
Government Programs
Section 33
Terrain Type
Roads City Street
Basement Daylight/Lookout Windows,Finished,Full,Concrete,Partially Finished
Cooling Window Unit(s)
Driveway
Exterior Features Brick
Foundation 3420.00
Fuel Source Natural Gas
Handicap Access None
Heating Boiler,Hot Water
Pool None
Roof Age Over 8 Years,Flat
Sewer Service City Sewer/Connected
Water Service City Water/Connected
Water Heater
Parking Lot On-Street Parking Only
Exterior Construction
Fencing None
Utilities Electric Separate,Heating Common,Hot Water Common
Laundry N

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