For Sale: Saint Paul MLS# 6615249
Active
Lender Owned
$1,250,000
Commercial: Apartments
Built 1889
0.23 acres
St. Paul schools
MLS# 6615249
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Property Description
THE RED MILL APARTMENTS LOCATED IN THE HEART OF SAINT PAUL IS CLOSE TO DOWNTOWN AND THE SUBURBS OF OAKDALE, WOODBURY & MAPLEWOOD. EASY ACCESS TO HIGHWAYS 94 & 494. ORIGINALLY BUILT IN 1889 AND NEWLY RENOVATED AND EXPANDED IN 2022, THIS MULTI-FAMILY ASSET OFFERS RESIDENTS LARGE 1-BD, 2-BD, 3-BD, & 4-BEDROOM UNITS DESIGNED FOR MODERN LIVING! NEWER WINDOWS, TALL CEILINGS, AND IN-UNIT WASHER AND DRYERS. EACH APARTMENT FEATURES STAINLESS STEEL APPLIANCES, GRANITE COUNTERTOPS, AMPLE CLOSET SPACE, IN-UNIT LAUNDRY, AND SELF-CONTROLLED HIGH-EFFICIENCY HEATING AND AIR CONDITIONING. WITH CONTROLLED ACCESS ENTRY, SECURITY CAMERAS IN COMMON AREAS, AND OFF-STREET PARKING, RED MILL APARTMENTS IS A SAFE AND QUIET PLACE TO CALL HOME!! CLOSE TO TONS OF SHOPPING, SCHOOLS, PLAYGROUNDS, AND ENTERTAINMENT VENUES. PROFESSIONALLY MANAGED WITH THE POSSIBILITY TO RETAIN THEM FOR FULL MANAGEMENT DUTIES. VERY STABLE, FULLY OCCUPIED, AND IN TURN KEY CONDITION!! THIS PROPERTY MAKES FOR THE PERFECT 1031 EXCHANGE OUT OF A SMALLER ASSET!! CURRENT IN-PLACE NET OPERATING INCOME $88, 604+
Listing
Listing Status:
Active
Contingency:
None
List Price:
$1,250,000
Property Type:
Commercial
City:
Saint Paul
County:
Ramsey
Year Built:
1889
State:
MN
Property Style:
Apartments
Zip Code:
55106
Neighborhood/Area:
Dayton's Bluff
Subdivision Name:
J W Bass Sub L14-15 & Pt L13
Interior
Ceiling Height:
8-10
Ranges:
One Per Unit
Refrigerators:
One Per Unit
Appliances Included:
- Dishwasher
- Range
- Refrigerator
Basement Details:
Full
Exterior
Stories:
Two
Other Parking Spaces:
12
Air Conditioning:
Central Air
Foundation Size:
5,723 ft2
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
Forced Air
Parking Features:
Paved
Road Frontage:
City Street
Exterior Material:
Brick/Stone
Roof Details:
- Age 8 Years or Less
- Flat
Lot & Land
Acres:
0.23
Geolocation:
44.966951, -93.050499
Inclusions:
Building, Land, Leases, Rental License
Lot Dimensions:
60 x 150
Zoning:
Residential-Multi-Family
Lot Description:
Corner Lot
Farm
Topography:
Level
Schools
School District:
625
District Phone:
651-767-8100
Expenses
Annual Caretaker Expense:
$9,033
Annual Insurance Expense:
$5,349
Annual Maintenance Expense:
$3,000
Annual Gross Expense:
$61,958
Annual Trash Expense:
$2,000
Annual Water/Sewer Expense:
$8,900
Tenant Expenses:
All Utilities, Cable TV
Financial & Taxes
Tax Year:
2024
Annual Taxes:
$26,076
Lender-owned:
Yes
Assessment Pending:
No
Taxes w/ Assessments:
$26,076
Income
Annual Gross Income:
$150,563
Rent
Annual Net Income:
$88,604
Units
Total Units:
6
Miscellaneous
Current Use:
Residential
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Separate
- Hot Water Separate
Water System:
City Water/Connected
Mortgage Calculator
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Local Home Mortgage Professionals
651-253-2144
Jason & Kim Stone
Branch Manager & Co-Branch Manager
Fairway Mortgage NMLS#1018649
Jason Stone joined Fairway Independent Mortgage Corporation in October 2017, as a Producing Branch Manager with over 15 years of experience in the mortgage industry. Throughout his career, Jason has originated over $500,000,000 in residential loan volume and has helped several thousand customers with their home financing needs. Jason was named Minneapolis Magazine: Super Mortgage Professional in 2018-2023, Scotsman Guide: Top Mortgage Originator 2019-2022, and Minnesota Housing: Platinum Leander. He is also a retired volunteer firefighter for the city of Mendota Heights, MN which is one of the reasons he’s a Home for Heroes affiliate lender.
Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.
Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.
Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
It would be our pleasure to assist you with your home purchase!
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.