1145 7th Street W, Saint Paul, MN 55102

Property Description

WEST 7TH STREET APARTMENTS IS A CLASSIC ALL-BRICK SEVEN-UNIT BUILDING CLOSE TO DOWNTOWN SAINT PAUL, THE MALL OF AMERICA, AND THE MPLS/ST.PAUL INTERNATIONAL AIRPORT. THIS PROPERTY HAS BEEN VERY WELL MANAGED AND CARED FOR OVER THE YEARS, CLEAN AND CONSTRUCTED IN 1966. RESIDENTS ENJOY THE OFF-STREET PARKING LOT ALONG WITH THE OPTION TO RENT ONE OF THE FOUR GARAGES. THERE IS ONSITE COIN LAUNDRY AND EXTRA STORAGE LOCKERS FOR RESIDENTS. CURRENTLY ALL THE UNITS ARE RENTED AND EACH TENANT PAYS FOR THEIR OWN SEPARATE ELECTRIC. OWNER PAYS HEAT, WATER AND TRASH. ALL FOUR UPPER APARTMENTS FEATURE OAK HARDWOOD FLOORING AND THEY ALL HAVE WALL AIR CONDITIONING UNITS. SPACIOUS ROOMS AND ONE OF THE LOWER LEVEL UNITS IS A SPECIAL TWO-BED TWO-BATHROOM UNIT! ORIGINALLY BUILT WITH AN OFFICE THERE IS A WAY TO CONVERT BACK TO 7 UNITS PLUS OFFICE OR MAKE THE SPACE BEHIND THE LAUNDRY ROOM ANOTHER 8TH UNIT. INCREASE CASH FLOW BY IMPLEMENTING A RATIO UTILITY BILLING SYSTEM (RUBS) TO CAPTURE MORE INCOME. A NEW OWNER CAN RAISE RENTS ON LEASE RENEWALS TO CAPTURE A HIGHER RETURN ON THEIR INVESTMENT! NET OPERATING INCOME $57,272.08 AND A TRUE 8.18+ CAP RATE