1709 Shields Ave - Apartments FOR SALE


Saint Paul, MN 55104- Merriam Park East
$1,250,000 USD
651-263-3653
1709 Shields Ave, Saint Paul, MN for Sale
$1,250,000 USD
Apartments - FOR SALE
1/36
null | 6.21% Cap Rate

1709 Shields Ave
Saint Paul, MN 55104
Merriam Park East


HIGHLIGHTS

  • ALL NEWER ELECTRICAL PANEL AND BREAKERS AND NEW SERVICE COMING INTO THE BUILDING
  • SOLID ALL-BRICK EXTERIOR WITH TUCK POINTING RECENTLY DONE
  • ALL THE KITCHENS WERE REDONE WITH BRAND NEW ENERGY EFFICIENT STAINLESS-STEEL PACKAGES INCLUDING DISHWASHERS

OVERVIEW

1709 Shields Avenue is just blocks away from the Minnesota United soccer stadium and is in a very desirable and walkable Merriam Park neighborhood of Saint Paul, MN. Solidly built in 1927, this all brick exterior three story building just underwent a complete renovation in 2024-2025! The main and upper floors feature eight apartments that all received new bathrooms and new kitchens with stainless-steel appliance packages including microwaves! The original oak hardwood flooring in the kitchens, dining areas and bedrooms were refinished and walls freshly painted. Common area hallways were cleaned up with new paint and carpet. New tenants have just recently moved in on four of the eight units and the other four are currently being marketed for late spring and summer move-ins. These are the first tenants moving in since the renovation was completed. The lower level offers residents a laundry room with newer machines. All the electrical panels were replaced last year in 2024 with new 100 amp panels, 240 volt range wires to each of the units, and a new electrical service run to the building. Some units still have original closet and bedroom doors and built in closets. The real opportunity for a new buyer is that the lower level has two units that could be put back into service with very minimal work. Each of these two units have separate electric panels and a new 240 volt wire run for the stoves. A new buyer could make each of these into 2-bedroom, 1-bath apartments or into offices, storage units, or use the spaces for themselves. Back when The Fairview Hospital owned this building they used these as classrooms in the basement and the apartments were for traveling nurses. The parking lot has plenty of off-street parking to the east of the building with 16 parking spaces plus one handicap spot. This asset is truly unique and one of a kind and can’t be compared to other similar sized apartment buildings in the city! All showings through the listing agent.

FOR SALE DETAILS

PRICE

$1,250,000 USD

PRICE/SF

$190 USD /SF

# OF UNITS

8

PRICE/UNIT

$156,250

CAP RATE

6.21%

% LEASED

50%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1927

PARKING SPACES

17

LAND DETAILS

LAND ACRES

0.27 AC

LAND SF

11,761 SF

ZONING

8 Apartments

APN/PARCEL ID

33-29-23-42-0076

ASK ABOUT THIS PROPERTY

Nathan OpatzApartment Cash Flow, IncMore Info
651-263-3653

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Nathan OpatzApartment Cash Flow, IncMore Info
651-263-3653

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.