952-852-9700
2376 Ariel St N, Saint Paul, MN for Sale
Apartments - FOR SALE
1/12
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2376 Ariel St N
Saint Paul, MN 55109


HIGHLIGHTS

  • Strategic Job Hub Access: Located in North Saint Paul, Cedarview Commons is minutes from major employers in the Twin Cities metro
  • Residents enjoy a clubhouse, business center, community garden, two shared kitchen/dining areas, swimming pool, playground,and picnic area with grills
  • Apartments boast spacious layouts featuring walk-in closets, huge walk-in pantries, eat-in kitchens, plus individual air conditioning and heating.
  • In-service since 2002 under LIHTC, with extended-use through 2032. Comes with assumable MHFA debt at a sub 4.15% interest rate.
  • Over $800,000 invested recently in capital improvements, reflecting the pride and consistency of long-term ownership.
  • Easy access to everyday essentials, such as Cub Foods, Home Depot, and the new Hy Vee, and adjacent to the North Saint Paul Urban Ecology Center

OVERVIEW

Cedarview Commons is a professionally managed, 12-building LIHTC multifamily community located in the thriving, high-demand suburb of North Saint Paul. In addition to the residential buildings, the property includes an on-site leasing office and two garage structures. Originally placed in service in 2002 under the Low-Income Housing Tax Credit (LIHTC) program, the property remains in its extended use period through 2032. Cedarview Commons features extensive community amenities, including a clubhouse, business center, community garden, two shared kitchen and dining areas, swimming pool, playground, and picnic area with grills, fostering a strong sense of community and resident satisfaction. Apartment units offer spacious layouts with walk-in closets, oversized walk-in pantries, eat-in kitchens, air conditioning, and individual heating. The property also includes 15 units reserved for long-term homeless residents, supported by Lutheran Social Services. Strategically positioned near major employers throughout the Minneapolis - St. Paul metro, the property benefits from strong workforce housing demand. The Twin Cities is home to 17 Fortune 500 company headquarters, including UnitedHealth Group, Target, Best Buy, 3M, U.S. Bancorp, Ecolab, General Mills, and Ameriprise Financial, ensuring a diverse and stable employment base that supports multifamily fundamentals in the area. Conveniently located near Cub Foods, Home Depot, and the all-new Hy-Vee, Cedarview Commons is also adjacent to the North Saint Paul Urban Ecology Center, providing residents with direct access to open green space and walking trails. With over $800,000 in recent capital improvements, assumable MHFA debt at a below-market interest rate of 4.15%, and no exposure to St. Paul rent control restrictions, Cedarview Commons offers investors a rare opportunity to acquire a well-located, mission-driven affordable housing asset with long-term upside potential and a cost basis significantly below replacement cost.

FOR SALE DETAILS

PRICE

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# OF UNITS

204

CAP RATE

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% LEASED

94%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Cedarview Commons

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1963

PARKING SPACES

250

LAND DETAILS

LAND ACRES

8.28 AC

LAND SF

360,677 SF

ZONING

-

APN/PARCEL ID

11-29-22-42-0001

ASK ABOUT THIS PROPERTY

Abe RobertsMarcus & MillichapMore Info
952-852-9700

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Abe RobertsMarcus & MillichapMore Info
952-852-9700

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