651-955-4255
394 Pierce St, Saint Paul, MN for Sale
Apartments - FOR SALE
1/53
null | Request Cap Rate

394 Pierce St
Saint Paul, MN 55104
Merriam Park East


HIGHLIGHTS

  • Simple late 1950s brick walk up, one unit type across two levels, easy to operate and easy to underwrite
  • Utility chargebacks already in place, tenants reimburse water, sewer and trash, keeping the owner expense load light
  • A couple of units updated with the balance in original condition, rent upside through standard unit turns, not a full repositioning
  • ?Respectable proposals from qualified, verified buyers will be considered as received, seller favors clean terms with certainty of close
  • 7 one bedroom units at $565,000, roughly $80,700 per door, priced below the seller's 2022 purchase price of $575,000

OVERVIEW

394 Pierce St N is a seven unit apartment building in St Paul, built in the late 1950s with all one bedroom units across two levels and open stairwells at each end of the building.? Three units sit on the lower level and four on the upper level.? The building operates simply.? Utility chargebacks are already in place, with water and sewer split across tenants and flat trash fees on most leases.? A portion of the units have been updated while the rest remain original, so the path to higher rents runs through standard unit turns rather than heavy capital work.? The property is professionally managed and the financial file is organized, including an itemized rent roll, tenant ledgers and current leases, so diligence can move quickly.? Respectable proposals from qualified, verified buyers will be considered as received.? The seller favors clean terms with certainty of close.? A direct contract for deed is not available, but the seller is open to creative proposals that include a partial carryback.? Interior photos and 3D unit models are available.? Contact the listing broker for the full financial package and flyer.?

FOR SALE DETAILS

PRICE

Request Info for Price

# OF UNITS

7

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1958

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

6,970 SF

ZONING

RM2

APN/PARCEL ID

33-29-23-41-0109

ASK ABOUT THIS PROPERTY

Nate SchammelMRG Realty PartnersMore Info
651-955-4255

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

Nate SchammelMRG Realty PartnersMore Info
651-955-4255

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