985 Ivy Ave E - Apartments FOR SALE


Saint Paul, MN 55106- Payne-Phalen
$5,750,000 USD
651-998-9380
985 Ivy Ave E, Saint Paul, MN for Sale
$5,750,000 USD
Apartments - FOR SALE
1/82
null | 8.08% Cap Rate

985 Ivy Ave E
Saint Paul, MN 55106
Payne-Phalen


HIGHLIGHTS

  • 1987-built, 53-unit building on the western edge of Phalen Regional Park
  • Solid internal / external construction mix of concrete, masonry, & brick
  • Significant Capital Investment to the property via current ownership
  • Very strong & unique asset which will continue to attract tenant demand for many decades to come
  • 67,752 Total SqFt
  • 42,629 Net Rentable SqFt

OVERVIEW

985 Ivy Avenue East is a 53-unit building constructed in 1987 on the western edge of Phalen Regional Park, built with a durable mix of concrete, masonry, & brick. The property sits immediately adjacent to nearly 500 acres of parkland, including Phalen Lake & Beach, the Recreation Center, & the Golf Course. Residents are also within close proximity to the Phalen Village retail node at Phalen Boulevard & Maryland Avenue. This strong & unique asset will continue attracting tenant demand & delivering long-term value well into the future.

FOR SALE DETAILS

PRICE

$5,750,000 USD

PRICE/SF

$129 USD /SF

# OF UNITS

53

PRICE/UNIT

$108,491

CAP RATE

8.08%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Phalen Shores Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

5

YEAR BUILT

1987

PARKING SPACES

53

LAND DETAILS

LAND ACRES

1.62 AC

LAND SF

70,567 SF

ZONING

RM2 Multiple-Family

APN/PARCEL ID

21-29-22-31-0007,21-29-22-31-0010,21-29-22-31-0011,21-29-22-31-0012

ASK ABOUT THIS PROPERTY

David DirkersMRG Realty PartnersMore Info
651-998-9380

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David DirkersMRG Realty PartnersMore Info
651-998-9380

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