Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Laurel Avenue Apartments.

Laurel Avenue Apartments is a multifamily property located in the Merriam Park neighborhood of Saint Paul, Minnesota. The property benefits from a highly walkable, amenity-rich location just five blocks from the University of Saint Thomas and within close proximity to some of the Twin Cities’ most highly regarded dining and neighborhood retail options, supporting consistent rental demand.

Constructed in 1914, Laurel Avenue Apartments is comprised of 17 total residences, including 12 studio units and 5 one-bedroom units. The units average approximately 375 square feet and currently achieve average rents of $731 per month, positioning the property at an attainable price point for the submarket. The property sits on a 0.21-acre site and offers a dense unit configuration well suited to its urban infill location.

The asset is enrolled in the City of Saint Paul’s 4D Affordable Housing Incentive Program, with four units designated at 60 percent of Area Median Income. There are approximately three years remaining in the current 4D term. A future owner may elect to renew the program and continue receiving the associated property tax benefits or allow the designation to expire at the end of the term, providing operational flexibility.

Ownership has completed a number of capital improvements throughout the property, including replacing half of the buildings plumbing with PEX, replacing windows, fulling insulating walls and crawl spaces, and replacing both of the main roof drains. In 2016, the exterior stucco was completely removed and replaced using traditional application along with new exterior trim and window sill/trim. Two units have been fully gutted and renovated, and the building is serviced by a dual gas-fired boiler system installed in 2008. Additional features include owned on-site laundry, gas cooking, and a pet-free policy, contributing to operational efficiency and long-term durability for a future owner.