Modern Fully Occupied Apartment
For Sale
$619,000
1024 Ross Avenue, Saint Paul, MN 55106
Five leased apartments, central air, and an adjoining garden lot support an established multifamily operation.
Property Size4,048 SF
Price / SF$152.92
Days on Market180
Property Features for 1024 Ross Avenue
General Information
Standard status
Active
Size
4,048 SF
Property subtype
General Commercial
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$10,100
Amenities
Central Air
3
Asphalt, Unassigned.
Public Transport.
Building Details
Year Built
2004
Buildings
1
Listing Agency:
Minnesota Realty Guide, LLC
(651) 336-1035
Listed By:
James Bromenschenkel
(651) 336-1035
Source:
Xome
Added: Mar 4
Changed: Aug 29
Last Checked: Aug 31 at 1:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Minnesota Realty Guide, LLC
Investment Insights
Based on property information with market context.
This apartment building was constructed in 2004 and contains five occupied units with comparable layouts, typically offering two bedrooms and one bathroom. Central air serves the property, and the units are leased to established tenants. The building is described as being in good condition for its age, with a configuration that may support evaluating a sixth unit through reconfiguration and renovation, subject to city permitting.
An adjoining vacant lot at 1020 Ross Ave is included and currently provides tenant green space and a garden. The property is located in Saint Paul’s East Side, with access to public transportation, downtown, employment centers, and area amenities. The sale also includes asphalt, unassigned parking.
An adjoining vacant lot at 1020 Ross Ave is included and currently provides tenant green space and a garden. The property is located in Saint Paul’s East Side, with access to public transportation, downtown, employment centers, and area amenities. The sale also includes asphalt, unassigned parking.
Key Highlights
- Five units are currently leased to tenants
- Comparable layouts are typically 2 bed/1 bath and approximately 1,000 sq ft
- Constructed in 2004 with central air
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,323
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,086,460
$1.1M
Cap Rate 7%
$776,043
$776.0K
Cap Rate 9%
$603,589
$603.6K
Market Conditions
NOI Build-Up for 4,048 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$105.4K $26.04/SF
− Vacancy
−$6.6K −$1.64/SF
EGI
$98.8K $24.40/SF
− OpEx
−$44.4K −$10.98/SF
NOI
$54.3K $13.42/SF
Area
Dakota County, MN
Vacancy
6.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,086,460
Cap Rate 7%
$776,043
Cap Rate 9%
$603,589
Alternative Uses
Best Use
Apartment 5plus
$776.0K
$679.0K – $905.4K
NOI $54,323 @ 7.0% cap · market cap 8.78%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$996.2K
$871.6K – $1.16M
NOI $69,731 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
664
Businesses Nearby
Explore this area
Business Placement
Demographics for 55106, MN
60,327
Population
19,974
Households
3
Avg Household Size
30
Median Age
23%
College-Educated
82%
High-School Grad
9.4 sq mi
ZIP Area
6,418
Density / Sq Mi
$68,601
Median Household Income
$39,834
Median Earnings
$1,230
Median Rent
$233,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five leased apartments, central air, and an adjoining garden lot support an established multifamily operation.
Where is this apartment building located?
The property is located at 1024 Ross Avenue Saint Paul, MN.
What is the asking price?
The asking price for this property is $619,000.
What are key features of this property?
This property features: Five units are currently leased to tenants; Comparable layouts are typically 2 bed/1 bath and approximately 1,000 sq ft; Constructed in 2004 with central air
