12-Unit Apartment Building with
149 Morton Street E, Saint Paul, MN 55107
For Sale
$1,295,000
Multifamily property with a varied one-bedroom and studio mix, off-street parking, and residential multifamily zoning.
Property Size7,800 SF
Lot Size0.39 Acres
Price / SF$166.03
Days on Market267
Property Features for 149 Morton Street E
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Zoning
Occupancy
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
on-site laundry
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
Apartment Cash Flow, Inc.
Listed By:
Nathan P. Opatz · License ##40329256
(651) 263-3653
Source:
Homecrownrealty
Added: Feb 16
Changed: Nov 8
Last Checked: Nov 8 at 3:37PM
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 Apartment Cash Flow, Inc.
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Investment Insights
Based on property information with market context.
Morton Street Apartments is a 12-unit building on a 0.39-acre corner lot, built in 1963. The unit mix includes ten one-bedroom, one-bath apartments and one studio, one-bath apartment. Refinished original hardwood floors are present in the main- and upper-floor units, and the building has updated vinyl replacement windows. Residents have access to coin-operated laundry and a 10-car off-street parking lot. The property is zoned Residential-Multi-Family.
The apartments are within walking distance of Belvidere and Bluff Parks. The property is also described as close to Minneapolis International Airport, employment centers, and downtown Saint Paul.
The apartments are within walking distance of Belvidere and Bluff Parks. The property is also described as close to Minneapolis International Airport, employment centers, and downtown Saint Paul.
Key Highlights
- 12 apartment units: ten one‑bedroom, one‑bath units and one studio, one‑bath unit
- 0.39‑acre corner lot; 7,800 square feet
- Coin‑operated laundry on site
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$104,674
Cap Rate
8.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,093,480
$2.1M
Cap Rate 7%
$1,495,343
$1.5M
Cap Rate 9%
$1,163,044
$1.2M
Market Conditions
NOI Build-Up for 7,800 SF
Gross rent
$203.1K $26.04/SF
− Vacancy
−$12.8K −$1.64/SF
EGI
$190.3K $24.40/SF
− OpEx
−$85.6K −$10.98/SF
NOI
$104.7K $13.42/SF
Area
Ramsey 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 Rate 5%
$2,093,480
Cap Rate 7%
$1,495,343
Cap Rate 9%
$1,163,044
Alternative Uses
Best Use
Apartment 5plus
$1.50M
$1.31M – $1.74M
NOI $104,674 @ 7.0% cap · market cap 8.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.86M
$1.63M – $2.17M
NOI $130,264 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
12
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
509
Businesses Nearby
Explore this area
Business Placement
Demographics for 55107, MN
15,383
Population
6,063
Households
2.5
Avg Household Size
34
Median Age
31%
College-Educated
89%
High-School Grad
4.1 sq mi
ZIP Area
3,752
Density / Sq Mi
$78,125
Median Household Income
$46,197
Median Earnings
$1,335
Median Rent
$259,900
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Saint Paul, MN
Properties on Market for Apartment buildings in Saint Paul
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with a varied one-bedroom and studio mix, off-street parking, and residential multifamily zoning.
Where is this apartment building located?
The property is located at 149 Morton Street E Saint Paul, MN.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 12 apartment units: ten one‑bedroom, one‑bath units and one studio, one‑bath unit; 0.39‑acre corner lot; 7,800 square feet; Coin‑operated laundry on site
