1847 Laurel Ave Saint Paul, MN 55104

Laurel Avenue Apartments, built in 1914, is a multifamily property in the Merriam Park neighborhood of Saint Paul, Minnesota, featuring 17 residences: 12 studio units and 5 one-bedroom units. The units average approximately 375 square feet. The property is located five blocks from the University of Saint Thomas, near dining and neighborhood retail options. The property sits on a 0.21-acre site. 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, with 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. Ownership has completed capital improvements, including replacing half of the building's plumbing with PEX, replacing windows, fully 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.