1847 Laurel Ave, Saint Paul, MN 55104

Laurel Avenue Apartments is a multifamily property located in the Merriam Park neighborhood of Saint Paul, Minnesota. Constructed in 1914, the property is comprised of 17 total residences, including 12 studio units and five one-bedroom units. The units average approximately 375 square feet and currently achieve average rents of $731 per month. The property sits on a 0.21-acre site. 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’ dining and neighborhood retail options. 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. Ownership has completed a number of capital improvements throughout the property, including replacing half of the buildings 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 and gas cooking. The property has a pet-free policy.