Multifamily Property with Detached
For Sale
$434,000
2048 Carroll Avenue, Saint Paul, MN 55104
MULTI_FAMILY - Saint Paul, MN
Property Size2,860 SF
Lot Size0.19 Acres
Price / SF$151.75
Days on Market116
Property Features for 2048 Carroll Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 2, Basement, Bathroom 1, Bedroom 4, Bathroom 4
Parking features
Garage - Detached, Parking Lot
Exterior features
Vinyl
Subdivision
Merriam Park, , Ramsey Co, Minn
Lot features
Public Transit (w/in 6 blks), Tree Coverage - Light
High school district
St. Paul
Directions
Cleveland to Carroll, east to home on south side.
Standard status
Active
APN
332923330084
Size
2,860 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9086
Utilities
Heating system
Forced Air
Building Details
Year built
1900
Building materials
Frame
Roof type
Shingle
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Paul A Olson
(612) 821-7400
Added: Apr 21
Changed: Aug 13
Last Checked: Aug 14 at 3:06AM
MLS# 7053661
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property offers a practical live-in-or-rent setup with substantial on-site storage. The home is a frame structure with vinyl exterior and a shingle roof, built in 1900. Heating is provided by four high-efficiency forced-air furnaces, and central air could be added. Interior storage features include an unused walk-up attic, along with a full basement.
The property includes an oversized, detached garage and an additional parking lot area. Outdoors, it sits on a 0.19-acre lot described as an oversized city lot and a double lot, providing additional yard space.
Located at 2048 Carroll Avenue in Saint Paul, MN 55104, the property is positioned on a quiet street and is presented as turn-key for an owner-occupant buyer, with newer breaker panels noted on-site.
The property includes an oversized, detached garage and an additional parking lot area. Outdoors, it sits on a 0.19-acre lot described as an oversized city lot and a double lot, providing additional yard space.
Located at 2048 Carroll Avenue in Saint Paul, MN 55104, the property is positioned on a quiet street and is presented as turn-key for an owner-occupant buyer, with newer breaker panels noted on-site.
Key Highlights
- 0.19‑acre lot described as an oversized city lot and double lot
- 2,860 SF multifamily frame building with vinyl siding and shingle roof
- Four high‑efficiency forced‑air furnaces; central air could be added
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
$38,380
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
8.84%
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%
$767,600
$767.6K
Cap Rate 7%
$548,286
$548.3K
Cap Rate 9%
$426,444
$426.4K
Market Conditions
NOI Build-Up for 2,860 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
$74.5K $26.04/SF
− Vacancy
−$4.7K −$1.64/SF
EGI
$69.8K $24.40/SF
− OpEx
−$31.4K −$10.98/SF
NOI
$38.4K $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%
$767,600
Cap Rate 7%
$548,286
Cap Rate 9%
$426,444
Alternative Uses
Best Use
Apartment 5plus
$548.3K
$479.8K – $639.7K
NOI $38,380 @ 7.0% cap · market cap 8.84%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$703.8K
$615.8K – $821.1K
NOI $49,266 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,551
Businesses Nearby
Explore this area
Business Placement
Demographics for 55104, MN
45,612
Population
20,358
Households
2.2
Avg Household Size
33
Median Age
52%
College-Educated
93%
High-School Grad
6.0 sq mi
ZIP Area
7,602
Density / Sq Mi
$75,038
Median Household Income
$42,770
Median Earnings
$1,159
Median Rent
$290,900
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?
Multifamily property - Vinyl-sided multifamily with four forced-air furnaces and a detached garage for on-site parking and storage.
Where is this multifamily property located?
The property is located at 2048 Carroll Avenue Saint Paul, MN.
What is the asking price?
The asking price for this property is $434,000.
What are key features of this property?
This property features: 0.19‑acre lot described as an oversized city lot and double lot; 2,860 SF multifamily frame building with vinyl siding and shingle roof; Four high‑efficiency forced‑air furnaces; central air could be added
