Multifamily Property with Forced-Air
For Sale
$244,900
235 Charles Avenue, Saint Paul, MN 55103
Natural-gas service, forced-air heating, and unfinished interior space are identified for this Saint Paul property.
Property Size2,304 SF
Price / SF$159.44
Days on Market60
Property Features for 235 Charles Avenue
General Information
Standard status
Active
Size
2,304 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,436
Amenities
Laundry
Natural Gas, Forced Air
Unfinished
Chain Link
Asphalt
Building Details
Building Size
2,304 SF
Year Built
1884
Stories
2
Listing Agency:
(612) 481-9418
Listed By:
Cantry Owen Ganz
(612) 481-9418
Source:
Evrealestate
Added: Jun 21
Changed: Aug 19
Last Checked: Aug 19 at 5:40AM
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 Cantry Owen Ganz
Investment Insights
Based on property information with market context.
This multifamily property at 235 Charles Avenue in Saint Paul includes natural-gas service and forced-air heating. The interior is identified as unfinished, while exterior features include chain-link fencing and asphalt surfaces.
Constructed in 1884, the property is located in Ramsey County. The recorded property size is 1,536.
Constructed in 1884, the property is located in Ramsey County. The recorded property size is 1,536.
Key Highlights
- Built in 1884
- Natural‑gas service with forced‑air heating
- Unfinished interior
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
$22,442
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
9.16%
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%
$448,840
$448.8K
Cap Rate 7%
$320,600
$320.6K
Cap Rate 9%
$249,356
$249.4K
Market Conditions
NOI Build-Up for 1,536 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
$34.1K $22.20/SF
− Vacancy
−$2.0K −$1.33/SF
EGI
$32.1K $20.87/SF
− OpEx
−$9.6K −$6.26/SF
NOI
$22.4K $14.61/SF
Area
Dakota County, MN
Vacancy
5.98%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$448,840
Cap Rate 7%
$320,600
Cap Rate 9%
$249,356
Alternative Uses
Best Use
Multifamily LT 5
$320.6K
$280.5K – $374.0K
NOI $22,442 @ 7.0% cap · market cap 9.16%
Second Best
Apartment 5plus
$294.5K
$257.7K – $343.6K
NOI $20,613 @ 7.0% cap · market cap 8.42%
Theoretical Best
Healthcare Medical
$378.0K
$330.7K – $441.0K
NOI $26,459 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,336
Businesses Nearby
Explore this area
Business Placement
Demographics for 55103, MN
13,874
Population
5,652
Households
2.5
Avg Household Size
32
Median Age
27%
College-Educated
79%
High-School Grad
2.0 sq mi
ZIP Area
6,937
Density / Sq Mi
$47,872
Median Household Income
$35,625
Median Earnings
$1,040
Median Rent
$240,400
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 - Natural-gas service, forced-air heating, and unfinished interior space are identified for this Saint Paul property.
Where is this multifamily property located?
The property is located at 235 Charles Avenue Saint Paul, MN.
What is the asking price?
The asking price for this property is $244,900.
What are key features of this property?
This property features: Built in 1884; Natural‑gas service with forced‑air heating; Unfinished interior
