St. Paul Fourplex with Tax
485 Belvidere St E, Saint Paul, MN 55107
Fully leased fourplex with significant tax benefits in St. Paul.
Type:Multifamily
Property size:
3,600 SFPrice / SF:
$131/SF- Added:
- Mar 22, 2026
- Days on Market:
- 53
- Last Refresh:
- Mar 23 at 8:19 pm
Property Features for 485 Belvidere St E
General Information
- Standard status
- Active
- Size
- 3,600 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1893
Listing agent Nate Schammel License #40691605
Listing office MRG Realty Partners
Listing date Mar 22, 2026
Source Crexi
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 MRG Realty Partners
HighLights
- Significant property tax savings through City of St. Paul's 4d Affordable Housing Incentive Program (estimated $4,600+ annual savings), transferable to the new owner.
- Fully leased through mid‑2026 to mid‑2027 with 100% occupancy and increased rents, providing immediate cash flow.
- Located on St. Paul's West Side, offering easy access to downtown, West Side Flats, and District del Sol in a quiet residential area.
- Market rent upside potential with opportunities to increase rents upon renewal.
- Recent unit turnovers completed in mid‑2025 with significant rent increases, minimizing immediate vacancy and maintenance concerns.
- Tenants pay their own gas and electricity, reducing owner expenses.
Overview
This fully leased fourplex is located on St. Paul's West Side, south of the river, providing convenient access to downtown, the West Side Flats, and District del Sol. Situated on a quiet residential block, the property benefits from strong renter demand in the surrounding neighborhood and proximity to parks, local restaurants, and transit options. The building comprises two 2-bedroom, 1-bathroom units and two 1-bedroom, 1-bathroom units within its 2,950 square feet. All four tenants are on signed leases extending from mid-2026 to mid-2027, with rents increased during the most recent lease-up cycle. The property maintains 100% occupancy, with potential for further market rent increases upon renewals. Tenants are responsible for their own gas and electricity, while the owner covers water/sewer, trash, and recycling. The property is enrolled in the City of St. Paul's 4d Affordable Housing Incentive Program, offering up to an 80% reduction in property tax class rates on enrolled units. This covenant transfers with the property upon sale, providing the buyer with an estimated $4,600+ in annual tax savings compared to standard rates. Two units were turned over in mid-2025 and leased at significantly higher rents. This property offers a stabilized rent roll with all four units performing, no deferred maintenance from the recent turn cycle, and a clear path to cash flow.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Saint Paul
- County
- Dakota
- State
- Minnesota
- Longitude
- -93.0651217
- Latitude
- 44.9222617
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Fully leased fourplex with significant tax benefits in St. Paul.
Where is this quadplex located?
The property is located at 485 Belvidere St E Saint Paul, MN.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Significant property tax savings through City of St. Paul's 4d Affordable Housing Incentive Program (estimated $4,600+ annual savings), transferable to the new owner.; **Fully leased through mid‑2026 to mid‑2027 with 100% occupancy and increased rents**, providing immediate cash flow.; Located on St. Paul's West Side, offering easy access to downtown, West Side Flats, and District del Sol in a quiet residential area.
