485 Belvidere St E Saint Paul, MN 55107

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.