Building Details

Year Built 1897

Year Renovated 1995

Buildings 1

Stories 2

Units 7

Tenancy Multi

Listing Agency: MRG Realty Partners

Listed By: Luke Hermanson · License #40934929 Show Phone

Source: Crexi

Added: Apr 27 Changed: Oct 25 Last Checked: Oct 24 at 3:52PM

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Investment Insights

Based on property information with market context.

940 3rd St E is a fully occupied 7-unit multifamily property featuring a mix of 2-bedroom, 1-bedroom, and studio units. Recent improvements include a new hot water heater (2025), unit updates throughout, dry wall repairs in stairwells, and a complete basement workshop area cleanout.

The property is enrolled in the 4D tax program, which reduces property taxes by up to 80%. More information and private viewing arrangements are available by calling Luke at 651-428-7814.

Key Highlights

• Fully occupied 7‑unit multifamily in St. Paul, MN, built in 1897
• Unit mix includes studios, 1‑bedroom, and 2‑bedroom units
• Pro forma NOI of $46,767 with a pro forma cap rate of 8.91%

Property Analytics

Lease Details

7

Residential units

Location Intelligence

Trade Area within ½ mile

445

Businesses Nearby

Explore this area Business Placement

Demographics for 55106, MN

60,327

Population

19,974

Households

3

Avg Household Size

30

Median Age

23%

College-Educated

82%

High-School Grad

9.4 sq mi

ZIP Area

6,418

Density / Sq Mi

$68,601

Median Household Income

$39,834

Median Earnings

$1,230

Median Rent

$233,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Fully occupied 7-unit property with a mix of studios and one- and two-bedroom units.

Where is this apartment building located?

The property is located at 940 3rd Street East Saint Paul, MN.

What is the asking price?

The asking price for this property is $525,000.

What are key features of this property?

This property features: Fully occupied 7‑unit multifamily in St. Paul, MN, built in 1897; Unit mix includes studios, 1‑bedroom, and 2‑bedroom units; Pro forma NOI of $46,767 with a pro forma cap rate of 8.91%