647 Snelling AveSaint Paul, MN 55104

Property Details for 647 Snelling Ave

Year built

1930

Construction

WOOD FRAME

Lot size

0.13 AC

Property size (Sq ft)

8,160 SF

Zone code

L

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

33-29-23-11-0048

APU

332923110048

Description

This well-located 19-unit apartment building in Saint Paul, Minnesota presents a compelling investment opportunity. Priced at $1,500,000, this Class B property offers a price per unit of $78,947.37. Built in the 1930s, the building boasts classic brick architecture and comprises 17 studio apartments and two one-bedroom units. Its manageable size makes it ideal for investors seeking a relatively low-maintenance property with strong rental potential. The building's location near the Green Line Train and various amenities ensures high occupancy rates. The surrounding Midway/Hamline area is slated for significant redevelopment and investment, promising future appreciation. Further enhancing its appeal, this property is approved for the city's 4D Tax-reduction program, resulting in substantial tax savings in the upcoming year (details available on the city website). Detailed financial information is available upon request. This is a rare chance to acquire a solid, income-generating asset in a rapidly developing neighborhood. The property is situated at 647 Snelling Ave N, Saint Paul, MN 55104, in Ramsey County.

• CAP approach

  CAP return

  Valuation

  6%

  $1,860,320

  6.5%

  $1,717,219

  7%

  $1,594,560

• Comparable approach

  Method

  Valuation

  Relative Method

  $645,554

  Geo Method

  $645,554

• Alternative Use

  Use

  Valuation

  Residential

  $1,717,219

  Hospitality

  $1,572,963

  Educational

  $1,308,687

  Medical

  $1,353,695

  Retail

  $2,035,735

Location Insight

City

Saint Paul

County

Ramsey

State

Minnesota

Latitude

44.9607

Longitude

-93.1675

CBSA code

33460

CBSA name

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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