Property Listing
Description
Fully leased 4-plex on St. Paul's West Side, south of the river with easy access to downtown, the West Side Flats, and District del Sol. Quiet residential block with strong renter demand from the surrounding neighborhood. Close to parks, local restaurants, and transit without the traffic of a main corridor. Two 2BR/1BA units and two 1BR/1BA units across 2,950 SF. All four tenants are on signed leases through mid-2026 to mid-2027 at rents that were increased during the most recent lease-up cycle. 100% occupancy with market rent upside remaining and room to push on renewals. Tenants pay their own gas and electricity. Owner covers water/sewer and trash. The property is enrolled in the City of St. Paul's 4d Affordable Housing Incentive Program, which provides up to an 80% reduction in property tax class rates on enrolled units. The covenant transfers with the property, so a buyer inherits the tax benefit on day one, with estimated annual savings of $4,600+ compared to standard tax rates. Contact the listing broker for full program details, rent and income limits, and recertification requirements. Two units turned over in mid-2025 and were leased up at significantly higher rents. The heavy lifting on vacancy and turnover spend is behind you. A buyer steps into a stabilized rent roll with all four units performing, no deferred maintenance surprises from the recent turn cycle, and a clean path to cash flow from day one. Solid entry point for an investor looking for a manageable 4-unit with tenants already in place, cash flowing, and a low tax basis that's hard to find for under $500k in St. Paul!
Property Information
Status: Active
Sub Type: ********
List Price: $475,000
MLS#: 6823925
Current Price: $475,000
Address: 485 Belvidere Street E, Saint Paul, MN 55107
City: Saint Paul
State: MN
Postal Code: 55107
Geo Lat: 44.922383
Geo Lon: -93.065072
Subdivision: Paul Martins 1st Addition, To
County: Ramsey
Property Description
Year Built: 1893
Lot Size SqFt: 4791.6
Gen Tax: 2248
Specials Inst: 865
High School: St. Paul
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Total SqFt.: 4600
Style: Array
Total Bedrooms: 6
Total Bathrooms: 4
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Garage Stalls: 0
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