$1,649,000

The Park Apartments in South St. Paul has been proudly owned and self managed for over 25 years. It is located in a first ring suburb of the Twin Cities in Dakota county just off highway 494 and in between both highway 52 and highway 61. This all brick and stucco twelve unit was originally constructed in 1978 and has received many upgrades including renovated units in five of the twelve apartments, double hung vinyl replacement windows throughout, freshly painted common areas, newer hallway carpeting and entrances. The long term owner has meticulously cared for the property and is offering this as a low maintenance turnkey asset for a new investor. One thing that makes this apartment building unique versus other similar size buildings is that each unit has electric baseboard heaters which the tenants pay for reducing the owners operational costs. Average in-place rents for the two-bedrooms are 1,337.00/month and the one-bedroom rents for $1,135.00/month. There are eight detached garages which brings in an additional $600.00/month. The city of South St. Paul is situated on the west bank of the Mississippi River and just south of St. Paul, close to the Minneapolis-St. Paul International Airport (MSP), many scenic parks including Kaposia Landing and the Mississippi River Greenway. South St. Paul does not have rent stabilization ordinances which allows an owner the freedom to continue to renovate and improve and increase its annual gross income. PROPERTY FACTS Year Built: 1978 Units: 12 garden style apartments Square Footage: Building total 10,902 sqft / garage total 1,600 sqft Zoning: Multiple-dwelling Parking: 4 detached two-car garage stalls / plus 14 off-street parking spots Exterior: All-brick and stucco exterior Heating: Individual electric baseboard heating / tenants pay their own unit heat Air Conditioning: In the wall air conditioning units / seller owned Roof: Flat roof on the 12-units and a newer pitched roof on the garages Balconies: The eight units on the upper two floors feature balconies with newer patio doors Patios: Two south facing garden units have private patios Laundry: Two sets of Maytag coin laundry machines / seller owned Storage: There are three hallway storage lockers that produce extra income UNIT DESCRIPTION 11 - Two Bedroom, One Bath - Approx. 800+ Sqft. / Average rent $1,329.00 1 - One Bedroom, One Bath - Approx. 600+ Sqft / Average rent $1,135.00 PROPERTY IMPROVEMENTS Hallways and Common Areas Recently Painted and carpeted (2024) Newer Hot Water Heater Brand New Water Softener System (2025) Exterior concrete steps new (2025) Newer Double-Hung Windows Throughout the Building Apartment entrance doors recently replaced Five of the twelve apartments have been totally renovated from top to bottom with newer luxury vinyl plank flooring (LVP), carpet in bedrooms, new trim and doors, fresh paint, new tiled bathrooms and vanities, new custom kitchen cabinets and granite countertops, patio doors, new light fixtures, new blinds, and stainless steel appliance package.