485 Belvidere Street E, Saint Paul, MN 55107
- $425,000
- 6
- BD
- 4
- BA
- 3,600
- SqFt
- List Price
- $425,000
- Price Change
- ▼ $24,750 1781558448
- MLS#
- 6823925
- Status
- ACTIVE
- Type
- Multifamily
- Bedrooms
- 6
- Bathrooms
- 4
- Living Area
- 3,600
- Acres
- 0.11
- Subdivision
- Paul Martins 1st Addition, To
- Neighborhood
- 104
- Year Built
- 1893
Property Description
4-plex on St. Paul's West Side. Potential owner-occupant opportunity with one unit becoming vacant at the end of June. Located in a tucked-away residential block with easy access to downtown, West Side Flats, and District del Sol. Near parks, restaurants, and transit. Two 2BR/1BA and two 1BR/1BA units, 2,950 SF total. All four tenants on signed leases (mid-2026 through mid-2027) with rents raised during the most recent lease-up cycle. Current rents still sit below market ceiling, leaving room on renewals. Tenants pay gas and electric; landlord covers water/sewer and trash. Enrolled in St. Paul's 4d Affordable Housing Incentive Program, featuring up to 80% reduction in property tax class rates. The covenant transfers with the property, with estimated annual savings of $4,600+ over standard rates. Two units turned over in mid-2025 and were re-leased at meaningfully higher rents. The recent turnover cycle is complete; all four units are performing well with no deferred maintenance carried over. Priced under $500k with a low tax basis, strong occupancy, and cash flow in place. This is a rare combination to find in St. Paul's current market.
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Additional Information
- School District
- St. Paul
- Tax Year
- 2026
- Fuel
- Electric
- Sewer
- City Sewer/Connected
- Roof
- Age Over 8 Years, Asphalt
- Heating
- Baseboard
- Water
- City Water/Connected
- Basement
- Storage Space
- Parking
- Parking Lot
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Listing courtesy of MRG Realty Partners, LLC.
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