Division Street Apartments
Multifamily | 21 Units | $88,810/unit
Marketing description
Division Street Apartment consists of 21 units, spread between three buildings all located in a convenient North Saint Paul location. (No Rent Control)
2633 : 7 Units | 7- 1br
2726 : 7 Units | 7- 1br
2720 : 7 Units | 7- 1br
Residents enjoy a super convenient location close to restaurants, shopping, trails, and public transit, with Silver Lake Park and Beach just a few blocks away. Easy access to major highways provides seamless connectivity throughout the metro. The Properties are being offered for sale, free and clear of existing debt. Seller will be performing a 1031 exchange.
Investment highlights
•Property was previously operated as assisted living (2018 2024)Converted to market-rate apartments effective 1/1/2025
•Experienced a 3–6 month lease-up period following conversion. Rents were intentionally set below market to accelerate absorption. in-place average rent: $878.35.
• Comparable properties in North St. Paul and adjacent submarkets support remodeled 1-bedroom rents in the low $1,000-1200s, positioning the subject’s current average rent of $878.35 well below market and offering meaningful upside through organic rent growth.
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