1940 Iglehart Avenue, St Paul, MN 55104 For Sale

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Spanish Villa Apartments, a 32-unit multifamily property located at 1940 Iglehart Avenue in Saint Paul, Minnesota.

Built in 1972, Spanish Villa Apartments offers investors the opportunity to acquire a well-located apartment asset in the established Merriam Park area, with strong access to nearby education, recreation, and residential amenities. The property benefits from its location near Macalester College and the University of St. Thomas, supporting steady rental demand in the area.

Spanish Villa Apartments is comprised of 16 one-bedroom residences, 12 two-bedroom/one-bath residences, and 4 two-bedroom/ one-and-a-half-bath residences, providing a balanced unit mix with broad renter appeal. The residences average approximately 959 square feet in size, offering notably spacious layouts for the market. With average rents of approximately $1,193 per month, the property provides a stable in-place income profile while allowing investors to evaluate future rent growth based on market positioning and unit condition.

The property sits on a 0.24-acre lot and features 25 surface parking spaces and 5 garage spaces, offering convenient on-site parking for residents. Spanish Villa Apartments has also benefited from capital improvements, including a roof replacement in 2022 and windows replaced in 2006. In addition, 30 units feature LVP flooring, and the property includes owned laundry equipment and an on-site manager. The property is located just three blocks from Merriam Park, which features baseball diamonds, tennis courts, a soccer field, and open green space, further adding to the appeal of the location.