Phalen Manor Apartments
Just Listed | 48 Units | 83K Per Unit | Phalen Manor
Marketing description
Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Phalen Manor Apartments, a 48-unit multifamily property located at 1252-60 Hazelwood Street in Saint Paul, Minnesota.
Built in 1969, Phalen Manor Apartments is located in the Prosperity Heights neighborhood and is comprised of two neighboring buildings with 24 one-bedroom units and 24 two-bedroom units. The residences average approximately 900 square feet in size, with average rents of $1,088 per month.
The property is market rate, with two units currently supported by public housing.
Additional resident features include air conditioning, with two A/C units in each two-bedroom residence, one storage locker per unit, on-site leased laundry through CSC, and pet-friendly policies allowing dogs and cats for a monthly fee. The property also benefits from an on-site manager.
Phalen Manor Apartments has been under the same ownership for more than 45 years, reflecting a long history of attentive care and consistent stewardship. Recent and notable capital improvements include a new roof on the 1252 building in 2025, a roof replacement on the 1260 building around
2006, water heaters installed in 2023, windows installed around 2000, and updated common area carpet completed approximately four years ago. This presents investors with the opportunity to acquire a well-maintained, long-held multifamily asset in an established Saint Paul neighborhood.
Phalen Manor Apartments benefits from a convenient location near several neighborhood amenities. The property is located next to Prosperity Heights Park, which features community gardens, walking trails, baseball diamonds, and tennis courts. Additionally, the property is less than one mile from Lake Phalen, one of Saint Paul’s well-known outdoor recreation destinations.
Investment highlights
- Long-Term Ownership With Consistent Stewardship – Same ownership for more than 45 years, reflecting a long history of attentive care.
- Established Saint Paul Location – Located in the Prosperity Heights neighborhood near parks, trails, and Lake Phalen.
- Balanced Unit Mix – 48 total residences comprised of 24 one-bedroom and 24 two-bedroom units.
- Spacious Average Unit Size – Residences average approximately 900 square feet, appealing to renters seeking functional living space.
- Strong Parking Ratio – 34 garage spaces and 32 surface parking spaces provide ample parking for residents.
- Recent Capital Improvements – Recent and notable updates include a new roof on the 1252 building in 2025, water heaters installed in 2023, and updated common area carpet approximately four years ago.
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