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Multifamily

Johnson Parkway Apartments

1334 Ames Ave E, Saint Paul, MN 55106

Listing Price: Request For Offer

Number of Units
84
Gross SF
56,220

Investment Overview

Marcus & Millichap is pleased to present for sale Johnson Parkway Apartments, an 84 unit apartment community located in St. Paul.

Johnson Parkway Apartments, located in the Roosevelt - Phalen Center neighborhood, presents a compelling opportunity for investors interested in multifamily properties. Consisting of two buildings, these apartments boast a prime location close to major employers like Baldinger Bakery. Situated with convenient access to I-35E, I-94, and Highway 61, Johnson Parkway is in proximity to shopping centers, parks, and public transportation.

The residential area offers 24/7 emergency maintenance service, secure entries for resident safety, and off-street parking. Additionally, private garages are available for rent. Johnson Parkway Apartments feature a diverse range of units, including 12 studios, 38 one-bedroom units, and 33 two-bedroom units. These well-designed units come with new carpeting, spacious kitchens, energy-efficient appliances, ceiling fans, and ample closet space. Some units include private patios/balconies, providing residents with both indoor comfort and outdoor privacy.

A notable aspect of the community is its participation in the 4(d) program, with 62 units designated for residents with incomes at 60% of the Area Median Income (AMI). The property maintains an impressive 98% occupancy rate, indicating strong rental demand. With an average scheduled rent of $1,020, Johnson Parkway Apartments offer a financially appealing investment opportunity. This asset caters to the growing demand for quality multifamily housing, providing investors with a strategically located and well-maintained option to enhance their real estate portfolios. Additionally, the property benefits from historic low in-place 3.14% assumable debt financing with over four years of term remaining, further enhancing its investment appeal.

Investment Highlights

  • Attractive 3.14 Percent Assumable Debt Available; Balance of ~Four Million With More Than Four Years of Term Remaining
  • High Yielding, In-Place Cashflow Generating More Than Five Percent Cash-on-Cash Return
  • Significant Cap-X Completed, Including New Roofs for Both Main Structure and Garages (2023), Entry Doors (2021), Balconies Railings (2015-2019)
  • Benefitting From Lower Property Taxes As a Result of the 4D Affordable Housing Incentive Program (62 of 84 Units Are Below 60 Percent AMI)
  • Family Owned and Professionally Self-Managed; Very Well Maintained With Many In-Unit Updates
  • Great Location Within Saint Paul's Roosevelt-Phalen Center Neighborhood
  • Located Within Blocks of Major Employers Including Baldinger Bakery and Urgent Care
  • Currently 98 Percent Occupancy Rate; with an Average Scheduled Rent of $1,017, Reflecting Robust Rental Demand

Exclusively Listed By

Multifamily

Johnson Parkway Apartments

Listing Price: Request For Offer

Number of Units
84
Gross SF
56,220

Investment Highlights

  • Attractive 3.14 Percent Assumable Debt Available; Balance of ~Four Million With More Than Four Years of Term Remaining
  • High Yielding, In-Place Cashflow Generating More Than Five Percent Cash-on-Cash Return
  • Significant Cap-X Completed, Including New Roofs for Both Main Structure and Garages (2023), Entry Doors (2021), Balconies Railings (2015-2019)
  • Benefitting From Lower Property Taxes As a Result of the 4D Affordable Housing Incentive Program (62 of 84 Units Are Below 60 Percent AMI)
  • Family Owned and Professionally Self-Managed; Very Well Maintained With Many In-Unit Updates
  • Great Location Within Saint Paul's Roosevelt-Phalen Center Neighborhood
  • Located Within Blocks of Major Employers Including Baldinger Bakery and Urgent Care
  • Currently 98 Percent Occupancy Rate; with an Average Scheduled Rent of $1,017, Reflecting Robust Rental Demand

Investment Overview

Marcus & Millichap is pleased to present for sale Johnson Parkway Apartments, an 84 unit apartment community located in St. Paul. Johnson Parkway Apartments, located in the Roosevelt - Phalen Center neighborhood, presents a compelling opportunity for investors interested in multifamily properties. Consisting of two buildings, these apartments boast a prime location close to major employers like Baldinger Bakery. Situated with convenient access to I-35E, I-94, and Highway 61, Johnson Parkway is in proximity to shopping centers, parks, and public transportation. The residential area offers 24/7 emergency maintenance service, secure entries for resident safety, and off-street parking. Additionally, private garages are available for rent. Johnson Parkway Apartments feature a diverse range of units, including 12 studios, 38 one-bedroom units, and 33 two-bedroom units. These well-designed units come with new carpeting, spacious kitchens, energy-efficient appliances, ceiling fans, and ample closet space. Some units include private patios/balconies, providing residents with both indoor comfort and outdoor privacy. A notable aspect of the community is its participation in the 4(d) program, with 62 units designated for residents with incomes at 60% of the Area Median Income (AMI). The property maintains an impressive 98% occupancy rate, indicating strong rental demand. With an average scheduled rent of $1,020, Johnson Parkway Apartments offer a financially appealing investment opportunity. This asset caters to the growing demand for quality multifamily housing, providing investors with a strategically located and well-maintained option to enhance their real estate portfolios. Additionally, the property benefits from historic low in-place 3.14% assumable debt financing with over four years of term remaining, further enhancing its investment appeal.

Exclusively Listed By

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