Investment Overview

Marcus & Millichap is pleased to present for sale Bluebird Apartments, a 33 mixed-use apartment community located in Saint Paul. Bluebird Apartments, located at 904 Rice Street, Saint Paul, MN 55117, offers a unique investment opportunity in a desirable urban neighborhood. This mixed-use property comprises 31 residential units and 2 retail units. The residential portion features a mix of 13 studio apartments and 18 one-bedroom units, maintaining a robust 94% occupancy rate. The residential units have an average scheduled rent of $878, while the retail units command an impressive average rent of $7,363. The property’s retail units are leased until 2034, providing longterm stability. Bluebird Apartments boasts a blend of historic charm and modern functionality. Originally constructed in 1918 as a theatre, the property was transformed into apartments and retail spaces in the 1950’s. The building sits on a 0.47-acre lot and includes 14 surface parking spaces. Tenants will also enjoy the convenience of nearby Roy Wilkins Park, just a short walk away, offering a serene green space for relaxation and recreation. Investors in Bluebird Apartments will benefit from an assumable Freddie Mac loan with a 4.84% interest rate and a $2.3 million balance that matures in March 2039. Additionally, the property qualifies for a Federally Funded Partially Forgivable Loan Program with below-market interest rates under the New Markets initiative. With strong occupancy rates, long-term retail leases, access to favorable interest rates, recent renovations, and a prime location, this asset presents a compelling opportunity for those seeking a long-term, cash-flowing investment.