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Multifamily Tax Credit

Park Edge Apartments

2024 Clarence St, Saint Paul, MN 55109

Listing Price: Request For Offer

Number of Units
51
Occupancy
97.0%
Gross SF
38,832

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Park Edge apartments, a 51-unit, Section 42 Low Income Housing Tax Credit (LIHTC) community located in the first ring suburb of Maplewood (Saint Paul), Minnesota. Park Edge is being offered for sale on a free-and-clear basis.

Constructed in the late 1960s, Park Edge sits on 2.31 acres at the corner of Clarence Street and Skillman Avenue E, blocks north of Frost Ave and only 5 miles northeast of Downtown Saint Paul and 15 miles to Central Minneapolis. Park Edge is predominantly made up of one-bed/one-bath apartments which are offered in both large and small floorplans that average 720 and 637 square feet, respectively. Additionally, the remaining homes are two-bed/one-bath apartments that average 937 square feet in size. Professionally managed and well-maintained and cared for, the property offers amenities such as on-site laundry, off-street parking, private garage parking, and nearby access to Robinhood Park and Lake Phalen. Neighboring the property, Robinhood park features a baseball field, playground, basketball court, picnic area, and access to a network of trails.

Located in the Gloster neighborhood of Maplewood, the property is uniquely positioned for residents to take advantage of major thoroughfares Minnesota Hwy 36 and U.S Hwy 61, as well as miles of paved pedestrian and bike-friendly trails. Within a block of the community is the intersect of two trails, the Gateway State Trail and Bruce Vento Trail, that together extend from Lowertown Saint Paul to just four miles northwest of Stillwater. Nestled among a residential neighborhood, the property is both well-positioned for those who commute, and for individuals who choose to explore locally. In less than a ten-minute drive is the Maplewood Mall, multiple golf courses, and numerous shops and restaurants found along White Bear Ave, including Starbucks, Chipotle Mexican Grill, Pizza Hut, White Castle, and Dairy Queen.

Investment Highlights

  • Well-Located Neighborhood - Very Accessible to Shopping & Parks
  • Extended-Use Period | LURA Expires in Year 2030 | 4D Tax Classification
  • Two Bedroom/Two Bath Apartments | Sizeable Floorplans
  • 5 Miles to Downtown St. Paul & 15 Miles to Central Minneapolis
  • Professionally Managed | Well Maintained and Cared For
  • On-Site Office, Laundry Facility, Off-Street Parking, Private Garage Parking

Exclusively Listed By

Multifamily Tax Credit

Park Edge Apartments

Listing Price: Request For Offer

Number of Units
51
Occupancy
97.0%
Gross SF
38,832

Investment Highlights

  • Well-Located Neighborhood - Very Accessible to Shopping & Parks
  • Extended-Use Period | LURA Expires in Year 2030 | 4D Tax Classification
  • Two Bedroom/Two Bath Apartments | Sizeable Floorplans
  • 5 Miles to Downtown St. Paul & 15 Miles to Central Minneapolis
  • Professionally Managed | Well Maintained and Cared For
  • On-Site Office, Laundry Facility, Off-Street Parking, Private Garage Parking

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Park Edge apartments, a 51-unit, Section 42 Low Income Housing Tax Credit (LIHTC) community located in the first ring suburb of Maplewood (Saint Paul), Minnesota. Park Edge is being offered for sale on a free-and-clear basis.

Constructed in the late 1960s, Park Edge sits on 2.31 acres at the corner of Clarence Street and Skillman Avenue E, blocks north of Frost Ave and only 5 miles northeast of Downtown Saint Paul and 15 miles to Central Minneapolis. Park Edge is predominantly made up of one-bed/one-bath apartments which are offered in both large and small floorplans that average 720 and 637 square feet, respectively. Additionally, the remaining homes are two-bed/one-bath apartments that average 937 square feet in size. Professionally managed and well-maintained and cared for, the property offers amenities such as on-site laundry, off-street parking, private garage parking, and nearby access to Robinhood Park and Lake Phalen. Neighboring the property, Robinhood park features a baseball field, playground, basketball court, picnic area, and access to a network of trails.

Located in the Gloster neighborhood of Maplewood, the property is uniquely positioned for residents to take advantage of major thoroughfares Minnesota Hwy 36 and U.S Hwy 61, as well as miles of paved pedestrian and bike-friendly trails. Within a block of the community is the intersect of two trails, the Gateway State Trail and Bruce Vento Trail, that together extend from Lowertown Saint Paul to just four miles northwest of Stillwater. Nestled among a residential neighborhood, the property is both well-positioned for those who commute, and for individuals who choose to explore locally. In less than a ten-minute drive is the Maplewood Mall, multiple golf courses, and numerous shops and restaurants found along White Bear Ave, including Starbucks, Chipotle Mexican Grill, Pizza Hut, White Castle, and Dairy Queen.

Exclusively Listed By

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