1024 Ross Avenue, Saint Paul, MN 55106 (MLS# 7036265)

Overview

Description

A rare chance to acquire a modern, fully occupied multifamily building (built 2004) in Saint Paul with strong, immediate positive cash flow and built-in upside potential. Price includes adjacent, vacant lot at 1020 Ross Ave, which currently serves as tenant green space and garden. 5 rented units currently generating income — all units are leased with long-term, reliable tenants in place, providing stable monthly cash flow from day one. Proven performer: The building is in excellent condition for its age, with identical or near-identical layouts (most units ~1,000 sq ft, 2 bed/1 bath), minimizing maintenance surprises and appealing to a wide tenant pool. Significant value-add opportunity: Configure and add a sixth unit to boost rental income and overall NOI substantially — ideal for an investor looking to increase returns through light renovations or reconfiguration (buyer to verify feasibility with city permitting). Modern construction advantages: Built in 2004 (6,048 sq ft total), offering lower capex compared to older properties, better energy efficiency, and stronger tenant retention. Prime East Side location: Convenient access to amenities, employment centers, transit, and downtown Saint Paul, supporting consistent occupancy and rent growth potential in a steadily appreciating market. This property delivers immediate positive cash flow from 5 occupied units while offering clear upside to add a sixth unit for enhanced yields. Fully turnkey with tenants in place — perfect for portfolio expansion.

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Other Parking Spaces: 4
Owner Occupied: No
Waterfront Present: No
Year Built: 2004
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Foundation Size: 2000
Power Company: Xcel Energy
For Sale or Lease: For Sale
Acres: 0.11
Lot Dimensions: 38 x 172 x 38 x 172
Assessment Pending: No
Garage Stalls: 0

Property Features

Accessible: None Air Conditioning: Central Air Amenities Shared: Other Amenities Unit: Balcony Appliances: Dishwasher; Microwave; Refrigerator Assumable Loan: Not Assumable Basement: Drainage System; Partially Finished; Poured Concrete; Single Tenant Access; Storage Space CMU Style: Apartments/Multi Family Construction Materials: Frame Construction Status: Previously Owned Current Use: Other Exterior: Vinyl Fencing: None Flooring: Carpet; Vinyl/Linoleum Foundation: Concrete Block; Slab Fuel: Electric; Natural Gas Heating: Forced Air Internet Options: None Loan Terms: Cash; Conventional; FHA; Rural Development; Special Funding; USDA; VA Lot Description: Public Transit (w/in 6 blks) Miscellaneous Information: Display Window On Site Utilities: Heating Separate Overhead Door Clearance: 0-9 Feet Owner Pays: Maintenance/Repair; Trash Collection; Water Parking Characteristics: Unassigned Potential Use: None Rent Rate per Foot: Per Month Rental License Type: Standard Road Frontage: City Street Road Responsibility: Public Maintained Road Roof: Age 8 Years or Less; Asphalt Shingles Sewer: City Sewer/Connected Stories: Three Or More Topography: Sloped; Walkout Wall Description: Drywall Water: City Water/Connected Window Features: Double Pane Windows

Contract Information

Contingency: None
ListPrice: 619000
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

House Number: 1024
Street Name: Ross
Street Suffix: Avenue
Postal City: Saint Paul
County: Ramsey
State: MN
Zip Code: 55106
Complex/Dev/Subdivision: Terrys Add

Assessments

Tax With Assessments: 10100
Assessment Balance: 0

Building Information

Building Finished SqFt: 6048
Building SqFt: 4048
Ceiling Height: 8-10

More Information

Income and Expenses

Annual Gross Expenses: 12000
Annual Gross Income: 72600
Annual Maintenance Expense: 600
Annual Net Income: 60600
Annual Repair Expense: 3950
Annual Trash Expense: 1900
Annual Water/Sewer Expense: 3700
Total Annual Expenses: 10150

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

Homestead: No
Display Window: Yes

Ownership

Fractional Ownership: No

Public Survey Info

Range#: 22
Section#: 28
Township#: 29

Sale Options

Sale Includes: Building, Land, Leases, Rental License

Unit 1

Unit Number: Yes
Monthly Rent: 1200
Full Baths: Yes
Total Bathrooms: Yes
Total Bedrooms: 2
Total Rooms: 4
Leased?: Yes
Lease Expiration Date: 2026-10-01

Unit 2

Full Baths: Yes
Lease Expiration Date: 2026-10-07
Leased?: Yes
Monthly Rent: 1250
Total Bathrooms: Yes
Total Bedrooms: 2
Total Rooms: 5
Unit Number: 2

Unit 3

Full Baths: Yes
Lease Expiration Date: 2027-03-01
Leased?: Yes
Monthly Rent: 1250
Total Bathrooms: Yes
Total Bedrooms: 2
Total Rooms: 5
Unit Number: 3

Unit 4

Full Baths: Yes
Lease Expiration Date: 2026-06-07
Leased?: Yes
Monthly Rent: 1200
Total Bathrooms: Yes
Total Bedrooms: 2
Total Rooms: 5
Unit Number: 4

Unit 5

Full Baths: Yes
Lease Expiration Date: 2026-08-02
Leased?: Yes
Monthly Rent: 1150
Total Bathrooms: Yes
Total Bedrooms: Yes
Total Rooms: 4
Unit Number: 5

Unit Details

Total Units: 6

Office/Member Info

Association: MAAR

Location, Tax and Other Information

Legal Description: TERRYS ADDITION W 12 5O/1OO FT OF LOT 7 AND E 25 FT OF LOT 8 BLK 13
Listing City: Saint Paul
Map Page: 108
Municipality: Saint Paul
School District: St. Paul
School District Phone: 651-767-8100
Property ID Number: 282922340019
Tax Year: 2025
Tax Amount: 10100
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: A rare chance to acquire a modern, fully occupied multifamily building (built 2004) in Saint Paul with strong, immediate positive cash flow and built-in upside potential. Price includes adjacent, vacant lot at 1020 Ross Ave, which currently serves as tenant green space and garden. 5 rented units currently generating income — all units are leased with long-term, reliable tenants in place, providing stable monthly cash flow from day one. Proven performer: The building is in excellent condition for its age, with identical or near-identical layouts (most units ~1,000 sq ft, 2 bed/1 bath), minimizing maintenance surprises and appealing to a wide tenant pool. Significant value-add opportunity: Configure and add a sixth unit to boost rental income and overall NOI substantially — ideal for an investor looking to increase returns through light renovations or reconfiguration (buyer to verify feasibility with city permitting). Modern construction advantages: Built in 2004 (6,048 sq ft total), offering lower capex compared to older properties, better energy efficiency, and stronger tenant retention. Prime East Side location: Convenient access to amenities, employment centers, transit, and downtown Saint Paul, supporting consistent occupancy and rent growth potential in a steadily appreciating market. This property delivers immediate positive cash flow from 5 occupied units while offering clear upside to add a sixth unit for enhanced yields. Fully turnkey with tenants in place — perfect for portfolio expansion.
Directions: Keep right at United States Highway 52 E/I-94 E/US-52 E/US-12 E about 0.8 mi, less than 1 min Take exit 243 on the left onto 6th St E about 0.3 mi, less than 1 min Keep straight on at 6th St E toward Metro State Univ 0.5 mi, about 2 min Bear left at Arcade St Turn right

Accessible

None: Yes

Air Conditioning

Central Air: Yes

Amenities Shared

Other: Yes

Amenities Unit

Balcony: Yes

Appliances

Dishwasher: Yes
Microwave: Yes
Refrigerator: Yes

Assumable Loan

Not Assumable: Yes

Basement

Drainage System: Yes
Partially Finished: Yes
Poured Concrete: Yes
Single Tenant Access: Yes
Storage Space: Yes

Construction Materials

Frame: Yes

Construction Status

Previously Owned: Yes

Exterior

Vinyl: Yes

Fencing

None: Yes

Flooring

Carpet: Yes
Vinyl/Linoleum: Yes

Foundation

Concrete Block: Yes
Slab: Yes

Fuel

Electric: Yes
Natural Gas: Yes

Heating

Forced Air: Yes

Internet Options

None: Yes

Lot Description

Public Transit (w/in 6 blks): Yes

Owner Pays

Maintenance/Repair: Yes
Trash Collection: Yes
Water: Yes

Parking Characteristics

Unassigned: Yes

Patio, Porch and Deck Features

Deck: Yes

Rental License Type

Standard: Yes

Road Frontage

City Street: Yes

Road Responsibility

Public Maintained Road: Yes

Roof

Age 8 Years or Less: Yes
Asphalt Shingles: Yes

Sewer

City Sewer/Connected: Yes

Stories

Three Or More: Yes

Topography

Sloped: Yes
Walkout: Yes

Wall Description

Drywall: Yes

Water

City Water/Connected: Yes

Window Features

Double Pane Windows: Yes

No. of Ranges

One Per Unit: Yes

No. of Refrigerators

One Per Unit: Yes

On Site Utilities

Heating Separate: Yes

CMU Style

Apartments/Multi Family: Yes

Current Use

Other: Yes

Loan Terms

Cash: Yes
Conventional: Yes
FHA: Yes
Rural Development: Yes
Special Funding: Yes
USDA: Yes
VA: Yes

Overhead Door Clearance

0-9 Feet: Yes

Potential Use

None: Yes

Rent Rate per Foot

Per Month: Yes