485 Belvidere Street E, Saint Paul, MN 55107

• 6 beds |
• 4 baths |
• 3,600 sqft

Property Description

4-plex on St. Paul's West Side. Potential owner-occupant opportunity with one unit becoming vacant at the end of June. Located in a tucked-away residential block with easy access to downtown, West Side Flats, and District del Sol. Near parks, restaurants, and transit. Two 2BR/1BA and two 1BR/1BA units, 2,950 SF total. All four tenants on signed leases (mid-2026 through mid-2027) with rents raised during the most recent lease-up cycle. Current rents still sit below market ceiling, leaving room on renewals. Tenants pay gas and electric; landlord covers water/sewer and trash. Enrolled in St. Paul's 4d Affordable Housing Incentive Program, featuring up to 80% reduction in property tax class rates. The covenant transfers with the property, with estimated annual savings of $4,600+ over standard rates. Two units turned over in mid-2025 and were re-leased at meaningfully higher rents. The recent turnover cycle is complete; all four units are performing well with no deferred maintenance carried over. Priced under $500k with a low tax basis, strong occupancy, and cash flow in place. This is a rare combination to find in St. Paul's current market.

Listing Status:

Active

Data Last Updated:

June 19, 2026 at 11:19PM

Listing Office:

MRG Realty Partners, LLC : 651-900-4386

MLS ID:

6823925

Interior

• Laundry: Other
• Basement: Storage Space
• Heating: Baseboard

Exterior

• General: Steel Siding
• Parking: Parking Lot

Construction

• Roofing: Age Over 8 YearsAsphalt
• General: TwoStone

Location

• Originating MLS: northstar
• School District: St. Paul
• County: Ramsey

Lot

• Zoning: 092822330009

Utilities

• Utilities: 100 Amp Service
• Water: City Water/Connected
• Sewer: City Sewer/Connected

Financial

• Source: northstar