06/04/2024
I have a great investment opportunity for Development of a property on Hamline University in St. Paul. The property is 110x140 with a tear down triplex on it. It is zoned H2 and it allows for a total of 12 units. Hamline is the 27th ranked University in the U.S. and has 3,700 students and 187 faculty.
I see this as a similar opportunity to the University of Minnesota. Fifteen years ago, a friend of mine built a luxury rental there and received $3,600 per unit. Over the past 15 years hundreds of similar units have been built and filled. There is no housing like that by Hamline. The Universities athletic fields are adjacent to the north of the property and a parking lot for Hamline is to the south. Rentometer estimates the median rent at $2,431 for 3 bedroom 2 bath units. The lot currently has a triplex that would be a tear down. The price is $449k. Please call me with any questions at 612.332.9000. The address is 879 N. Pascal St. St. Paul.
Jason Reed
RE/MAX Results
[email protected]
612.332.9000