Marcus & Millichap Secures Saint Paul Asset
- Sep 25, 2017
Marcus & Millichap arranged the $3.1 million sale of 1880 Marshall Avenue, a 25-unit community located in St. Paul, Minn. Investment specialists of the company’s Minneapolis office, Mox Gunderson, Dan Linnell, Josh Talberg and Evan Miller marketed the asset on behalf of the seller, a limited liability company, and secured the buyer.
Proximity to downtown
Located at 1880 Marshall Ave., in the Merriam Park neighborhood, between downtown Minneapolis and downtown St. Paul, the property sits on approximately 0.6 acres. Snelling Avenue, Selby Avenue, Cleveland Avenue and Marshall Avenue are the main commercial streets in the Merriam Park neighborhood. Both Cleveland Avenue and Snelling Avenue are home to a mix of coffee shops, cafés, shopping and various neighborhood retailers.
Built in 1964, 1880 Marshall Avenue offers 42 beds stretching on approximately 25,398 square feet. The community was renovated 14 years later, in 1978. Groveland Park Elementary School, Central Senior High School, Ramsey Middle School and Laura Jeffrey Academy Charter School are also nearby. Back in July, Marcus & Millichap secured the $4.3 million sale of Applebee’s, a 5,156-square-foot restaurant in Rochester, Minn.
“The marketing and sale of 1880 Marshall Avenue in Saint Paul, Minn., was testimony to the quality and volume of private capital, regionally and locally, chasing C-Class assets in core, well-sought after submarkets that can support higher-end upgrades and rent growth to match. In the two and one-half weeks of marketing, the asset generated 35 qualified property tours and 18 written offers, trading $300,000 or 11 percent above the list price,” Evan Miller said in a statement.
Image via Google Street View