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The 55102 zip code is primarily made up of the West Seventh - Fort Road neighborhood.
It also includes a small section of Downtown Saint Paul, part of the Summit Hill neighborhood and most of the Cathedral Hill neighborhood which is a sub-section of the Summit-University neighborhood.
For 5+ unit multifamily properties (excluding mixed use), there are 156 apartment buildings with a total of 5,502 rental units. The median size for these buildings is 12 units.
Focusing in on 5-50 unit properties there are 130 buildings with a total of 1,801 rental units. This brings the median building size down to 10 units.
The median year built for 5+ unit Multi Family apartments is 1925.
For 5-50 unit properties the median year built is 1918.
Since the majority of the land in the 55102 zip code has already been developed, new construction in this area has largely slowed down. In-fill redevelopment tends to be cost-prohibitive for smaller buildings due to the price of existing buildings combined with today's labor and material rates.
That being said, the supply of existing units tends to be fairly constant.
For 5-50 unit Multi Family Apartments - there are typically about 6 properties sold each year. This equates to just under a 5% turnover rate.
In 2021 we saw higher than normal ownership turnover at 12%. This was likely due to a combination of low cap rates (incentivizing sellers), cheap interest rates (incentivizing buyers), and the public discussion that led up to the passage of rent control in the city of Saint Paul. This "Rent Stabilization Ordinance" was passed in November 2021 and implemented in May of 2022.
2021 also saw a spike in the number of total units sold at 278. That number has come down dramatically in 2022 with 108 units sold and 2023 with 53 units sold. This equates to an average building size of 9 units in 2023.
Since 2018 the median annual sales volume has been $9.4M. This includes the peak in 2021 with $36.6M of sales. The 2023 sales volume was below average at $7.1M.
Quarter 4 of 2023 ended similar to years past with 2 transactions. The last half of the year seems to have more activity overall.
The median sales price per door of the most recent sale of a 5-50 unit Multi Family Apartment was $148k on December 27, 2023. This is higher than the trendline, however due to the small data-set it is difficult to make any conclusive statements about this.
If you are considering selling your apartment within the next five years it's important to keep an eye on your revenue.
The 55102 zip code is expected to see slow but steady growth over the coming years. This should provide property owners with continued demand for rental units.
Whenever looking at rental rates, it's a good idea to compare them to single family sales data. This way you can calculate the difference between a potential mortgage payment and your rent rates. You'll then be able to gauge how likely it is that you will loose renters as they become home-owners.
The winners will be property owners who maintain their properties and keep them attractive for their residents.
Review Active Apartment Listings In This Area Below
Map of the area
$3,000,000
$1,550,000
$1,250,000
$1,250,000
$1,100,000
$995,000
$925,000
$895,000
$800,000
$735,000
$650,000
$645,000
$622,000
$620,000
$599,999
$579,900
$500,000
$465,000
$459,000
55102 Listings
Price
Descending
12
27,648 Sq ft
$3,000,000
MLS# 6385195
PENDING
Listing Office: homecoin.com
14,937 Sq ft
$1,550,000
MLS# 6702882
ACTIVE
Listing Office: eXp Realty
8,347 Sq ft
$1,250,000
MLS# 6567007
ACTIVE
Listing Office: Keller Williams Integrity Realty
10,335 Sq ft
$1,250,000
MLS# 6707621
ACTIVE
Listing Office: Apartment Cash Flow, Inc.
5,986 Sq ft
$1,100,000
MLS# 6644449
ACTIVE
Listing Office: Investors Realty MN
5,000 Sq ft
$995,000
MLS# 6580987
ACTIVE
Listing Office: Bridge Realty, LLC
7,707 Sq ft
$925,000
MLS# 6613967
ACTIVE
Listing Office: Keller Williams Integrity Realty
10,800 Sq ft
$895,000
MLS# 6674058
PENDING
Listing Office: Apartment Cash Flow, Inc.
1 Sq ft
$800,000
MLS# 6646162
ACTIVE
Listing Office: Coldwell Banker Realty
5,904 Sq ft
$735,000
MLS# 6677569
PENDING
Listing Office: Apartment Cash Flow, Inc.
6,018 Sq ft
$650,000
MLS# 6714009
ACTIVE
Listing Office: LPT Realty, LLC
3,900 Sq ft
$645,000
MLS# 6627362
ACTIVE
Listing Office: Twin City Real Estate Services
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The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Regional Multiple Listing Service of Minnesota. Real estate listings held by brokerage firms other than Urban Enterprises, Inc. are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. Information Deemed Reliable But Not Guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor the site owner shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. © Regional Multiple Listing Service of Minnesota. All rights reserved.
By conducting a property search on this site, user agrees to EULA found on: http://www.northstarmls.com/wp-content/uploads/2015/08/EULA.pdf Updated: 15th May, 2025 11:00 PM (UTC)
By conducting a property search on this site, user agrees to EULA found on: http://www.northstarmls.com/wp-content/uploads/2015/08/EULA.pdf Updated: 15th May, 2025 11:00 PM (UTC)
