For Sale Single Family House

$1,695,000 5 Beds, 5 Baths

$1,695,000

5 Beds , 5 Baths

495 Summit Ave

Saint Paul, MN 55102

  • Laundry In-Unit

Property Details

Parking
Garage / 2 Spaces
Year Built
1881
Sq Footage
6948 sqft.
Lot Size
0.39 Acres
Floors
4

Unit Features

Rooms

  • Living room
  • Dining room
  • Walk-in closet
  • Master bath
  • Family room
  • Storage space
  • Basement
  • Library

Appliances

  • Range / Oven
  • Refrigerator
  • Dishwasher

Exterior

  • Balcony, Deck, or Patio
  • Fenced yard
  • Lawn
  • Porch

Heating & Cooling

  • Central A/C

Additional Features

  • Hardwood floor
  • Tile floor
  • Granite countertop
  • Fireplace
  • High / Vaulted ceiling
  • Jacuzzi / Whirlpool

Description

Welcome to this favorite home on historic Summit Avenue! Built in 1881, this stunning brick Victorian Queen Anne Mansion is part of the National Historic District of St. Paul. Architectural details are evident throughout the home: 4 carved and tiled fireplaces, 12' high ceilings, leaded glass windows, wood paneled walls, wood inlay floors, original light fixtures and billiards room and much more. With over 6,000 square feet of finished living space on 3 levels, and with substantial renovations throughout, it is indeed a special place to live. Magnificent gardens and multiple patios abound on this corner lot, which is conveniently located to shopping and restaurants nearby, plus within easy driving distance to both downtowns. Carriage House Benefit in Reducing the Price of 495 Summit Avenue: The Carriage House at 495 Summit Avenue is both a 1,100 square feet renovated rental apartment and the 2 car garage for the main house. Over the last 31 years, the Carriage House has been continuously rented at ever-increasing rents. Most recently, the Carriage House was rented for $1,250 per month. Almost every single person who viewed the Carriage House wanted to rent it. Many renters renew their leases several times staying for 2-4 years on average. In addition to the very unique and charming architectural style of the 1800's Carriage House, renters love the adjacent outdoor gardens and patio which are designed for the exclusive use of the renters. There is a lot of separation and privacy between the main house and the Carriage House, so weeks can go by without seeing the renters. The financial benefits of the Carriage House are significant as the rent-related cash flow reduces the net purchase price of 495 Summit Avenue by $110,000 to $155,000 depending on mortgage term. In essence, the true price for 495 Summit Avenue is between $1.54M and $1.58M when the cash benefits of the Carriage House are considered. No other house currently for sale on Summit Avenue has an income-producing Carriage House. More financial details are available upon request. This home was also featured in the recent book, Great Houses of Summit Avenue and the Hill District, by Karen Melvin and able to be viewed at www.KarenMelvin.com Recently the Featured Home of the "Summit Hill Living" Publication in the August 2014 Issue. History and Sellers Prospective of why they love living at 495 Summit Avenue! See more information on Jim Buchta's blog at the Star Tribune: http://www.startribune.com/blogs/263067911.html

Neighborhood

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$1,695,000

495 Summit Ave

Saint Paul, MN 55102


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