Mixed-Use Restaurant and Triplex
For Sale
Contact for pricing
1081 Payne Ave, St Paul, MN 55130
Restaurant building is zoned B-2 and includes adjacent triplex, parking lot, and vacant land for a combined offering.
Property Size5,592 SF
Price / SF$107.30
Days on Market694
Property Features for 1081 Payne Ave
General Information
Standard status
Active
Size
5,592 SF
Property subtype
RETAIL
Zoning
B-2
Site & Location
Neighborhood
Planning District 5
Listing Agency:
Obsidian Group
(651) 249-3712
Listed By:
Ethan Finger
(507) 581-3479
Source:
Moodyscre
Added: Dec 5, 2024
Changed: Oct 25
Last Checked: Oct 28 at 11:21AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Obsidian Group
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Investment Insights
Based on property information with market context.
Obsidian Group presents a combined retail and residential portfolio including a restaurant building, a neighboring triplex, a parking lot, and vacant land northwest of the restaurant. The restaurant has experienced internal fire damage, and ownership has decided to sell the restaurant building (not the “Magnolias” name).
The building is zoned B-2, allowing a wide variety of uses for your business. The neighboring triplex has three units: two units with 2 bed/2 bath and a studio apartment. The studio is currently vacant, and the other two units are on month-to-month leases. The triplex was previously used to house restaurant employees.
The offering is located at 1081 Payne Ave, St. Paul, MN 55130.
The building is zoned B-2, allowing a wide variety of uses for your business. The neighboring triplex has three units: two units with 2 bed/2 bath and a studio apartment. The studio is currently vacant, and the other two units are on month-to-month leases. The triplex was previously used to house restaurant employees.
The offering is located at 1081 Payne Ave, St. Paul, MN 55130.
Key Highlights
- Restaurant building is zoned B‑2, allowing a wide variety of business uses
- Combined offering includes the restaurant building, neighboring triplex, parking lot, and vacant land
- Triplex has 3 units: two 2 bed/2 bath units and one studio apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,384
Cap Rate
8.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$987,680
$987.7K
Cap Rate 7%
$705,486
$705.5K
Cap Rate 9%
$548,711
$548.7K
Market Conditions
NOI Build-Up for 5,592 SF
Gross rent
$68.4K $12.24/SF
− Vacancy
−$2.6K −$0.47/SF
EGI
$65.8K $11.77/SF
− OpEx
−$16.5K −$2.94/SF
NOI
$49.4K $8.83/SF
Area
Ramsey County, MN
Vacancy
3.80%
Lease Rate
$12.24 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$987,680
Cap Rate 7%
$705,486
Cap Rate 9%
$548,711
Alternative Uses
Best Use
Multifamily LT 5
$1.17M
$1.02M – $1.36M
NOI $81,703 @ 7.0% cap · market cap 13.62%
Second Best
Apartment 5plus
$1.07M
$938.0K – $1.25M
NOI $75,043 @ 7.0% cap · market cap 12.51%
Theoretical Best
Office A
$1.33M
$1.17M – $1.56M
NOI $93,389 @ 7.0% cap · market cap 15.56%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,335
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 55130, MN
18,581
Population
6,368
Households
2.9
Avg Household Size
28
Median Age
21%
College-Educated
73%
High-School Grad
2.0 sq mi
ZIP Area
9,291
Density / Sq Mi
$53,281
Median Household Income
$36,740
Median Earnings
$1,151
Median Rent
$220,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant building is zoned B-2 and includes adjacent triplex, parking lot, and vacant land for a combined offering.
Where is this conventional restaurant located?
The property is located at 1081 Payne Ave St Paul, MN.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Restaurant building is zoned B‑2, allowing a wide variety of business uses; Combined offering includes the restaurant building, neighboring triplex, parking lot, and vacant land; Triplex has 3 units: two 2 bed/2 bath units and one studio apartment
