661 Payne Avenue, Saint Paul, MN 55130
MULTI_FAMILY - Saint Paul, MN
- Added:
- May 29, 2026
- Days on Market:
- 33
- Last Refresh:
- Jun 30 at 12:06 pm
Property Features for 661 Payne Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 4
- Rooms
- Basement, Bathroom 3, Bathroom 4, Bedroom 3, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 4, Bedroom 1
- Parking features
- Garage - Detached, Garage
- Exterior features
- Stucco
- Standard status
- Active
- APN
- 322922210016
- Size
- 2,600 SF
- Lot size
- 0.12 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 2466
Utilities
- Heating system
- Forced Air
Building Details
- Year built
- 1884
- Building materials
- Block
Listing agent Hosie (612) 821-7400
Listing office Keller Williams Realty Integrity Lakes 800 N Washington Ave N Ste 460, Minneapolis, MN (612) 821-7400
Listing date May 29, 2026
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- 4‑unit mixed‑use property with both residential and commercial garage space options
- Section 8 approved and enrolled in the City of Saint Paul's 4‑D Affordable Housing Program
- Substantially renovated and stabilized building for income‑producing use
- Forced‑air heating and block construction with stucco exterior
- Year built: 1884
- Double‑lot setting with a shared backyard, patio space, and green space
Overview
The property is located at 661 Payne Avenue in Saint Paul, MN, within Ramsey County. The offering is Section 8 approved and enrolled in the City of Saint Paul’s 4-D Affordable Housing Program, which the remarks state can provide property tax reductions and long-term affordability incentives. It also benefits from mixed-use flexibility, with the option to maintain the asset as fully residential.
For tenants or buyers, the garage configuration supports a range of practical uses, including owner-operator space, contractor or workshop use, storage, or storage-income applications. For operators considering a residential-only strategy, the asset’s 4-unit structure offers a conventional income approach, while still retaining the flexibility described for mixed-use execution. Access and lifestyle benefits are also supported by the surrounding corridor, with the property described as walkable to local restaurants, retail, parks, and the Bruce Vento Regional Trail.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $57.7k | $22.20 |
| − Vacancy | −$3.5k | −$1.33 |
| EGI | $54.3k | $20.87 |
| − OpEx | −$16.3k | −$6.26 |
| NOI | $38.0k | $14.61 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Saint Paul
- County
- Dakota
- State
- Minnesota
- Longitude
- -93.076597
- Latitude
- 44.961419
