4-Unit Quadplex with
For Sale
$475,000
661 Payne Avenue, Saint Paul, MN 55130
Residential Income, Saint Paul, MN
Property Size2,600 SF
Lot Size0.12 Acres
Price / SF$182.69
Days on Market147
Property Features for 661 Payne Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Business/Commercial, Residential-Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Basement, Laundry Room, Bedroom 3, Bedroom 2, Bathroom 3, Bathroom 2, Bedroom 4, Bathroom 4, Bedroom 1
Parking features
Garage, Garage - Detached
Patio and Porch features
Porch
Subdivision
Phillips Add
Lot features
Public Transit (w/in 6 blks), Corner Lot
High school district
St. Paul
Directions
General sense of location: About 5-7 minutes from downtown Saint Paul Near Swede Hollow Park and the Bruce Vento Trail In a dense mixed residential/commercial corridor on Payne Ave Easy access from I-94 using the Mounds Blvd or Arcade exits.
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 Agency:
Keller Williams Realty Integrity Lakes
Listed By:
Hosie
(612) 821-7400
Added: May 29
Changed: Oct 22
Last Checked: Oct 22 at 1:06AM
MLS# 7068786
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.
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Investment Insights
Based on property information with market context.
This 4-unit property contains 2,600 square feet on a 0.12-acre double lot. The building dates to 1884 and has block construction, forced-air heating, and a porch. Garage space includes one commercial garage and one residential garage. The property is described as renovated and is approved for Section 8; it also participates in Saint Paul’s 4-D Affordable Housing Program.
Located on Payne Avenue in Saint Paul, the property is near Yarusso Bros, Minnesota Music Cafe, neighborhood restaurants and retail, parks, and the Bruce Vento Regional Trail. The site includes a shared backyard with patio and green space.
Located on Payne Avenue in Saint Paul, the property is near Yarusso Bros, Minnesota Music Cafe, neighborhood restaurants and retail, parks, and the Bruce Vento Regional Trail. The site includes a shared backyard with patio and green space.
Key Highlights
- Four units in 2,600 square feet on a 0.12‑acre double lot
- Includes commercial garage space and a residential garage
- Section 8 approved and enrolled in Saint Paul’s 4‑D Affordable Housing Program
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,988
Cap Rate
8.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$759,760
$759.8K
Cap Rate 7%
$542,686
$542.7K
Cap Rate 9%
$422,089
$422.1K
Market Conditions
NOI Build-Up for 2,600 SF
Gross rent
$57.7K $22.20/SF
− Vacancy
−$3.5K −$1.33/SF
EGI
$54.3K $20.87/SF
− OpEx
−$16.3K −$6.26/SF
NOI
$38.0K $14.61/SF
Area
Ramsey County, MN
Vacancy
5.98%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$759,760
Cap Rate 7%
$542,686
Cap Rate 9%
$422,089
Alternative Uses
Best Use
Multifamily LT 5
$542.7K
$474.9K – $633.1K
NOI $37,988 @ 7.0% cap · market cap 8.00%
Second Best
Apartment 5plus
$498.4K
$436.1K – $581.5K
NOI $34,891 @ 7.0% cap · market cap 7.35%
Theoretical Best
Office A
$620.3K
$542.8K – $723.7K
NOI $43,421 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,372
Businesses Nearby
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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Section 8 approval and participation in Saint Paul’s 4-D Affordable Housing Program are in place.
Where is this quadplex located?
The property is located at 661 Payne Avenue Saint Paul, MN.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Four units in 2,600 square feet on a 0.12‑acre double lot; Includes commercial garage space and a residential garage; Section 8 approved and enrolled in Saint Paul’s 4‑D Affordable Housing Program
