Mixed-Use 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 Market97
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
Bedroom 1, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 3, Basement, Bathroom 2, Bathroom 4, Bedroom 2
Parking features
Garage - Detached, Garage
Exterior features
Stucco
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: Sep 1
Last Checked: Sep 2 at 5:06AM
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.
Investment Insights
Based on property information with market context.
This four-unit property offers a mixed-use configuration with 2,600 square feet of building area on a 0.12-acre lot. The improvements include a commercial garage and a separate residential garage, supporting continued residential occupancy alongside garage, workshop, storage, or small-business use. The building has been substantially renovated and includes stucco exterior construction, block construction materials, and forced-air heating. Built in 1884, the property also features a basement and four bedrooms and bathrooms as reflected in the room details.
Located at 661 Payne Avenue in Saint Paul, the property is along the Payne Avenue corridor and near local restaurants, retail, parks, Yarusso Bros, Minnesota Music Cafe, and the Bruce Vento Regional Trail. It is approved for Section 8 and enrolled in Saint Paul's 4-D Affordable Housing Program. The site includes a shared backyard with patio and green space, with garden potential noted in the property information.
Located at 661 Payne Avenue in Saint Paul, the property is along the Payne Avenue corridor and near local restaurants, retail, parks, Yarusso Bros, Minnesota Music Cafe, and the Bruce Vento Regional Trail. It is approved for Section 8 and enrolled in Saint Paul's 4-D Affordable Housing Program. The site includes a shared backyard with patio and green space, with garden potential noted in the property information.
Key Highlights
- Four‑unit property with 2,600 square feet of building area
- 0.12‑acre lot with shared backyard, patio, and green space
- Mixed‑use configuration includes commercial and residential garage space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$37,988
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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
Dakota 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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Healthcare Medical
$639.8K
$559.9K – $746.5K
NOI $44,788 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - The property combines residential units with separate commercial and residential garage space.
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‑unit property with 2,600 square feet of building area; 0.12‑acre lot with shared backyard, patio, and green space; Mixed‑use configuration includes commercial and residential garage space
