7-Unit Mixed-Use
For Sale
$1,495,000
883 Payne Ave, Saint Paul, MN 55130
Two restaurant suites and five apartments occupy the property.
Property Size12,156 SF
Price / SF$122.98
Days on Market72
Property Features for 883 Payne Ave
General Information
Standard status
Active
Size
12,156 SF
Net Operating Income
$88,315
Additional Details
Gross Income
$192,792
Multifamily Units
5
Amenities
on-site parking lot
Building Details
Year Built
1906
Tenancy
Multi
Listing Agency:
Keller Williams Premier Realty
Listed By:
William Schultz
(651) 379-5252
Source:
Homesearchlive
Added: Aug 3
Changed: Oct 3
Last Checked: Oct 7 at 3:15PM
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 Keller Williams Premier Realty
Investment Insights
Based on property information with market context.
Located at 883 Payne Ave in Saint Paul, this 12,156-square-foot mixed-use property contains seven total units. The configuration includes two restaurant suites at street level and five apartments, combining commercial and residential components within one building.
A dedicated on-site parking lot serves the property. Constructed in 1906, the building offers an established mixed-use layout along Payne Ave with restaurant and apartment space in the same asset.
A dedicated on-site parking lot serves the property. Constructed in 1906, the building offers an established mixed-use layout along Payne Ave with restaurant and apartment space in the same asset.
Key Highlights
- Seven total units: two street‑level restaurant suites and five apartments
- 12,156 square feet of mixed‑use space
- On‑site parking lot included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$107,352
Cap Rate
7.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,147,040
$2.1M
Cap Rate 7%
$1,533,600
$1.5M
Cap Rate 9%
$1,192,800
$1.2M
Market Conditions
NOI Build-Up for 12,156 SF
Gross rent
$148.8K $12.24/SF
− Vacancy
−$5.7K −$0.47/SF
EGI
$143.1K $11.77/SF
− OpEx
−$35.8K −$2.94/SF
NOI
$107.4K $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%
$2,147,040
Cap Rate 7%
$1,533,600
Cap Rate 9%
$1,192,800
Alternative Uses
Best Use
Apartment 5plus
$2.33M
$2.04M – $2.72M
NOI $163,130 @ 7.0% cap · market cap 10.91%
Second Best
Mixed Use
$1.97M
$1.72M – $2.30M
NOI $137,782 @ 7.0% cap · market cap 9.22%
Theoretical Best
Office A
$2.90M
$2.54M – $3.38M
NOI $203,012 @ 7.0% cap · market cap 13.58%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Open Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,451
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two restaurant suites and five apartments occupy the property.
Where is this mixed-use property located?
The property is located at 883 Payne Ave Saint Paul, MN.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Seven total units: two street‑level restaurant suites and five apartments; 12,156 square feet of mixed‑use space; On‑site parking lot included
