890 Payne Ave Saint Paul, MN 55130

This mixed-use property is located in Saint Paul’s Payne-Phalen corridor. It features one street-level commercial space currently operating as a laundromat, and four residential units, including three 1-bedroom, 1-bathroom units and one studio apartment. The sale includes a B2-zoned lot at 648 York Ave, comprising approximately 4,836 square feet. The property generates an effective gross income of $70,680, with a net operating income of approximately $36,382, based on roughly $34,298 in annual operating expenses. The residential units present an opportunity for increased rental income through interior improvements such as paint, flooring, and kitchen/bathroom upgrades. Pro forma projections estimate a stabilized effective gross income of approximately $79,080 and a net operating income of $44,782, representing an approximate 23% increase, assuming expenses remain at current levels. The included B2 lot offers potential for off-street parking, signage, storage, or future expansion, subject to city approvals. The property size is 5970 square feet.