Saint Paul Commercial Property For
981 Payne Ave, Saint Paul, MN 55130
Commercial property in a high-growth area with income potential.
Type:Office, Retail
Property size:
1,556 SFPrice / SF:
$160/SF- Added:
- Nov 11, 2025
- Days on Market:
- 231
- Last Refresh:
- Mar 16 at 1:32 pm
Property Features for 981 Payne Ave
General Information
- Standard status
- Active
- Size
- 1,556 SF
- Property subtype
- Office, Retail
Building Details
- Year Built
- 1922
Listing office KW Commercial Woodbury - East Suburban
Listing date Nov 11, 2025
Source Crexi
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 KW Commercial Woodbury - East Suburban
HighLights
- Located in the heart of Saint Paul’s thriving Payne‑Phalen corridor, experiencing major revitalization.
- Fully built‑out commercial property of approximately 1,600 square feet, currently operating as a beauty salon and barbershop.
- Flexible layout allows for continued use as a multi‑operator salon or reconfiguration into a single cohesive retail or service space.
- Move‑in ready condition due to numerous recent upgrades.
- Excellent visibility, strong street presence, and steady neighborhood foot traffic.
- Potential for significant rent growth based on market rents in the area.
Overview
This commercial property is located in the Payne-Phalen corridor of Saint Paul. The property features a single commercial space totaling approximately 1,600 square feet, divided into three connected sections. Currently, two sections are occupied by a beauty salon, while the third serves as a barbershop/salon area. The layout allows for continued use as a multi-operator salon or reconfiguration into a single retail or service space. The property has undergone recent upgrades. The Payne Avenue corridor is experiencing revitalization, anchored by the Hamm’s Brewery redevelopment and the Latino Economic Development Center’s transformation, which will introduce a new event center, commercial kitchen, restaurants, and retail to the area. The property offers investors, business owners, or portfolio buyers an income-producing asset in a high-growth, community-driven district. The property size is 1556 square feet.
Local Financial Insights For Office B
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 | $34.7k | $22.32 |
| − Vacancy | −$9.0k | −$5.78 |
| EGI | $25.7k | $16.54 |
| − OpEx | −$6.4k | −$4.13 |
| NOI | $19.3k | $12.40 |
1,556 SF · lease $22.32/SF/yr · vacancy 25.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$275.7K
$241.3K – $321.7K
NOI $19,301 @ 7.0% cap · market cap 7.72%
Second Best
Retail
$234.4K
$205.1K – $273.5K
NOI $16,410 @ 7.0% cap · market cap 6.56%
Theoretical Best
Healthcare Medical
$382.9K
$335.1K – $446.7K
NOI $26,804 @ 7.0% cap · market cap 10.72%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Location Insight
- Map
- Local Demand
- City
- Saint Paul
- County
- Dakota
- State
- Minnesota
- Longitude
- -93.0736622
- Latitude
- 44.9708445
Nearby Similar for Sale
FAQs
What type of property is this?
Retail space - Commercial property in a high-growth area with income potential.
Where is this retail space located?
The property is located at 981 Payne Ave Saint Paul, MN.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Located in the heart of Saint Paul’s thriving Payne‑Phalen corridor, experiencing major revitalization.; **Fully built‑out commercial property of approximately 1,600 square feet**, currently operating as a beauty salon and barbershop.; Flexible layout allows for continued use as a multi‑operator salon or reconfiguration into a single cohesive retail or service space.
