Saint Paul Commercial Property For
For Sale
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981 Payne Ave, Saint Paul, MN 55130
Commercial property in a high-growth area with income potential.
Property Size1,556 SF
Price / SF$160.67
Days on Market328
Property Features for 981 Payne Ave
General Information
Standard status
Active
Size
1,556 SF
Class
C
Property subtype
Office, Retail
Zoning
B2 Community Business
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1922
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
KW Commercial Woodbury - East Suburban
Listed By:
William Schultz · License #40835740
Source:
Crexi
Added: Nov 11, 2025
Changed: Sep 9
Last Checked: Oct 4 at 10:12AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,821
Cap Rate
7.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$376,420
$376.4K
Cap Rate 7%
$268,871
$268.9K
Cap Rate 9%
$209,122
$209.1K
Market Conditions
NOI Build-Up for 1,556 SF
Gross rent
$28.0K $18.00/SF
− Vacancy
−$1.1K −$0.72/SF
EGI
$26.9K $17.28/SF
− OpEx
−$8.1K −$5.18/SF
NOI
$18.8K $12.10/SF
Area
Ramsey County, MN
Vacancy
4.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$376,420
Cap Rate 7%
$268,871
Cap Rate 9%
$209,122
Alternative Uses
Best Use
Retail
$268.9K
$235.3K – $313.7K
NOI $18,821 @ 7.0% cap · market cap 7.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$371.2K
$324.8K – $433.1K
NOI $25,986 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,487
Businesses Nearby
29k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 40%
Home Improvements & Furnishings 29%
Electronics 26%
Dining 5%
Kendall's Ace Hardware
Home Improvements & Furnishings
8,429 visits/mo
0.3 miles
Dollar General
Shops & Services
5,520 visits/mo
0.2 miles
U.S. Bank
Shops & Services
3,258 visits/mo
0.1 miles
T-Mobile
Electronics
3,226 visits/mo
0.5 miles
O'Reilly Auto Parts
Shops & Services
3,047 visits/mo
0.5 miles
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
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
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.
