Mixed-Use Investment Property with
985 Payne Avenue, Saint Paul, MN 55130
Commercial - Saint Paul, MN
Property size:
1,510 SFLot size:
0.05 AcresPrice / SF:
$264/SF- Added:
- Nov 11, 2025
- Days on Market:
- 218
- Last Refresh:
- Jun 17 at 12:06 am
Property Features for 985 Payne Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- Business/Commercial,Residential-Multi-Family
- Exterior features
- Brick/Stone
- Standard status
- Active Under Contract
- APN
- 292922130156
- Lot size
- 0.05 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 9366
Building Details
- Year built
- 1917
- Architectural style
- Other
Listing agent William Schultz (651) 379-5252
Listing office Keller Williams Premier Realty 635 Bielenberg Drive Suite 100, Woodbury, MN (651) 379-5252
Listing date Nov 11, 2025
MLS# 6806885
Listing URL
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.
HighLights
- Mixed‑use property with commercial and residential units offering multiple income streams.
- Located in the rapidly growing Payne‑Phalen corridor, benefiting from significant redevelopment projects.
- Large commercial space (1,510 sq ft) with additional 1,500 sq ft finished basement, offering potential for subdivision or additional leasable area.
- Two spacious residential units with tall ceilings and flexible layouts, ideal for upgrades and increased rental income.
- Strong value‑add potential through strategic upgrades and rental optimization.
- Positioned to benefit from the East Side's resurgence and new investment in the area.
Overview
This four-unit mixed-use property offers one expansive commercial space paired with two large residential units. The main-level commercial area is approximately 1,510 square feet and has previously been rented as separate spaces, giving it flexibility for reconfiguration. An additional approximately 1,500 square feet of finished basement space provides extra room that can support storage needs or offer further potential for additional leasable area, subject to verification. The two upstairs residential units feature tall ceilings and flexible layouts, making them well-suited for interior upgrades designed to support improved income performance.
The property is positioned within the rapidly developing Payne-Phalen corridor in Saint Paul. The area’s momentum includes redevelopment anchored by Hamm’s Brewery revitalization efforts and a multi-million-dollar renovation by the Latino Economic Development Center, which is expected to introduce a new event center, commercial kitchen, restaurants, and retail destinations. For investors and owner-operators, this environment supports interest in projects that can benefit from increasing activity along the corridor.
With its mix of commercial and residential income, the building can fit buyers seeking multiple revenue streams and practical value-add opportunities. The commercial unit’s history of subdividing, along with the availability of finished basement space, may appeal to operators looking to optimize leasing strategies while positioning the residential units for thoughtful interior improvements. Buyer agents to verify all measurements.
The property is positioned within the rapidly developing Payne-Phalen corridor in Saint Paul. The area’s momentum includes redevelopment anchored by Hamm’s Brewery revitalization efforts and a multi-million-dollar renovation by the Latino Economic Development Center, which is expected to introduce a new event center, commercial kitchen, restaurants, and retail destinations. For investors and owner-operators, this environment supports interest in projects that can benefit from increasing activity along the corridor.
With its mix of commercial and residential income, the building can fit buyers seeking multiple revenue streams and practical value-add opportunities. The commercial unit’s history of subdividing, along with the availability of finished basement space, may appeal to operators looking to optimize leasing strategies while positioning the residential units for thoughtful interior improvements. Buyer agents to verify all measurements.
Local Financial Insights For Multifamily LT 5
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 | $33.5k | $22.20 |
| − Vacancy | −$2.0k | −$1.33 |
| EGI | $31.5k | $20.87 |
| − OpEx | −$9.5k | −$6.26 |
| NOI | $22.1k | $14.61 |
1,510 SF · lease $22.20/SF/yr · vacancy 5.98% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$315.2K
$275.8K – $367.7K
NOI $22,062 @ 7.0% cap · market cap 5.52%
Second Best
Apartment 5plus
$289.5K
$253.3K – $337.7K
NOI $20,264 @ 7.0% cap · market cap 5.07%
Theoretical Best
Healthcare Medical
$371.6K
$325.1K – $433.5K
NOI $26,011 @ 7.0% cap · market cap 6.50%
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
- -93.073937
- Latitude
- 44.970866
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Four-unit property combines a main-level commercial space with two residential units and basement space for added value opportunities.
Where is this mixed-use property located?
The property is located at 985 Payne Avenue Saint Paul, MN.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Mixed‑use property with commercial and residential units offering multiple income streams.; Located in the rapidly growing Payne‑Phalen corridor, benefiting from significant redevelopment projects.; **Large commercial space (1,510 sq ft) with additional 1,500 sq ft finished basement**, offering potential for subdivision or additional leasable area.
