1082 Payne Ave Saint Paul, MN 55130-3894

Property Details for 1082 Payne Ave

Year built

1900

Construction

WOOD FRAME

Lot size

0.06 lot acres

Property size

4,200 SF

Zone code

L

Property type

Investment properties

Property subtype

Live-work space

APN

29-29-22-12-0069

APU

292922120069

Description

This exceptional mixed-use property at 1082 Payne Avenue in Saint Paul, Minnesota, presents a compelling investment opportunity. The 3,360 square foot building, constructed in 1900 and renovated in 2020, boasts four units situated on a 2,526 square foot corner lot. Currently configured as three finished residential units and one unfinished space (originally part of an upper unit), it offers flexibility for conversion into a larger unit or maintaining the existing layout. The ground floor commercial space, leased to a well-established tenant, benefits from B2 zoning and high visibility on Payne Avenue. The property includes a detached garage, adding further value. With a strong net operating income (NOI) of $14,268, a 4.08% cap rate, and an asking price of $349,900, this property offers a solid return on investment. The price per square foot is $104.14, and the price per unit is $87,475. The building is a two-story structure, privately owned, and operates under a gross lease with multiple tenants. This prime location in the heart of east side Saint Paul provides excellent potential for future income growth. The flat roof and prominent corner lot ensure maximum visibility and accessibility. This is a rare opportunity to acquire a well-maintained, income-producing property with significant upside potential in a desirable location.

Location Insight

City

Saint Paul

County

Ramsey

State

Minnesota

Longitude

-93.0732

Latitude

44.974

CBSA code

33460

CBSA name

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments