For Sale: Saint Paul MLS# 6806885
Active
NEW!
$400,000
Commercial: Other
Built 1917
0.05 acres
St. Paul schools
MLS# 6806885
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Property Description
Outstanding mixed-use investment opportunity located in the heart of the rapidly growing Payne-Phalen corridor. This 4-unit property features one expansive commercial space (that has been rented as separate spaces in the past) and 2 large residential units, offering multiple income streams and strong value-add potential. The main-level commercial space spans approximately 1, 510 square feet with an additional 1, 500 square feet of finished basement space, perfect for storage or conversion into additional leasable areas. The commercial unit could rent for as much as $3, 000 per month, or be subdivided into multiple smaller spaces to maximize returns.
Upstairs, the 2 residential units are spacious and feature tall ceilings and flexible layouts, providing ideal conditions for interior upgrades that could command higher market rents. With thoughtful improvements, this property has the potential to generate excellent cash flow and appreciation in a district primed for growth.
The Payne Avenue corridor is undergoing one of Saint Paul’s most significant redevelopment pushes, anchored by the Hamm’s Brewery revitalization project and the Latino Economic Development Center’s multi-million-dollar renovation, which will introduce a new event center, commercial kitchen, restaurants, and retail destinations to the area. These transformative projects are driving new investment, foot traffic, and business activity along Payne Avenue, making this the perfect time to acquire a property in this emerging commercial hub.
Positioned to benefit from the East Side’s resurgence, 985 Payne Ave offers investors and owner-operators alike the opportunity to participate in the neighborhood’s exciting next chapter while building long-term equity through strategic upgrades and rental optimization.
Buyer agents to verify all measurements.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$400,000
Property Type:
Commercial
City:
Saint Paul
Garage Spaces:
0
County:
Ramsey
Year Built:
1917
State:
MN
Property Style:
Other
Zip Code:
55130
Neighborhood/Area:
Payne-Phalen
Subdivision Name:
J R Weide Re L28-30b15 L1-2b16
Exterior
Stories:
One
Garage Spaces:
0
Other Parking Spaces:
0
Foundation Size:
3,900 ft2
Foundation Dimensions:
3900
Handicap Accessible:
None
Heating System:
Boiler
Parking Features:
On-Street Parking Only
Exterior Material:
Brick/Stone
Lot & Land
Acres:
0.05
Geolocation:
44.970866, -93.073937
Inclusions:
Building, Fixture/Equipment, Leases, Rental License
Lot Dimensions:
50 x 78
Zoning:
- Business/Commercial
- Residential-Multi-Family
Schools
School District:
625
District Phone:
651-767-8100
Expenses
Annual Gross Expense:
$24,400
Tenant Expenses:
Electricity
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$9,366
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$9,366
Income
Annual Gross Income:
$51,740
Rent
Annual Net Income:
$27,340
Units
Total Units:
4
Miscellaneous
Current Use:
- Residential
- Retail
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
Electric Separate
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Keller Williams Premier Realty.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.