Property Listing
Description
A strong investment opportunity in one of Saint Paul’s high-demand rental corridors. This newly renovated 4-unit mixed-use property sits on a rare double lot and offers excellent cash flow potential with additional upside through below-market rents. The property is Section 8 approved and enrolled in the City of Saint Paul’s 4-D Affordable Housing Program, providing valuable property tax reductions and long-term affordability incentives. The asset features a versatile mixed-use zoning configuration that includes both a commercial garage space and a traditional residential garage, creating flexibility for owner-operators, small businesses, contractors, storage income, workshop use, or additional tenant amenities. Investors also have the option to maintain the property as a fully residential income-producing asset. The building has undergone substantial renovations and stabilization, making it a turnkey opportunity for investors seeking immediate cash flow with long-term appreciation potential. Spacious units, strong rental demand, and flexible lease structures provide multiple operational strategies for future ownership. The oversized lot includes a shared backyard with patio space, green space, and garden potential, adding lifestyle appeal for tenants. Located along the vibrant Payne Avenue corridor, the property is walkable to neighborhood staples including Yarusso Bros, Minnesota Music Cafe, local restaurants, retail, parks, and the Bruce Vento Regional Trail. Motivated seller. Excellent opportunity for investors seeking a stabilized multifamily asset with mixed-use flexibility, tax advantages, and future upside in a rapidly improving East Saint Paul market.
Property Information
Status: Active
Sub Type: ********
List Price: $499,999
MLS#: 7068786
Current Price: $499,999
Address: 661 Payne Avenue, Saint Paul, MN 55130
City: Saint Paul
State: MN
Postal Code: 55130
Geo Lat: 44.961419
Geo Lon: -93.076597
Subdivision: Phillips Add
County: Ramsey
Property Description
Year Built: 1884
Lot Size SqFt: 5227.2
Gen Tax: 2466
Specials Inst: 0
High School: St. Paul
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Total SqFt.: 3900
Style: Array
Total Bedrooms: 4
Total Bathrooms: 4
Total Full Baths:
Garage Type:
Garage Stalls: 4
Waterfront:
Property Features
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Lot Feat/Fld Plain: Array
Interior Amenities:
Inclusions: ********
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