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661 Payne Avenue , Saint Paul, MN 55130
$499,999
SQUARE FEET 2,600
MLS# 7068786
STATUS: Active
PROPERTY TYPE: Multi Unit - Multiple
SUBDIVISION: Phillips Add
SCHOOL: St. Paul
Property Description
A strong investment opportunity in one of Saint Paul's high-demand rental corridors. This newly renovated4-unit mixed-use property sits on a rare double lot and offers excellent cash flow potential withadditional 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 garagespace 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 forinvestors seeking immediate cash flow with long-term appreciation potential. Spacious units, strongrental demand, and flexible lease structures provide multiple operational strategies for futureownership.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 withmixed-use flexibility, tax advantages, and future upside in a rapidly improving East Saint Paul market.
Property Features
Property Type: Multi Unit - Multiple Basement: Block Garage: 4 Heating: Forced Air Lot Size: 0.12 Acres Taxes: $2,466 Year Built: 1884
Feature Descriptions
Days on Site: 6
Exterior: Block
Foundation Size: 1300
Lot: Public Transit (w/in 6 blks), Corner Lot
Lot Dimensions: 35x146
Parcel#: 322922210016
Parking: Detached Garage, Heated Garage, Multiple Garages, Storage
Road Frontage: City Street
Sewer: City Sewer/Connected
Units: 4
Water: City Water/Connected
Local Schools
School District: St. Paul
Listed By / Shown By
Agency Name: Keller Williams Realty Integrity Lakes
Agency Phone: 612-821-7400
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Estimated Payment
$ 3,012.54 per month
$2,661.21 Principal & Interest
$205.50 Property Tax
$145.83 Homeowner's Insurance
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661 Payne Avenue | MLS# 7068786
This multi-family property located at 661 Payne Avenue , Saint Paul, MN 55130 is currently listed for sale with an asking price of $499,999. Payne Avenue is located within the St. Paul school district. Search Saint Paul real estate on scarlson.counselorrealty.com today.