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$350,000
Est. payment /mo
2 Beds
3 Baths
4,704 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Subdivision Scottens Sub Of B71 Lyman Day
MLS Listing ID 6808082
Bedrooms 2
Year Built 1925
Annual Tax Amount $6,656
Tax Year 2025
Contingent None
Lot Size 4,704 Sqft
Lot Dimensions 38 x 124
Property Description
This mixed-use property features one retail or office space and two residential units, offering both immediate cash flow and long-term upside. The commercial unit spans approximately 1,200 square feet and is ideal for retail, office, or service-based businesses, with a projected market rent of up to $1,300 per month. The residential units include a spacious two-bedroom, one-bath apartment and a well-designed studio apartment, projected to rent for $1,300 and $850 per month respectively. Together, the property produces a potential gross monthly income of $3,450 and an annual gross of $41,400, making it an attractive income-producing investment based on the income approach.
Positioned directly on the light rail line and along the newly constructed Gold Line rapid transit corridor, this property stands at the intersection of accessibility and future growth. The Saint Paul Downtown Alliance and the City of Saint Paul have launched an ambitious initiative to repurpose downtown office buildings into 20,000 to 30,000 new residential units. This plan is expected to drive increased ridership, local business activity, and urban revitalization, creating a ripple effect that will make properties along the Gold Line even more valuable in the years to come.
Beyond its strong fundamentals, the property's flexibility adds a unique layer of opportunity. The commercial space could be leased traditionally or adapted for specialized use, while the residential units could also serve as short-term or mid-term rentals catering to business travelers and transit users. Investors seeking additional scale have the option to acquire the adjoining property at 365 Earl Street for a package sale, further enhancing income potential and property value.
In short, this mixed-use building offers more than stable returns; it provides a foothold in one of Saint Paul's most strategically positioned transit corridors. With reliable cash flow today and significant appreciation potential tied to the city's long-term development plan, this property represents both solid investment performance and promising future upside.
Buyer agent to verify all measurements.
Positioned directly on the light rail line and along the newly constructed Gold Line rapid transit corridor, this property stands at the intersection of accessibility and future growth. The Saint Paul Downtown Alliance and the City of Saint Paul have launched an ambitious initiative to repurpose downtown office buildings into 20,000 to 30,000 new residential units. This plan is expected to drive increased ridership, local business activity, and urban revitalization, creating a ripple effect that will make properties along the Gold Line even more valuable in the years to come.
Beyond its strong fundamentals, the property's flexibility adds a unique layer of opportunity. The commercial space could be leased traditionally or adapted for specialized use, while the residential units could also serve as short-term or mid-term rentals catering to business travelers and transit users. Investors seeking additional scale have the option to acquire the adjoining property at 365 Earl Street for a package sale, further enhancing income potential and property value.
In short, this mixed-use building offers more than stable returns; it provides a foothold in one of Saint Paul's most strategically positioned transit corridors. With reliable cash flow today and significant appreciation potential tied to the city's long-term development plan, this property represents both solid investment performance and promising future upside.
Buyer agent to verify all measurements.
Location
State MN
County Ramsey
Zoning Business/Commercial,Residential-Multi-Family
Interior
Heating Boiler
Inclusions Building, Fixture/Equipment, Leases, Rental License
Fireplace No
Exterior
Parking Features Gravel, On-Street Parking Only, Open
Utilities Available Electric Separate
Roof Type Age 8 Years or Less
Present Use Commercial
Building
Story Two
Foundation 4712
Sewer City Sewer/Connected
Water City Water/Connected
Level or Stories Two
New Construction false
Schools
School District St. Paul
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Listed by William Schultz • Keller Williams Premier Realty
NEARBY SCHOOL & BUSINESS
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