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$400,000
Est. payment /mo
4 Baths
2,265 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Pending
Purchase Type For Sale
Subdivision J R Weide Re L28-30B15 L1-2B16
MLS Listing ID 6806885
Year Built 1917
Annual Tax Amount $9,366
Tax Year 2025
Contingent None
Lot Size 2,265 Sqft
Lot Dimensions 50 x 78
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.
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.
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 On-Street Parking Only
Utilities Available Electric Separate
Present Use Residential,Retail
Building
Story One
Foundation 3900
Sewer City Sewer/Connected
Water City Water/Connected
Level or Stories One
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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