$400,000
985 Payne Avenue Saint Paul, MN 55130
For Sale MLS# 6806885
Other
Details for 985 Payne Avenue
MLS# 6806885
Description for 985 Payne Avenue, Saint Paul, MN, 55130
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 Information
Property Type: Commercial
Status: Active
Bathrooms: 4
Lot Size: 0.05 Acres
Square Feet: 6,450 sq ft
Year Built: 1917
Foundation: 3,900 sq ft
Stories: 1 Story
Subdivision: J R Weide Re L28-30b15 L1-2b16
Number Of Units Total: 4
Current Use: Residential,Retail
County: Ramsey
Days On Market: 125
Construction Status: Previously Owned
School Information
District: 625 - St. Paul
Utilities
Water: City Water/Connected
Sewer: City Sewer/Connected
Other Utilities: Electric Separate
Heating: Boiler, Natural Gas
Exterior / Lot Features
Parking Description: On-Street Parking Only
Exterior: Brick/Stone
Lot Dimensions: 50 x 78
Zoning: Business/Commercial,Residential-Multi-Family
Additional Exterior/Lot Features: Land Inclusions - Building,Fixture/Equipment,Leases,Rental License
Driving Directions
35 E, TO MARYLAND TO PAYNE AVE
Financial Considerations
Tenant Pays: Electric
Owner Pays: Gas,Insurance,Sewer,Trash,Water
Gross Income: 51740
Tax/Property ID: 292922130156
Tax Amount: 9366
Tax Year: 2025
HomeStead Description: Non-Homesteaded
A broker reciprocity listing courtesy: Keller Williams Premier Realty
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity℠ Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than Edina Realty, Inc. are marked with the Broker Reciprocity℠ logo or the Broker Reciprocity℠ thumbnail and detailed information about them includes the name of the listing brokers. Edina Realty, Inc. is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of Edina Realty, Inc., a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc. IDX information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Open House information is subject to change without notice. Information deemed reliable but not guaranteed.
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Payment Calculator
Interest rate and annual percentage rate (APR) are based on current market conditions, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Estimated closing costs used in the APR calculation are assumed to be paid by the borrower at closing. If the closing costs are financed, the loan, APR and payment amounts will be higher. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. Contact us for details. Additional loan programs may be available. Accuracy is not guaranteed, and all products may not be available in all borrower's geographical areas and are based on their individual situation. This is not a credit decision or a commitment to lend.
Sales History & Tax Summary for 985 Payne Avenue
Sales History
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Tax Summary
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Data powered by ATTOM Data Solutions. Copyright© 2026. Information deemed reliable but not guaranteed.
Schools
Schools nearby 985 Payne Avenue
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Data powered by ATTOM Data Solutions. Copyright© 2026. Information deemed reliable but not guaranteed.
The schools shown represent both the assigned schools and schools by distance based on local school and district attendance boundaries. Attendance boundaries change based on various factors and proximity does not guarantee enrollment eligibility. Please consult your real estate agent and/or the school district to confirm the schools this property is zoned to attend. Information is deemed reliable but not guaranteed.
SchoolDigger ® Rating
The SchoolDigger rating system is a 1-5 scale with 5 as the highest rating. SchoolDigger ranks schools based on test scores supplied by each state's Department of Education. They calculate an average standard score by normalizing and averaging each school's test scores across all tests and grades.
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