$499,999
661 Payne Avenue Saint Paul, MN 55130
For Sale MLS# 7068786
4 beds 4 baths 2,600 sq ft Multi-family
Details for 661 Payne Avenue
MLS# 7068786
Description for 661 Payne Avenue, Saint Paul, MN, 55130
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.
Listing Information
Property Type: Multi-family, Four Plex
Status: Active
Bedrooms: 4
Bathrooms: 4
Lot Size: 0.12 Acres
Square Feet: 2,600 sq ft
Year Built: 1884
Foundation: 1,300 sq ft
Garage: Yes
Stories: 2 Stories
Subdivision: Phillips Add
Number Of Units Total: 4
County: Ramsey
Days On Market: 26
Construction Status: Previously Owned
School Information
District: 625 - St. Paul
Additonal Room Information
Laundry: Common Area
Interior Features
Square Footage above: 2,600 sq ft
Basement: Concrete Block
Utilities
Water: City Water/Connected
Sewer: City Sewer/Connected
Heating: Electric, Forced Air, Natural Gas
Exterior / Lot Features
Garage Spaces: 4
Open Parking: 4
Parking Description: Multiple Garages, Storage, Heated Garage, Detached Garage, Garage Sq Ft - 500.0
Exterior: Stucco
Lot Dimensions: 35x146
Zoning: Business/Commercial,Residential-Multi-Family
Fencing: Wood
Additional Exterior/Lot Features: Corner Lot, Public Transit (w/in 6 blks), Road Frontage - City
Unit Information
Unit 1 Units Total: 1
Unit 1 Actual Rent: 1000
Unit 1 Baths Total: 1
Unit 1 Rooms Total: 3
Unit 2 Units Total: 1
Unit 2 Actual Rent: 1000
Unit 2 Baths Total: 1
Unit 2 Rooms Total: 3
Unit 3 Units Total: 1
Unit 3 Actual Rent: 1400
Unit 3 Baths Total: 1
Unit 3 Beds Total: 2
Unit 3 Rooms Total: 5
Unit 4 Units Total: 1
Unit 4 Actual Rent: 1400
Unit 4 Baths Total: 1
Unit 4 Beds Total: 2
Unit 4 Rooms Total: 5
Driving Directions
General sense of location:About 5–7 minutes from downtown Saint PaulNear Swede Hollow Park and the Bruce Vento TrailIn a dense mixed residential/commercial corridor on Payne Ave Easy access from I-94 using the Mounds Blvd or Arcade exits.
Financial Considerations
Gross Income: 57600
Expense: 13150
Tax/Property ID: 322922210016
Tax Amount: 2466
Tax Year: 2025
HomeStead Description: Non-Homesteaded
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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 661 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 661 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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