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661 Payne Avenue, Saint Paul, MN 55130

$475,000

Property Type: Multi-Family Bedrooms: 4 Baths: 4 Square Footage: 3,900 Lot Size (sq. ft.): 5,227 Status: Active

Current Price: $475,000 List Date: 5/29/2026 Last Modified: 7/28/2026

Overview

Description

A strong investment opportunity in one of Saint Paul’s high-demand rental corridors. This newly renovated 4-unit mixed-use property sits on a rare double lot and offers excellent cash flow potential with additional 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 garage space 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 for investors seeking immediate cash flow with long-term appreciatio ... (Read more)

Listing Details MLS# 7068786

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Waterfront YN: No
Year Built: 1884
Yearly/Seasonal: Yearly
Zoning: Business/Commercial, Residential-Multi-Family
Main Floor Total SqFt: 1300
Above Ground SqFt: 2600
Below Grd Total SqFt: 1300
Total SqFt: 3900
Foundation Size: 1300
Style: (MF) Four Plex
Total Finished Sqft: 2600.00
Garage Stalls: 4
Lot Dimensions: 35x146
Acres: 0.12
Assessment Pending: No

Property Features

Accessible: None Assumable Loan: Not Assumable Basement: Concrete Block Construction Materials: Block Construction Status: Previously Owned Electric: Circuit Breakers Exterior: Stucco Fencing: Wood Foundation: Concrete Block Fuel: Electric; Natural Gas Heating: Forced Air Internet Options: Cable Laundry: Common Area Lock Box Type: None Lot Description: Corner Lot; Public Transit (w/in 6 blks) Parking Characteristics: Multiple Garages; Heated Garage; Storage Road Frontage: City Street Sellers Terms: Cash; Conventional; Conventional Rehab; FHA Sewer: City Sewer/Connected Stories: Two Unit 1 Appliances: Microwave; Range; Refrigerator Unit 2 Appliances: Microwave; Range; Refrigerator Unit 2 Bath Description: Main Floor Full Bath Unit 3 Appliances: Microwave; Range; Refrigerator Unit 3 Bath Description: Main Floor Full Bath Unit 4 Amenities: Balcony Unit 4 Appliances: Microwave; Range; Refrigerator Unit 4 Bath Description: Upper Level Full Bath Water: City Water/Connected

Contract Information

Contingency: None
Original List Price: 499999
ListPrice: 475000
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

House Number: 661
Street Name: Payne
Street Suffix: Avenue
Postal City: Saint Paul
County: Ramsey
State: MN
Zip Code: 55130
Complex/Dev/Subdivision: Phillips Add

Assessments

Tax With Assessments: 2466
Assessment Balance: 0

Building Information

Finished SqFt Above Ground: 2600

More Information

Income and Expenses

Annual Electric Expense: 2600
Annual Gross Expenses: 13150
Annual Gross Income: 57600
Annual Insurance Expense: 3650
Annual Maintenance Expense: 2500
Annual Net Income: 44450
Annual Repair Expense: 750
Annual Trash Expense: 2200
Annual Water/Sewer Expense: 1450
Total Annual Expenses: 13150
Annual Caretaker Expense: 0
Annual Fuel Expense: 0

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

DP Resource: Yes
Homestead: No

Ownership

Fractional Ownership: No

Parking Characteristics

Garage Square Feet: 500
Multiple Garages: Yes
Heated Garage: Yes
Storage: Yes

Public Survey Info

Range#: 22
Section#: 32
Township#: 29

Unit 1

Furnished?: No
Leased?: Yes
Level: 2nd Level
Unit Number: Yes
Annual Rent: 16800
Finished SqFt: 825
Full Baths: Yes
Monthly Rent: 1400
No. of Units Like This: Yes
Total Baths: Yes
Total Bedrooms: 2
Total Rooms: 5

Unit 2

Furnished?: No
Leased?: Yes
Level: Main Level
Unit Number: 2
Annual Rent: 16800
Finished SqFt: 825
Full Baths: Yes
Monthly Rent: 1400
No. of Units Like This: Yes
Oth Parking Spaces: 4
Total Baths: Yes
Total Bedrooms: 2
Total Rooms: 5

Unit 3

Furnished?: No
Leased?: Yes
Unit Number: 3
Annual Rent: 12000
Finished SqFt: 475
Full Baths: Yes
Monthly Rent: 1000
No. of Units Like This: Yes
Total Baths: Yes
Total Rooms: 3

Unit 4

Furnished?: No
Leased?: Yes
Level: 2nd Level
Unit Number: 4
Annual Rent: 12000
Finished SqFt: 475
Full Baths: Yes
Monthly Rent: 1000
No. of Units Like This: Yes
Total Baths: Yes
Total Rooms: 3

Unit Details

Total Units: 4

Office/Member Info

Association: MAAR

Location, Tax and Other Information

Legal Description: PHILLIPS ADDITION LOTS 3 & LOT 4 BLK 3
Listing City: Saint Paul
Map Page: 108
Municipality: Saint Paul
School District: St. Paul
School District Phone: 651-767-8100
Zip Plus 4: 5689
Property ID Number: 322922210016
Tax Year: 2025
Tax Amount: 2466
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: A strong investment opportunity in one of Saint Paul’s high-demand rental corridors. This newly renovated 4-unit mixed-use property sits on a rare double lot and offers excellent cash flow potential with additional 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 garage space 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 for investors seeking immediate cash flow with long-term appreciation potential. Spacious units, strong rental demand, and flexible lease structures provide multiple operational strategies for future ownership. 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 with mixed-use flexibility, tax advantages, and future upside in a rapidly improving East Saint Paul market.
Directions: General sense of location: About 5–7 minutes from downtown Saint Paul Near Swede Hollow Park and the Bruce Vento Trail In a dense mixed residential/commercial corridor on Payne Ave Easy access from I-94 using the Mounds Blvd or Arcade exits.

Accessible

None: Yes

Assumable Loan

Not Assumable: Yes

Basement

Concrete Block: Yes

Construction Materials

Block: Yes

Construction Status

Previously Owned: Yes

Electric

Circuit Breakers: Yes

Exterior

Stucco: Yes

Fencing

Wood: Yes

Foundation

Concrete Block: Yes

Fuel

Electric: Yes
Natural Gas: Yes

Heating

Forced Air: Yes

Internet Options

Cable: Yes

Laundry

Common Area: Yes

Lock Box Type

None: Yes

Lot Description

Corner Lot: Yes
Public Transit (w/in 6 blks): Yes

Patio, Porch and Deck Features

Enclosed: Yes
Porch: Yes

Road Frontage

City Street: Yes

Sellers Terms

Cash: Yes
Conventional: Yes
Conventional Rehab: Yes
FHA: Yes

Sewer

City Sewer/Connected: Yes

Stories

Two: Yes

Water

City Water/Connected: Yes

No. of Ranges

Four: Yes

No. of Refrigerators

Four: Yes

Unit 1 Appliances

Microwave: Yes
Range: Yes
Refrigerator: Yes

Unit 2 Appliances

Microwave: Yes
Range: Yes
Refrigerator: Yes

Unit 2 Bath Description

Main Floor Full Bath: Yes

Unit 3 Appliances

Microwave: Yes
Range: Yes
Refrigerator: Yes

Unit 3 Bath Description

Main Floor Full Bath: Yes

Unit 4 Amenities

Balcony: Yes

Unit 4 Appliances

Microwave: Yes
Range: Yes
Refrigerator: Yes

Unit 4 Bath Description

Upper Level Full Bath: Yes

Listing Office: Keller Williams Realty Integrity Lakes

Last Updated: July - 28 - 2026

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