985 Payne Avenue, Saint Paul, MN 55130

• 4 baths

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.

Listing Status:

Active

Data Last Updated:

June 4, 2026 at 4:16AM

Listing Office:

Keller Williams Premier Realty : 651-379-5252

MLS ID:

6806885

Interior

• Heating: Boiler

Exterior

• General: Stone
• Parking: On-Street Parking Only

Construction

• General: OneBrick/Mortar

Location

• Originating MLS: northstar
• School District: St. Paul
• County: Ramsey

Lot

• Zoning: 292922130156
• Current Use: ResidentialRetail

Utilities

• Utilities: Electric Separate
• Water: City Water/Connected
• Sewer: City Sewer/Connected

Financial

• Source: northstar