For Sale: Saint Paul MLS# 6806866
Active
NEW!
$365,000
Commercial: Other
Built 1884
0.03 acres
St. Paul schools
MLS# 6806866
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Property Description
Exceptional mixed-use investment opportunity along the rapidly redeveloping Payne-Phalen corridor. This property stands out among others on Payne Avenue for its expandable upper-level space and strong value-add potential. The building currently includes well-maintained commercial space on the main level and an upper level that offers an incredible opportunity to build out additional office suites or even convert into a residential unit. The third-floor space already has existing plumbing and electrical infrastructure, making future construction more efficient and cost-effective.
Investors and owner-operators have multiple paths to create value here, either by renovating and renting the existing upper-level offices, or by reconfiguring the layout to add two to three new office spaces. For those with a creative vision, the upper level could also be converted into a spacious apartment or mixed live-work setup. Whichever route is chosen, 977 Payne Ave offers significant upside and flexibility to tailor the property to maximize income and appreciation.
Located in one of Saint Paul’s most energetic redevelopment corridors, this property benefits from proximity to major area investments, including the Hamm’s Brewery redevelopment, which will bring new housing, retail, and community gathering spaces, and the Latino Economic Development Center’s multi-million-dollar revitalization project, featuring a large event center, commercial kitchen, restaurants, and retail spaces. These transformative projects are driving renewed economic energy, consumer traffic, and property value growth along Payne Avenue.
Positioned in the heart of this momentum, 977 Payne Ave offers an unbeatable opportunity to acquire a flexible, income-producing property with built-in expansion potential in a neighborhood on the rise.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$365,000
Property Type:
Commercial
City:
Saint Paul
Garage Spaces:
0
County:
Ramsey
Year Built:
1884
State:
MN
Property Style:
Other
Zip Code:
55130
Neighborhood/Area:
Payne-Phalen
Subdivision Name:
J R Weide Re L28-30b15 L1-2b16
Exterior
Stories:
Three Or More
Garage Spaces:
0
Other Parking Spaces:
0
Foundation Size:
1,225 ft2
Handicap Accessible:
None
Heating System:
Forced Air
Parking Features:
On-Street Parking Only
Exterior Material:
Brick/Stone
Roof Details:
- Age 8 Years or Less
- Asphalt
- Rolled/Hot Mop
Lot & Land
Acres:
0.03
Geolocation:
44.970762, -93.07375
Inclusions:
Building, Fixture/Equipment, Leases, Rental License
Lot Dimensions:
49 X 25
Zoning:
Business/Commercial
Schools
School District:
625
District Phone:
651-767-8100
Expenses
Annual Gross Expense:
$21,226
Tenant Expenses:
Electricity
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$9,640
Lender-owned:
No
Assessment Pending:
Unknown
Taxes w/ Assessments:
$9,640
Income
Annual Gross Income:
$43,200
Rent
Annual Net Income:
$21,974
Units
Total Units:
5
Miscellaneous
Current Use:
- Commercial
- Office
- Other
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Common
- Hot Water Common
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Keller Williams Premier Realty.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.