Home for Sale in Saint Paul
661 Payne Avenue
Saint Paul, MN 55130
Property Details
No. of Units
4
Year Built
1884
Square Feet
3,900
Acres
0.12
2025 Property Taxes
$2,466
School District
St. Paul
County
Ramsey
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.
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.
Unit Information
Unit 1
Unit 2
Unit 3
Unit 4
Features
Electric
Circuit Breakers
Heating
Forced Air
Sewer
City Sewer/Connected
Water
Public
Foundation
Block
Fencing
Wood
Additional Info
Listed By
Hosie Thurmond of Keller Williams Realty Integrity Lakes
Listed
05/29/26 and last updated 05/30/26
Based on information submitted to the MLS GRID or Trestle as of DATE and TIME. All data is obtained from various sources and may not have been verified by the broker, MLS GRID, or Trestle. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some IDX listings have been excluded from this website. IDX information is provided exclusively for personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.
