$1 Auction - REIT Sale | Former C-Store 1146 Payne Ave 2,386 SF Retail Building Saint Paul, MN 55130 $50,000 ($20.96/SF)

Marcus & Millichap is pleased to present the opportunity to acquire a vacant, free-standing retail building located at 1146 Payne Avenue, Saint Paul, Ramsey County, Minnesota (the “Property”). Previously occupied by Speedway, the Property is being offered significantly below replacement cost, presenting an attractive opportunity for owner-users or investors to acquire a well-located commercial asset with meaningful value enhancement potential. FIRST BID MEETS RESERVE!
Constructed sometime around 1966, the one-story, free-standing vacant convenience store includes ±2,386 square feet of retail space, gas pump canopy, and features a pylon sign. The Property is strategically positioned on a parcel totaling ±0.289 acres of land with 6 surface parking spaces and can be accessed via several points of ingress/egress. Zoned B-2, Community Business District, the Property allows for a variety of commercial uses, providing flexibility for redevelopment or alternative tenant types. This former convenience store provides an outstanding opportunity for investors to capitalize on strong market fundamentals, with potential for value-add through long-term lease-up at market rates (CoStar estimates retail rents at ±$20-$24/SF NNN). Per General Excavation Report from the Minnesota Pollution Control Agency, Underground Storage Tanks (USTs) #004, #005, and #006 were removed from the site June 26-27, 2019.
Saint Paul, Minnesota is the state capital and one half of the Twin Cities with Minneapolis, forming a major metropolitan core with a combined MSA of over 3 million people. The city’s economy is diversified and stable, anchored by government services, healthcare, education, finance, and professional services, with large employers such as the State of Minnesota, HealthPartners, and the University of Minnesota’s St. Paul campus supporting a strong daytime population. The Property is strategically situated just east of I-35E with direct access to downtown Saint Paul and offers excellent connectivity for logistics, light industrial, and highway commercial developments. Nearby traffic drivers include Walgreens, Dollar General, McDonald’s, Burger King, Popeyes, Auto Zone, Wendy’s, and St. Paul Airport. The Property is located in an area that serves 154,237 people within a 3-mile area and ±334,481 individuals with an AHHI of ±$86,633 within a 5-mile area further enhancing the area’s retail potential.