890 Payne Ave
Saint Paul, MN 55130
Retail Property For Sale

Offered for sale is a value-add mixed-use property in Saint Paul’s Payne-Phalen corridor featuring one street-level commercial space (laundromat) and four residential units (3×1BR/1BA + 1×studio), plus an included B2-zoned lot at 648 York Ave (~4,836 SF)—two parcels, one purchase. The property is producing $70,680 in Effective Gross Income with NOI of ~$36,382 on ~$34,298 in annual operating expenses. The residential units have not been recently updated, creating a clear path for upside through light interior improvements (paint, flooring, kitchens/baths) to support stronger rents. On stabilization, the pro forma projects ~$79,080 EGI and NOI of ~$44,782 (approximately +23%), assuming expenses remain near current levels. The included B2 lot provides meaningful optionality for off-street parking, signage, storage, or future expansion concepts (subject to city approvals), enhancing tenant demand and long-term value. This is a compelling opportunity for investors seeking in-place cash flow, NOI growth, and land-driven upside in a high-traffic urban corridor.