890 Payne Ave, St Paul, MN 55130
RETAIL For SaleYear Built: 1888
Floors: 2
| Space | Size | Type | Pricing |
|---|---|---|---|
| Mixed Use Property for Sale | SALE | $560,000.00 |
William Schultz - KW Commercial Premier - St Paul
PHONE: 6512166814
PHONE: 6512166814
This mixed-use property currently generates $67,884 per year from one commercial tenant (a laundromat) plus four apartments (three 1BR units and one studio). The apartments have not been updated recently, so simple interior upgrades—such as paint, flooring, and kitchen and bathroom improvements—are expected to support higher market rents. Upon stabilization, the pro forma projects approximately $74,400 per year in gross income. With operating costs remaining near the current level (approximately $34,298), the NOI (Net Operating Income)—income minus expenses—is projected to increase from about $33,586 to $40,102, representing roughly a 19% improvement. The sale also includes the B2-zoned lot at 648 York Ave (approximately 4,836 sq ft), which could provide additional off-street parking, signage, or future expansion. These features create opportunities to attract tenants and support higher rents over time.