1082 Payne Avenue
Mixed Use | 7.17% CAP | 4,200 SqFt
Marketing description
1082 Payne Avenue is a four-unit mixed-use investment opportunity located along Saint Paul’s Payne Avenue corridor, offering investors in-place income, commercial visibility, and clear value-add upside. Priced at $274,900, the property includes one street-facing commercial unit, one two-bedroom apartment, one studio apartment, and one storage/flexible-use unit currently rented at $150/month. The property generates $41,100 in actual annual scheduled income and is underwritten at a 7.17% current cap rate, with market income projected at $46,500 and a 9.14% market cap rate. A key upside opportunity is the existing “storage” unit, which already includes a kitchen and bathroom but is currently non-conforming and rented as storage. An investor may have the ability to reposition this space into a conforming studio apartment, subject to city approval, code compliance, and required improvements, creating additional rental income and long-term value. Positioned near major East Side redevelopment catalysts, including the Hamm’s Brewery redevelopment and the Plaza del Sol project at 990 Payne Avenue, this asset offers an accessible basis in a corridor benefiting from new housing, small-business investment, commercial activity, and neighborhood revitalization.
Investment highlights
- Mixed-Use Income Opportunity: Lower-level retail space plus two upper residential units create diversified income potential in a high-visibility East Side Saint Paul location
- Flexible Expansion Potential: Additional unfinished fourth space was previously connected to the upper unit and can be converted into a larger residential layout or maintained as a separate future income opportunity
- Established Commercial Tenancy: Street-facing retail unit along Payne Avenue is zoned B2 and currently leased by an operating retail business
- Prime Corner Exposure: Completely visible corner lot location offers exceptional street presence, accessibility, and long-term commercial appeal
- Value-Add Opportunity: Potential to modernize residential interiors and reposition unfinished space to increase rental income and overall asset value
- Owner-Occupier or Investor Appeal: Ideal setup for investors seeking multiple income streams or owner-occupiers wanting live/work flexibility
- Character & Functionality: Features a blend of wood and carpet flooring, flat roof construction, and approximately 4,200 gross square feet of versatile space
- Year-Round Comfort Systems: Equipped with hot water heating, natural gas fuel, and ductless mini-split air conditioning
- Additional Storage & Utility: Detached garage provides added convenience for tenants, storage, or operational use
- Long-Term Redevelopment Potential: Mixed-use configuration and prominent location support future repositioning, expansion, or enhanced commercial use opportunities
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