661 Payne Ave Saint Paul, MN 55130
Payne-Phalen NeighborhoodEstimated payment $2,917/month
Highlights
- Multiple Garages
- 4 Car Detached Garage
- Parking Storage or Cabinetry
- Corner Lot
- Enclosed Patio or Porch
- Forced Air Heating System
About This Home
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.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $2,466
Year Built
- Built in 1884
Lot Details
- Lot Dimensions are 35x146
- Wood Fence
- Corner Lot
Parking
- 4 Car Detached Garage
- Multiple Garages
- Parking Storage or Cabinetry
- Heated Garage
Home Design
- Quadruplex
- Block Foundation
- Block Exterior
- Stucco Exterior
Interior Spaces
- 2,600 Sq Ft Home
- 2-Story Property
- Basement
- Block Basement Construction
Bedrooms and Bathrooms
- 4 Bedrooms
- 4 Bathrooms
Additional Features
- Enclosed Patio or Porch
- Forced Air Heating System
Listing and Financial Details
- Assessor Parcel Number 322922210016
Community Details
Overview
- 4 Units
- Phillips Add Subdivision
Amenities
- Laundry Facilities
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $5,310 | $445,000 | $80,000 | $365,000 |
| 2023 | $5,310 | $432,200 | $80,000 | $352,200 |
| 2022 | $4,256 | $432,200 | $80,000 | $352,200 |
| 2021 | $4,198 | $333,200 | $80,000 | $253,200 |
| 2020 | $6,526 | $341,100 | $80,000 | $261,100 |
| 2019 | $5,786 | $309,400 | $80,000 | $229,400 |
| 2018 | $4,964 | $270,500 | $80,000 | $190,500 |
| 2017 | $4,088 | $235,200 | $80,000 | $155,200 |
| 2016 | $3,108 | $0 | $0 | $0 |
| 2015 | $3,132 | $147,000 | $60,000 | $87,000 |
| 2014 | $3,336 | $0 | $0 | $0 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 05/29/2026 05/29/26 | For Sale | $499,999 | +26.6% | $192 / Sq Ft | |
| 08/13/2025 08/13/25 | Sold | $395,000 | +0.1% | $152 / Sq Ft | View Prior Sale |
| 06/02/2025 06/02/25 | Pending | -- | -- | -- | |
| 05/16/2025 05/16/25 | For Sale | $394,600 | +215.7% | $152 / Sq Ft | |
| 10/31/2012 10/31/12 | Sold | $125,000 | +8.7% | $48 / Sq Ft | View Prior Sale |
| 10/16/2012 10/16/12 | Pending | -- | -- | -- | |
| 08/20/2012 08/20/12 | For Sale | $115,000 | -- | $44 / Sq Ft |
Source: NorthstarMLS
MLS Number: 7068786
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Listings courtesy of NorthstarMLS as distributed by MLS GRID.
Based on information submitted to the MLS GRID
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Ask me questions while you tour the home.