4-Unit Multifamily
303 N Broad Street, Mankato, MN 56001
For Sale
$349,900
Two apartments are occupied, and the property includes on-site laundry and a one-car garage.
Property Size3,706 SF
Price / SF$94.41
Days on Market29
Property Features for 303 N Broad Street
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Amenities
on-site laundry
porches
Building Details
Year Built
Listing Agency:
Dane Arthur Real Estate Agency
Listed By:
Michael Bartus
(952) 400-7000
Source:
Hometwincities
Added: Oct 16
Changed: Nov 12
Last Checked: Nov 12 at 8:02AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Dane Arthur Real Estate Agency
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Investment Insights
Based on property information with market context.
Built in 1885, this 3,706-square-foot quadplex contains four apartments: one two-bedroom unit and three one-bedroom units. Each has a full bathroom and a kitchen with an oven and refrigerator; the two-bedroom apartment also has a dishwasher. Interior details include vaulted ceilings and hardwood and tile flooring. Shared features include on-site laundry, two porches and a one-car garage.
The property occupies a corner lot at 303 N Broad Street in downtown Mankato. Two of the four apartments are currently occupied.
The property occupies a corner lot at 303 N Broad Street in downtown Mankato. Two of the four apartments are currently occupied.
Key Highlights
- Four apartments: one two‑bedroom unit and three one‑bedroom units
- 3,706 square feet; built in 1885
- Two of four units currently occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,562
Cap Rate
8.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$611,240
$611.2K
Cap Rate 7%
$436,600
$436.6K
Cap Rate 9%
$339,578
$339.6K
Market Conditions
NOI Build-Up for 3,706 SF
Gross rent
$46.7K $12.60/SF
− Vacancy
−$3.0K −$0.82/SF
EGI
$43.7K $11.78/SF
− OpEx
−$13.1K −$3.53/SF
NOI
$30.6K $8.25/SF
Area
Blue Earth County, MN
Vacancy
6.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$611,240
Cap Rate 7%
$436,600
Cap Rate 9%
$339,578
Alternative Uses
Best Use
Multifamily LT 5
$436.6K
$382.0K – $509.4K
NOI $30,562 @ 7.0% cap · market cap 8.73%
Second Best
Apartment 5plus
$404.9K
$354.3K – $472.3K
NOI $28,340 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$732.5K
$640.9K – $854.6K
NOI $51,273 @ 7.0% cap · market cap 14.65%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,659
Businesses Nearby
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Business Placement
Demographics for 56001, MN
50,729
Population
21,583
Households
2.4
Avg Household Size
30
Median Age
37%
College-Educated
94%
High-School Grad
114.5 sq mi
ZIP Area
443
Density / Sq Mi
$67,224
Median Household Income
$29,122
Median Earnings
$1,088
Median Rent
$263,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Two apartments are occupied, and the property includes on-site laundry and a one-car garage.
Where is this quadplex located?
The property is located at 303 N Broad Street Mankato, MN.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Four apartments: one two‑bedroom unit and three one‑bedroom units; 3,706 square feet; built in 1885; Two of four units currently occupied
