Downtown Mankato
For Sale
$375,000
303 N Broad Street, Mankato, MN 56001
MULTI-FAMILY, 4-plex, Mankato, MN
Property Size4,000 SF
Lot Size0.15 Acres
Price / SF$93.75
Days on Market163
Property Features for 303 N Broad Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Basement, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 4
Interior features
Main Floor Laundry
Exterior features
Driveway - Concrete
Lot features
Corner Lot, Tree Coverage - Light, Paved Streets
Elementary school district
Mankato #77
Middle school district
Mankato #77
High school district
Mankato #77
Directions
Park on Broad or Plum St. and enter through front door on Broad St. side.
Subdivision
MANKATO CENTRAL
Standard status
Active
APN
R010907456013
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
legal to govern
Tax Annual Amount
5520
Legal Description
legal to govern
Utilities
Heating system
Oil
Amenities
on-site laundry
vaulted ceilings
porches
Building Details
Year built
1885
Floors in Building
2
Number of units
4
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX DYNAMIC AGENTS · RE/MAX International
(507) 387-5151
Listed By:
Tyler Bolduan · License #40927098
(507) 363-3300
Added: Apr 17
Changed: Sep 25
Last Checked: Sep 26 at 8:06AM
MLS# 7039998
Copyright © 2026 Realtor Association of Southern Minnesota. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1885 quadplex contains four residential units: one two-bedroom apartment and three one-bedroom apartments, each with a full bathroom. The property spans more than 4,000 square feet, although the listed property-size field is 0, so the conflicting measurement is omitted here. Interior features include cosmetic updates, shared first-floor laundry, tall or vaulted ceilings, and two porches that provide additional storage. The two-bedroom unit includes a dishwasher, while heating is provided by oil.
The property sits at 303 N Broad Street in downtown Mankato, Minnesota, on a 0.15-acre lot. A concrete driveway serves the site, and the shingle roof was installed in 2019. The lower two units are expected to become available in August. Tenants pay their own electric and Wi-Fi costs, and owner occupants are welcome.
The property sits at 303 N Broad Street in downtown Mankato, Minnesota, on a 0.15-acre lot. A concrete driveway serves the site, and the shingle roof was installed in 2019. The lower two units are expected to become available in August. Tenants pay their own electric and Wi-Fi costs, and owner occupants are welcome.
Key Highlights
- Four‑unit configuration with one 2‑bedroom apartment and three 1‑bedroom apartments
- 0.15‑acre lot at 303 N Broad Street in downtown Mankato
- Shingle roof installed in 2019
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$32,987
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$659,740
$659.7K
Cap Rate 7%
$471,243
$471.2K
Cap Rate 9%
$366,522
$366.5K
Market Conditions
NOI Build-Up for 4,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$50.4K $12.60/SF
− Vacancy
−$3.3K −$0.82/SF
EGI
$47.1K $11.78/SF
− OpEx
−$14.1K −$3.53/SF
NOI
$33.0K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$659,740
Cap Rate 7%
$471,243
Cap Rate 9%
$366,522
Alternative Uses
Best Use
Multifamily LT 5
$471.2K
$412.3K – $549.8K
NOI $32,987 @ 7.0% cap · market cap 8.80%
Second Best
Apartment 5plus
$437.0K
$382.4K – $509.8K
NOI $30,589 @ 7.0% cap · market cap 8.16%
Theoretical Best
Office A
$790.6K
$691.8K – $922.3K
NOI $55,340 @ 7.0% cap · market cap 14.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,659
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit property with updated interiors, shared laundry, and flexible owner-occupant potential.
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 $375,000.
What are key features of this property?
This property features: Four‑unit configuration with one 2‑bedroom apartment and three 1‑bedroom apartments; 0.15‑acre lot at 303 N Broad Street in downtown Mankato; Shingle roof installed in 2019
