Remodeled Mixed-Use
For Sale
$5,750,000
500 S 2nd St, Mankato, MN 56001
Downtown mixed-use complex combines remodeled apartments, commercial space, and shared elevator access.
Property Size44,076 SF
Days on Market154
Property Features for 500 S 2nd St
General Information
Standard status
Active
Size
44,076 SF
Class
A
Elevators
Yes
Property subtype
Office - General Office
Additional Details
Road Access
Yes
Building Details
Building Size
44,076 SF
Year Built
1950
Buildings
3
Units
40
Listing Agency:
Landmark Real Estate
Listed By:
Jon Kietzer · License #40192489
Source:
Commercialcafe
Added: Apr 1
Changed: Aug 31
Last Checked: Aug 31 at 2:46AM
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 Landmark Real Estate
Investment Insights
Based on property information with market context.
This downtown Mankato mixed-use property includes a 38-unit, three-story apartment complex constructed in 1950 with prestressed concrete and brick. The building is elevated on columns, creating covered parking beneath the main level. The residential component includes 30 one-bedroom apartments and 8 two-bedroom apartments, all remodeled during 2022 and early 2023. Current occupancy is 100%, with parking available on the property for residents.
The property also includes a 12,663-square-foot commercial building at 121 E Cherry St., leased to Menari Body Works. A shared elevator serves the commercial and apartment buildings. At 117 E Cherry St., a separate two-story, 2,904-square-foot brick building contains two four-bedroom apartments. The overall property is located at the corner of 2nd St. and Cherry St. in downtown Mankato.
The property also includes a 12,663-square-foot commercial building at 121 E Cherry St., leased to Menari Body Works. A shared elevator serves the commercial and apartment buildings. At 117 E Cherry St., a separate two-story, 2,904-square-foot brick building contains two four-bedroom apartments. The overall property is located at the corner of 2nd St. and Cherry St. in downtown Mankato.
Key Highlights
- 38‑unit, three‑story apartment complex
- Residential mix includes 30 one‑bedroom and 8 two‑bedroom apartments
- Apartments remodeled during 2022 and early 2023
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,606
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
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown mixed-use complex combines remodeled apartments, commercial space, and shared elevator access.
Where is this mixed-use property located?
The property is located at 500 S 2nd St Mankato, MN.
What is the asking price?
The asking price for this property is $5,750,000.
What are key features of this property?
This property features: 38‑unit, three‑story apartment complex; Residential mix includes 30 one‑bedroom and 8 two‑bedroom apartments; Apartments remodeled during 2022 and early 2023
