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 Market199
Property Features for 500 S 2nd St
General Information
Standard status
Active
Size
44,076 SF
Class
A
Elevators
Yes
Property subtype
Multi-Family
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: Oct 2
Last Checked: Oct 16 at 6:00AM
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
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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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$386,767
Cap Rate
6.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,735,340
$7.7M
Cap Rate 7%
$5,525,243
$5.5M
Cap Rate 9%
$4,297,411
$4.3M
Market Conditions
NOI Build-Up for 44,076 SF
Gross rent
$687.6K $15.60/SF
− Vacancy
−$68.8K −$1.56/SF
EGI
$618.8K $14.04/SF
− OpEx
−$232.1K −$5.27/SF
NOI
$386.8K $8.77/SF
Area
Blue Earth County, MN
Vacancy
10.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,735,340
Cap Rate 7%
$5,525,243
Cap Rate 9%
$4,297,411
Alternative Uses
Best Use
Mixed Use
$5.53M
$4.83M – $6.45M
NOI $386,767 @ 7.0% cap · market cap 6.73%
Second Best
Apartment 5plus
$4.82M
$4.21M – $5.62M
NOI $337,056 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$8.71M
$7.62M – $10.16M
NOI $609,793 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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
