Licensed
For Sale
$550,000
520 S 2nd Street, Mankato, MN 56001
Residential Income, Mankato, MN
Property Size3,000 SF
Lot Size0.24 Acres
Price / SF$183.33
Days on Market104
Property Features for 520 S 2nd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Business/Commercial, Residential-Multi-Family
Bedrooms
9
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 2, Bedroom 3, Bedroom 7, Bedroom 8, Bathroom 1, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 6, Bedroom 5, Bedroom 2, Bedroom 9, Basement, Bedroom 1, Bedroom 4
Parking features
Assigned, Parking Lot
Subdivision
Auditors 1
High school district
Mankato
Directions
Warren St to 2nd Street
Standard status
Active
APN
R010918106027
Size
3,000 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5260
Utilities
Heating system
Forced Air, Baseboard
Building Details
Year built
1884
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 431-2400
Listed By:
Kevin Goettl · License #MN 95340
(952) 829-2900
Added: Jun 24
Changed: Sep 25
Last Checked: Oct 5 at 4:06PM
MLS# 7098936
Copyright © 2026 Northstar MLS. 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 licensed duplex contains 3,000 square feet with 9 bedrooms and 5 bathrooms. Built in 1884, the property occupies a 0.239-acre lot and is fully leased. Heating is provided by forced air and baseboard systems.
Located at 520 S 2nd Street in Mankato, the property includes assigned parking and a parking lot. Tenants pay natural gas and electricity; ownership covers water and sewer. The stated cap rate is 8.6%.
Located at 520 S 2nd Street in Mankato, the property includes assigned parking and a parking lot. Tenants pay natural gas and electricity; ownership covers water and sewer. The stated cap rate is 8.6%.
Key Highlights
- Licensed duplex with 9 bedrooms and 5 bathrooms
- 3,000 square feet on a 0.239‑acre lot
- Fully leased; stated cap rate of 8.6%
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,740
Cap Rate
4.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$494,800
$494.8K
Cap Rate 7%
$353,429
$353.4K
Cap Rate 9%
$274,889
$274.9K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$37.8K $12.60/SF
− Vacancy
−$2.5K −$0.82/SF
EGI
$35.3K $11.78/SF
− OpEx
−$10.6K −$3.53/SF
NOI
$24.7K $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%
$494,800
Cap Rate 7%
$353,429
Cap Rate 9%
$274,889
Alternative Uses
Best Use
Multifamily LT 5
$353.4K
$309.3K – $412.3K
NOI $24,740 @ 7.0% cap · market cap 4.50%
Second Best
Apartment 5plus
$327.7K
$286.8K – $382.4K
NOI $22,941 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$592.9K
$518.8K – $691.8K
NOI $41,505 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,716
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
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Frequently Asked Questions
What type of property is this?
Duplex - The fully leased property has tenants covering natural gas and electricity, while ownership pays water and sewer.
Where is this duplex located?
The property is located at 520 S 2nd Street Mankato, MN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Licensed duplex with 9 bedrooms and 5 bathrooms; 3,000 square feet on a 0.239‑acre lot; Fully leased; stated cap rate of 8.6%
