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    217 Spring St Mankato, MN 56001

    Sponsored
    For Sale
    $465,000

    High-Yield Multifamily Property in Central Mankato

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    396
    This exceptional four-plex apartment building, located at 217 E Spring St in Mankato, Minnesota, presents a compelling investment opportunity. Priced at $465,000, this property boasts a strong 7.81% capitalization rate and a current Net Operating Income (NOI) of $36,307. Currently operating at 100% occupancy with long-term leases extending into the fall of 2025, this is a truly turnkey asset. Significant recent upgrades enhance its value and appeal, including a complete electrical overhaul, updated plumbing with copper water lines, new vinyl windows throughout, a newer furnace (installed in 2017), and new kitchen cabinets and flooring in most units. Additional improvements include new basement windows, updated gutters and downspouts, and a convenient coin-operated laundry facility. Each apartment features separately metered gas (units B & D) and electric services. Situated in the heart of Central Mankato, this property offers both immediate income and significant long-term potential, making it an ideal addition to any investment portfolio, whether you are a seasoned investor or just beginning. The property's strong rental history and extensive upgrades combine to create a rare opportunity for a stable and profitable investment.

    Property Features for 217 Spring St

    General Information

    Property type
    Multifamily properties

    HighLights

    • Completely updated electrical system.
    • Individually metered electric service.
    • Separate gas meters for units B and D.
    • New basement windows.
    • Copper plumbing throughout.
    • Newer kitchen cabinetry.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mankato
    County
    Blue Earth
    State
    Minnesota
    Longitude
    -93.9972015
    Latitude
    44.1699985

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    FAQs

    What type of property is this?
    Multifamily property - High-Yield Multifamily Property in Central Mankato
    Where is this multifamily property located?
    The property is located at 217 Spring St Mankato, MN.
    What is the asking price?
    The asking price for this property is $465,000.
    What are key features of this property?
    This property features: Completely updated electrical system.; Individually metered electric service.; Separate gas meters for units B and D.
    Request Owner's contact information
    217 Spring St Mankato, MN 56001
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    217 Spring St Mankato, MN 56001
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