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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

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.
More about this property
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