1621 Colony Ct North Mankato, MN 56003

Property Details for 1621 Colony Ct

Year built

1971

Property size

172,464 SF

Property type

Commercial real estate

Description

This exceptional multifamily investment opportunity encompasses two distinct apartment communities in North Mankato, Minnesota, totaling 182 units and 172,464 square feet of rentable space. The Colony Court Apartments, a 120-unit complex built in 1971, features 20 one-bedroom and 100 two-bedroom units spread across 10 buildings situated on 6.38 acres. Amenities include on-site laundry facilities, a playground, ample grounds, extra storage, and in-unit appliances (stove, refrigerator, and wall air conditioning). A separate on-site management office building is also included. The Hoover Estate Apartments, constructed in 1991, comprises 72 units across three three-story buildings on 6.35 acres. This community offers a mix of 3 one-bedroom, 51 two-bedroom, and 18 three-bedroom units, with in-unit appliances (stove, refrigerator, and wall air conditioning), on-site laundry facilities, and detached garages. Both properties boast convenient proximity to major employers such as Navitor, Corporate Graphics, Hoover Elementary, and North Central College. The asking price for this portfolio is $17,500,000. Detailed financial information and rent rolls are available upon request. This is a rare opportunity to acquire a substantial, well-located multifamily portfolio in a thriving Minnesota market.

Location Insight

City

North Mankato

County

Nicollet

State

Minnesota

Longitude

-94.0369049

Latitude

44.174141