1708 Riverfront Dr, Mankato, MN 56001-3259
- Hotels
- 13,420 SF
- 1.04 lot acres
Current Use by Public Records
- Riverfront Studio Suites #106 / Hotel & Motel / Vacation Rental
- The Loft Apartments / Apartment Building
- New Paradigm Spiritual Services / Fortune Telling Services / Reiki Therapist
- Minnesota Reiki Group / Alternative Medicine Practice
Property Details for 1708 Riverfront Dr
- Year built
- 2014
- Lot size
- 1.04 lot acres
- Property type
- Hotels
- Property subtype
- Motels
- APN
- R01.09.05.351.041
- APU
- R010905351041
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jul 12, 2022 | — | Riverfront Studio Suites LLC | — | Deed · related | $245k · Community Bank Mankato |
| Jun 24, 2022 | — | Riverfront Studio Suites LLC | — | Deed · related | $1.9M · Community Bank Mankato |
| May 3, 2018 | — | Riverfront Studio Suites LLC | — | Deed · related | $2M · Citizens Community Bank |
| Jun 6, 2014 | $250,000 | Riverfront Studios Suites LLC | North Riverfront Mini Storage | Warranty Deed | $250k · Community Bank Mankato |
Description
This exceptional 13,420 square foot, 39-suite motel in Mankato, Minnesota, presents a lucrative investment opportunity. Boasting a 6.76% cap rate and a strong NOI of $304,000, this property offers significant return potential. Built in 2014 and situated on a 1.04-acre lot at 1708 N Riverfront Dr, Mankato, MN 56001 (APN: 010905351041), the property currently enjoys a 97% occupancy rate. Many suites are occupied by long-term residents, with the remainder on month-to-month tenancies, leaving a few available for short-term stays. The property features a single, one-story building with a fully equipped office and laundry facility. Each of the 39 furnished suites includes a full kitchen with a refrigerator, range/oven, microwave, and dishwasher, along with vaulted ceilings and lofts. Licensed as an extended-stay facility, this luxury boutique motel caters to both short-term and long-term housing needs, offering flexibility in occupancy terms and streamlined guest management. The asking price is $4,500,000, translating to $335.32 per square foot. This property represents a rare opportunity to acquire a high-performing, well-maintained hospitality asset in a desirable location.
Value Estimations
-
Alternative Use
- Use
- Estimation
- RESTAURANT
- $1,265,000
- WAREHOUSE, STORAGE
- $1,240,000
- OFFICE BUILDING
- $1,200,000
- COMMERCIAL (GENERAL)
- $870,000
- AUTO REPAIR, GARAGE
- $845,000
- RETAIL STORES
- $770,000
- MEDICAL BUILDING
- $770,000
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Mankato
- County
- Blue Earth
- State
- Minnesota
- Longitude
- -93.9876
- Latitude
- 44.1841
- CBSA code
- 31860
- CBSA name
- MANKATO-NORTH MANKATO, MN MICROPOLITAN STATISTICAL AREA
