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    217 E Spring St Mankato, MN 56001
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    217 E Spring St Mankato, MN 56001

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    • Quadplexes
    Off-Market
    Property ID
    US46-1969948
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Quadplexes

    Property Details for 217 E Spring St

    Property type
    Quadplexes

    Description

    This exceptional 4-plex located in the heart of Central Mankato offers a fantastic investment opportunity with extensive upgrades and an outstanding rental history. With long-term tenants and leases in place through the fall of 2025, this property is a turn-key asset for any investor. Key features include but are not limited to: updated electrical, plumbing, vinyl windows, newer furnace, coin-operated laundry, gutters, downspouts & more!! Simply too many upgrades to list! Whether you're an experienced investor or looking to start your portfolio, this property offers a rare combination of value, convenience & long-term potential. Contact me today for more details or to schedule a private showing! This 4-plex is a must-see!

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Mankato
    County
    Nicollet
    State
    Minnesota
    Longitude
    -93.99724
    Latitude
    44.170013

    Comparable in this City

    • $1,195,000
      6,528 SF

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      Siesta Hills Townhome

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    • $445,000
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      Mankato Home with Private Views

      Well-maintained home with quality finishes and secluded views.
      725 Augusta Dr, Mankato, MN 56001
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    • $639,900
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      Siesta Hills Townhome

      Two-bedroom townhome in Siesta Hills community with luxury amenities.
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    • $357,000
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      Mankato Townhome with Tree-Lined Backyard

      Two-story townhome with modern finishes and private backyard.
      313 Tranquility Trl, Mankato, MN 56001
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    • New
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      Mankato Turnkey Investment Opportunity

      Four-unit property in downtown Mankato generating $3,075 monthly income.
      303 N Broad St, Mankato, MN 56001
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    Similar Nearby for Sale

    • $1,195,000
      6,528 SF

      Renovated Mankato 4-Plex Townhome

      Fully renovated, occupied 4-unit townhome with modern appeal and income stability.
      412 Holly Ln, Mankato, MN 56001
      View Details
    • $639,900
      2,552 SF

      Siesta Hills Townhome

      Two-bedroom townhome in Siesta Hills community with luxury amenities.
      1048 Saba Blvd, Mankato, MN 56001
      View Details
    • $445,000
      1,890 SF

      Mankato Home with Private Views

      Well-maintained home with quality finishes and secluded views.
      725 Augusta Dr, Mankato, MN 56001
      View Details
    • $639,900
      2,552 SF

      Siesta Hills Townhome with Amenities

      Two-bedroom townhome in Siesta Hills with access to amenities.
      1046 Saba Blvd, Mankato, MN 56001
      View Details
    • New
      $390,000
      4,911 SF

      Mankato Turnkey Investment Opportunity

      Four-unit property in downtown Mankato generating $3,075 monthly income.
      303 N Broad St, Mankato, MN 56001
      View Details
    • $357,000
      2,600 SF

      Mankato Townhome with Tree-Lined Backyard

      Two-story townhome with modern finishes and private backyard.
      313 Tranquility Trl, Mankato, MN 56001
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr

      Prime Retail Space in Mankato

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      4,500 SF

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      1840 Adams St, Mankato, MN 56001
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    • $15 SF/Yr
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      Repurposed Entertainment and Restaurant Hub

      Family entertainment and restaurant hub with diverse leasing options.
      1850 Madison Ave, Mankato, MN 56001
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    • $10 SF/Yr
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      Madison East Center Retail Space

      Repurposed retail property with medical-retail focus, office and retail spaces.
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      10,000 SF

      Warehouse/Flex Space Available

      5060 SF warehouse/flex space with dock and drive-in doors.
      2351 N Victory Dr, Mankato, MN 56001
      View Details
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    217 E Spring St
    Mankato, MN 56001
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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