504 James Ave Mankato, MN 56001

Southwood Flats, a prime multifamily investment property located at 504 James Ave, Mankato, MN 56001, is offered at $17,500,000. This exceptional property consists of three, three-story buildings encompassing 131,544 square feet on a 5.673-acre lot. Built in 1971, the complex boasts 153 units, a mix of 90 one-bedroom and 63 two-bedroom apartments. A significant portion of the units, 106 to be exact, have undergone renovations. Residents enjoy spacious and oversized units featuring large living rooms and private patio/deck areas. On-site and off-street laundry facilities add to the convenience. The property is beautifully landscaped with mature trees and well-maintained grounds. Its strategic location, less than half a mile from Minnesota State University, provides access to a substantial student population exceeding 15,000. The price per square foot is $133.04, and the price per unit is $114,379.08. This presents a compelling opportunity for investors seeking a well-established, high-occupancy apartment complex in a thriving college town. The property's proximity to the university ensures consistent demand and strong rental income potential.