For Sale: Blue Earth MLS# 7015348
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Property Description
TFuture Redevelopment Site. LOCATED IN AN OPPORTUNITY ZONE across the street from the major downtown Mankato redevelopment focused on a $60 million plus mixed use project at the former Walgreens site. This multi-family investment property has four streams of income. There is a five bedroom, three bath apartment. There is a four bedroom one bath apartment. Both have a washer/dryer. There is off street parking for tenants and guests. There are six rented surface parking stalls and the double garage is also rented separately. The interior finishes include marble, tile, granite, and stainless steel appliances. There is a private 19x17 patio on the south side of the property. This is located on the city bus route and walkable to everything downtown. It's about a half mile to Minnesota State University Mankato campus and has been traditionally occupied by students. The zoning is CBDF, Central Business District Fringe. The garage is a possible office conversion. Buy, Hold, Redevelop, Bingo!
Listing
Listing Status:
Active
Contingency:
None
List Price:
$429,900
Property Type:
Commercial
City:
Blue Earth
Garage Spaces:
0
County:
Faribault
Year Built:
1955
State:
MN
Property Style:
Other
Zip Code:
56013
Subdivision Name:
Blue Earth
Exterior
Garage Spaces:
0
Foundation Size:
6,531 ft2
Handicap Accessible:
None
Heating System:
Forced Air
Parking Features:
Parking Lot
Lot & Land
Acres:
0.6
Geolocation:
43.640099, -94.090412
Inclusions:
Building, Land, Leases
Lot Dimensions:
145 x 180
Zoning:
Residential-Multi-Family
Schools
School District:
1290
District Phone:
5075263188
Expenses
Annual Caretaker Expense:
$8,300
Annual Electric Expense:
$1,172
Annual Fuel Expense:
$2,921
Annual Insurance Expense:
$4,174
Annual Maintenance Expense:
$4,000
Annual Trash Expense:
$2,958
Annual Water/Sewer Expense:
$7,700
Tenant Expenses:
Broadband, Cable TV, Electricity, Gas, Telephone
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$4,410
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$5,812
Income
Annual Gross Income:
$80,313
Rent
Annual Net Income:
$34,884
Units
Total Units:
11
Miscellaneous
Current Use:
Residential
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Separate
- Hot Water Common
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of RE/MAX Results.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.