For Sale
$465,000

217 Spring St Mankato, MN 56001

High-Yield Multifamily Property in Central Mankato

Overview

Added:
Dec 11, 2024
Days on market:
132
This exceptional four-plex apartment building, located at 217 E Spring St in Mankato, Minnesota, presents a compelling investment opportunity. Priced at $465,000, this property boasts a strong 7.81% capitalization rate and a current Net Operating Income (NOI) of $36,307. Currently operating at 100% occupancy with long-term leases extending into the fall of 2025, this is a truly turnkey asset. Significant recent upgrades enhance its value and appeal, including a complete electrical overhaul, updated plumbing with copper water lines, new vinyl windows throughout, a newer furnace (installed in 2017), and new kitchen cabinets and flooring in most units. Additional improvements include new basement windows, updated gutters and downspouts, and a convenient coin-operated laundry facility. Each apartment features separately metered gas (units B & D) and electric services. Situated in the heart of Central Mankato, this property offers both immediate income and significant long-term potential, making it an ideal addition to any investment portfolio, whether you are a seasoned investor or just beginning. The property's strong rental history and extensive upgrades combine to create a rare opportunity for a stable and profitable investment.

Highlights

  • Completely updated electrical system.
  • Individually metered electric service.
  • Separate gas meters for units B and D.
  • New basement windows.
  • Copper plumbing throughout.
  • Newer kitchen cabinetry.

Property Details for 217 Spring St

Property type
Apartment buildings

Location Insight

City
Mankato
County
Blue Earth
State
Minnesota
Latitude
44.1699985
Longitude
-93.9972015

FAQs

What type of property is this?
Apartment building - High-Yield Multifamily Property in Central Mankato
Where is the apartment building located?
The property is located at 217 Spring St Mankato, MN.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Completely updated electrical system.; Individually metered electric service.; Separate gas meters for units B and D.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
217 Spring St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message