504 James AveMankato, MN 56001

Property Details for 504 James Ave

Year built

1971

Lot size

5.67 AC

Property size (Sq ft)

131,544 SF

Property type

Apartment buildings

Description

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.

Location Insight

City

Mankato

County

Blue Earth

State

Minnesota

Latitude

44.1458

Longitude

-94.0068

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