217 Spring StMankato, MN 56001
- Apartment buildings
Property Details for 217 Spring St
- Property type
- Apartment buildings
Description
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.
Location Insight
- City
- Mankato
- County
- Blue Earth
- State
- Minnesota
- Latitude
- 44.17
- Longitude
- -93.9972
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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