1708 Riverfront DrMankato, MN 56001

Property Details for 1708 Riverfront Dr

Year built

2014

Lot size

1.04 AC

Property size (Sq ft)

13,420 SF

Property type

Hotels

Property subtype

Motels

APN

R01.09.05.351.041

APU

R010905351041

Description

This exceptional 13,420 square foot, 39-suite motel in Mankato, Minnesota, presents a lucrative investment opportunity. Boasting a 6.76% cap rate and a strong NOI of $304,000, this property offers significant return potential. Built in 2014 and situated on a 1.04-acre lot at 1708 N Riverfront Dr, Mankato, MN 56001 (APN: 010905351041), the property currently enjoys a 97% occupancy rate. Many suites are occupied by long-term residents, with the remainder on month-to-month tenancies, leaving a few available for short-term stays. The property features a single, one-story building with a fully equipped office and laundry facility. Each of the 39 furnished suites includes a full kitchen with a refrigerator, range/oven, microwave, and dishwasher, along with vaulted ceilings and lofts. Licensed as an extended-stay facility, this luxury boutique motel caters to both short-term and long-term housing needs, offering flexibility in occupancy terms and streamlined guest management. The asking price is $4,500,000, translating to $335.32 per square foot. This property represents a rare opportunity to acquire a high-performing, well-maintained hospitality asset in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $2,509,146

  6.5%

  $2,316,135

  7%

  $2,150,697

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,609,648

  Geo Method

  $1,609,648

• Alternative Use

  Use

  Valuation

  Residential

  $2,528,547

  Hospitality

  $2,316,135

  Educational

  $1,926,997

  Medical

  $1,993,270

  Retail

  $2,997,552

Location Insight

City

Mankato

County

Blue Earth

State

Minnesota

Latitude

44.1841

Longitude

-93.9876

CBSA code

31860

CBSA name

MANKATO-NORTH MANKATO, MN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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