224 Minnesota AveSaint Peter, MN 56082

Property Details for 224 Minnesota Ave

Year built

1890

Lot size

0.08 AC

Property size (Sq ft)

6,005 SF

Property type

Turn key restaurants

APN

19.412.3810

APU

194123810

Description

This fully occupied, mixed-use property in Saint Peter, Minnesota presents a compelling investment opportunity. The 9,456 square foot building, constructed in 1887 and renovated in 1998, boasts a unique blend of commercial and residential space. The property features two large main floor retail units, one of which is occupied by a long-term franchisee tenant, Erberts & Gerberts. The second floor comprises two oversized loft-style apartments with high ceilings. A long-term tenant occupies the lower level. The building is 100% occupied, generating a net operating income (NOI) of $45,625, resulting in a 7.02% capitalization rate. The property is a three-story, all-brick and Kasota limestone structure situated on a 0.083-acre lot (APN: 19-412-3810). The asking price is $650,000 ($130,000 per unit, $68.74 per square foot). The roof was replaced in 1998, and windows have been updated. Most utilities are paid by tenants. This stabilized, value-add investment is offered in as-is condition and is suitable for a 1031 exchange. The property is zoned commercial and offers excellent curb appeal. Financial details are available upon request.

• CAP approach

  CAP return

  Valuation

  6%

  $1,453,079

  6.5%

  $1,341,304

  7%

  $1,245,496

• Comparable approach

  Method

  Valuation

  Relative Method

  $772,368

  Geo Method

  $772,368

• Alternative Use

  Use

  Valuation

  Residential

  $1,131,440

  Hospitality

  $1,036,393

  Educational

  $862,267

  Medical

  $891,921

  Retail

  $1,341,304

Location Insight

City

Saint Peter

County

Nicollet

State

Minnesota

Latitude

44.3244

Longitude

-93.9574

CBSA code

31860

CBSA name

MANKATO-NORTH MANKATO, MN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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