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Nicollet Hotel 122 S Minnesota Ave 20 Unit Apartment Building $2,250,000 ($112,500/Unit) 8.60% Cap Rate Saint Peter, MN 56082
Investment Highlights
- Three-Story Rowhouses
- Historical Features and Unique Floorplans
- All brick and Stone Exterior
- Downtown Mainstreet Location
Executive Summary
THIS IS A ONCE IN A LIFE-TIME OPPORTUNITY TO ACQUIRE A DOWNTOWN SAINT PETER ICONIC MIXED-USE BUILDING! ORIGINALLY CONSTRUCTED IN 1872 AS THE TOWNS MAIN HOTEL HANGOUT, THIS PROPERTY HAS SINCE BEEN CONVERTED INTO MAIN FLOOR AND LOWER LEVEL COMMERCIAL SPACES, 3-STORY ROW HOUSES, AND SECOND & THIRD FLOOR APARTMENTS. THE TOTAL GROSS BUILDING SQUARE FOOTAGE IS JUST OVER 24,000+. AFTER THE DEVASTATING 1998 TORNADO, A GROUP OF INVESTORS CAME TOGETHER TO SAVE THIS HISTORIC PIECE OF REAL ESTATE AND REPLACED THE ROOFS, WINDOWS, INSTALLED A NEW ELEVATOR, TUCK POINTED THE EXTERIOR BRICK, AND ADDED MAINTENANCE FREE METAL COPING AROUND THE WHOLE TOP OF THE STRUCTURE. THE 2ND & 3RD FLOOR APARTMENTS FEATURE TALL CEILING HEIGHTS AND UPDATED KITCHENS & BATHROOMS. IN THE BACK OF THE PROPERTY THERE ARE FOUR ROW HOUSES EACH WITH UNIQUE LAYOUTS AND SOME WITH THREE STORIES. TWO OF THESE ROW-HOUSES ARE 1BD, 1BA AND THE OTHER TWO ARE 2BD + DEN, 1BA. YOU WILL DEFINITELY WANT TO TOUR THIS BUILDING!! PRO-FORMA NOI $193,415 / CAP RATE 8.60 %
Data Room Click Here to Access
Financial Summary (Pro Forma - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$309,000
|
$12.88
|
| Other Income |
$1,320
|
$0.06
|
| Vacancy Loss |
$21,630
|
$0.90
|
| Effective Gross Income |
$288,690
|
$12.03
|
| Taxes |
$25,434
|
$1.06
|
| Operating Expenses |
$69,840
|
$2.91
|
| Total Expenses |
$95,274
|
$3.97
|
| Net Operating Income |
$193,416
|
$8.06
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $309,000 |
| Annual Per SF | $12.88 |
| Other Income | |
|---|---|
| Annual | $1,320 |
| Annual Per SF | $0.06 |
| Vacancy Loss | |
|---|---|
| Annual | $21,630 |
| Annual Per SF | $0.90 |
| Effective Gross Income | |
|---|---|
| Annual | $288,690 |
| Annual Per SF | $12.03 |
| Taxes | |
|---|---|
| Annual | $25,434 |
| Annual Per SF | $1.06 |
| Operating Expenses | |
|---|---|
| Annual | $69,840 |
| Annual Per SF | $2.91 |
| Total Expenses | |
|---|---|
| Annual | $95,274 |
| Annual Per SF | $3.97 |
| Net Operating Income | |
|---|---|
| Annual | $193,416 |
| Annual Per SF | $8.06 |
Property Facts
| Price | $2,250,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $112,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.24 AC |
| Cap Rate | 8.60% | Building Size | 24,000 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 84% |
| Gross Rent Multiplier | 7.81 | No. Stories | 4 |
| No. Units | 20 | Year Built/Renovated | 1872/2000 |
| Property Type | Multifamily | Parking Ratio | 0.33/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | Mixed-Use | ||
| Price | $2,250,000 |
| Price Per Unit | $112,500 |
| Sale Type | Investment |
| Cap Rate | 8.60% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 7.81 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 24,000 SF |
| Average Occupancy | 84% |
| No. Stories | 4 |
| Year Built/Renovated | 1872/2000 |
| Parking Ratio | 0.33/1,000 SF |
| Zoning | Mixed-Use |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Ceiling Fans
- Refrigerator
- Sprinkler System
- Range
- Carpet
- Basement
- Double Pane Windows
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Recycling
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 14 | $925.00 | 600 - 750 |
| 2+1 | 4 | $1,048 | 1,000 - 1,100 |
| 3+1 | 2 | $1,100 | 1,200 |
Moderately walkable
60/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | R-19.412.3672 | Total Assessment | $1,209,800 |
| Land Assessment | $145,200 | Annual Taxes | $25,434 ($1.06/SF) |
| Improvements Assessment | $1,064,600 | Tax Year | 2025 Payable 2025 |
Property Taxes
Parcel Number
R-19.412.3672
Land Assessment
$145,200
Improvements Assessment
$1,064,600
Total Assessment
$1,209,800
Annual Taxes
$25,434 ($1.06/SF)
Tax Year
2025 Payable 2025
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Nicollet Hotel | 122 S Minnesota Ave
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