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Nicollet Hotel 122 S Minnesota Ave 20 Unit Apartment Building $1,999,000 ($99,950/Unit) 9.68% Cap Rate Saint Peter, MN 56082
Investment Highlights
- Historic Nicollet Hotel(122 S Minnesota Ave), built in 1872, is a rare mixed-use asset thoughtfully converted into 20 well-appointed apartments.
- While one commercial and all row homes and apartments collect rental income, an investor or user can offset expenses and tap into the vacant upside.
- Three-story rowhouse structure maintains historical features and offers unique floor plans within the all-brick and stone exterior.
- Downtown commercial corridor corner location visible to more than 22,500 daily passing vehicles near the scenic Minnesota River.
- Unit mix comprises five retail/office commercial units, four row homes (varying size/layouts), and 16 apartments on the second and third floors.
- Capture an 8.6% pro forma cap rate with projected NOI of $193,415 through ownership of a landmark, income-producing property.
Executive Summary
This is a once-in-a-lifetime opportunity to acquire an iconic mixed-use building in downtown Saint Peter.
Originally constructed in 1872 as the town’s main hotel hangout, this property has since been converted into main-floor and lower-level commercial spaces, three-story row houses, and second- and third-floor apartments. The total gross building square footage is just over 24,000 square feet.
After the devastating 1998 tornado, a group of investors came together to save this historic piece of real estate and replaced the roofs and windows, installed a new elevator, tuck-pointed the exterior brick, and added maintenance-free metal coping around the entire top of the structure.
The second and third-floor apartments feature high ceilings and updated kitchens and bathrooms. In the back of the property, there are four row houses, each with a unique layout, some with three stories. Two of these row houses are one-bed/one-bath, and the other two are two-bed/one-bath, plus a den.
Positioned at the heart of one of southern Minnesota’s most charming downtowns, this exceptional offering blends character with multiple revenue streams and meaningful leasing upside. Whether expanding an investment portfolio or pursuing a signature mixed-use acquisition, buyers can capitalize on an established income base, benefit from a strategic corner presence, and steward a landmark property that has been a cornerstone of the community for more than 150 years.
Originally constructed in 1872 as the town’s main hotel hangout, this property has since been converted into main-floor and lower-level commercial spaces, three-story row houses, and second- and third-floor apartments. The total gross building square footage is just over 24,000 square feet.
After the devastating 1998 tornado, a group of investors came together to save this historic piece of real estate and replaced the roofs and windows, installed a new elevator, tuck-pointed the exterior brick, and added maintenance-free metal coping around the entire top of the structure.
The second and third-floor apartments feature high ceilings and updated kitchens and bathrooms. In the back of the property, there are four row houses, each with a unique layout, some with three stories. Two of these row houses are one-bed/one-bath, and the other two are two-bed/one-bath, plus a den.
Positioned at the heart of one of southern Minnesota’s most charming downtowns, this exceptional offering blends character with multiple revenue streams and meaningful leasing upside. Whether expanding an investment portfolio or pursuing a signature mixed-use acquisition, buyers can capitalize on an established income base, benefit from a strategic corner presence, and steward a landmark property that has been a cornerstone of the community for more than 150 years.
Offering Memorandum Click Here to Access
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 | $1,999,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $99,950 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.24 AC |
| Cap Rate | 9.68% | 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 | $1,999,000 |
| Price Per Unit | $99,950 |
| Sale Type | Investment |
| Cap Rate | 9.68% |
| 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
Nearby Amenities
Restaurants |
|||
|---|---|---|---|
| Great Wall Chinese Restaurant | Chinese | $ | 1 min walk |
| Domino’s | - | - | 2 min walk |
| China Town | Chinese | $ | 2 min walk |
| Lone Star BBQ & Grill | - | $$ | 5 min walk |
| Nicollet Cafe | Cafe | $$ | 7 min walk |
| Caribou Coffee | - | - | 8 min walk |
| Dairy Queen | - | - | 14 min walk |
Retail |
||
|---|---|---|
| Hallmark | Card/Gifts | 2 min walk |
| La Mexicana Market | Supermarket | 2 min walk |
| Ace Hardware | Hardware | 2 min walk |
| Do it Best | Hardware | 3 min walk |
| United States Postal Service | Other Services | 3 min walk |
| Saint Peter Laundry Co. | Laundry | 7 min walk |
| BP | Gasoline Station | 10 min walk |
| O'Reilly Auto Parts | Automotive | 12 min walk |
| Edward Jones | Investment Service | 15 min walk |
Hotels |
|
|---|---|
| AmericInn |
50 rooms
2 min drive
|
| Best Western Plus |
60 rooms
4 min drive
|
| Baymont |
60 rooms
14 min drive
|
| Coratel Inn & Suites |
55 rooms
16 min drive
|
| Days Inn |
50 rooms
15 min drive
|
Property Taxes
| Parcel Number | R-19.412.3672 | Total Assessment | $1,255,800 (2026) |
| Land Assessment | $145,200 (2026) | Annual Taxes | $25,434 ($1.06/SF) |
| Improvements Assessment | $1,110,600 (2026) | Tax Year | 2025 Payable 2025 |
Property Taxes
Parcel Number
R-19.412.3672
Land Assessment
$145,200 (2026)
Improvements Assessment
$1,110,600 (2026)
Total Assessment
$1,255,800 (2026)
Annual Taxes
$25,434 ($1.06/SF)
Tax Year
2025 Payable 2025
Sale Advisor
Sale Advisor
Nathan Opatz, Broker/Owner
Nathan Opatz got involved in Real Estate in 1997, at the early age of 19. His first rental property was a HUD owned Tri-plex on Jenks Ave. in Saint Paul, MN. Nathan's passion became teaching others how to search and acquire rental properties in the Minneapolis and St.Paul markets to experience the same results from his investments. In August Nathan passed his Real Estate Test and joined the Roseville Coldwell Banker Burnet Office as a Sales Associate and started to learn how to sell Real Estate.
By 2003, Nathan's connections were multiplying through a unique marketing approach that included specific neighborhood focus searches for buyers, warm-calling new leads, and researching past solds to learn who the serious players were. Because he is so focused on the apartment niche Nathan is able to discern the awesome deals from the just okay deals.
The long term goal for most investors are to build a smooth sailing investment real estate portfolio and minimize management by consolidating smaller buildings into larger projects in desirable neighborhoods. On August 10, 2005, Apartment Realty & Financial Group was formed to help first-time and seasoned investors accomplish this ultimate goal. In the summer of 2012 the Company name was changed to Apartment Cash Flow, Inc. to shorten the name and keep it the same as the website domain name.
By 2003, Nathan's connections were multiplying through a unique marketing approach that included specific neighborhood focus searches for buyers, warm-calling new leads, and researching past solds to learn who the serious players were. Because he is so focused on the apartment niche Nathan is able to discern the awesome deals from the just okay deals.
The long term goal for most investors are to build a smooth sailing investment real estate portfolio and minimize management by consolidating smaller buildings into larger projects in desirable neighborhoods. On August 10, 2005, Apartment Realty & Financial Group was formed to help first-time and seasoned investors accomplish this ultimate goal. In the summer of 2012 the Company name was changed to Apartment Cash Flow, Inc. to shorten the name and keep it the same as the website domain name.
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Nicollet Hotel | 122 S Minnesota Ave