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520 S 2nd St 2 Unit Apartment Building Offered at $564,900 at a 7.95% Cap Rate Mankato, MN 56001
Investment Highlights
- Off Campus Student Housing on the bus line
- A+ walking score - bars, restaurants, groceries, entertainment, professional services, everything downtown
- Four streams of income $$$ Apartments/parking spaces/garage
Executive Summary
LOCATED IN AN OPPORTUNITY ZONE. This investment property has four streams of income. There is a main level five bedroom, three bath apartment. There is an upper level four bedroom one bath apartment. Both apartments include a washer/dryer. There is off street parking for tenants and guests. There are six rented parking stalls adding extra income. The double garage is also rented separately. The interior finishes include marble, tile, granite, and stainless steel appliances. There is a private 19x17 patio on the south side of the property. This is located on the city bus route and walkable to everything downtown. It's about a half mile to Minnesota State University Mankato campus and has been traditionally occupied by students. The zoning is CBDF, Central Business District Fringe. The garage is a possible office conversion.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $564,900 | Lot Size | 0.23 AC |
| Price Per Unit | $282,450 | Building Size | 3,525 SF |
| Sale Type | Investment | Average Occupancy | 100% |
| Cap Rate | 7.95% | No. Stories | 2 |
| Sale Condition | 1031 Exchange | Year Built/Renovated | 1884/2004 |
| Gross Rent Multiplier | 7.9 | Parking Ratio | 6.24/1,000 SF |
| No. Units | 2 | Opportunity Zone |
Yes
|
| Property Type | Multifamily | ||
| Zoning | Comm./Multi Family res. - Located the heart of Mankato's revitalized downtown business district. This property is zoned CBDF. Commercial Business District Fringe. | ||
| Price | $564,900 |
| Price Per Unit | $282,450 |
| Sale Type | Investment |
| Cap Rate | 7.95% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 7.9 |
| No. Units | 2 |
| Property Type | Multifamily |
| Lot Size | 0.23 AC |
| Building Size | 3,525 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1884/2004 |
| Parking Ratio | 6.24/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | Comm./Multi Family res. - Located the heart of Mankato's revitalized downtown business district. This property is zoned CBDF. Commercial Business District Fringe. |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 9+4 | 2 | - | 2,000 |
1 1
Walk Score®
Very Walkable (87)
Bike Score®
Very Bikeable (82)
Property Taxes
| Parcel Number | R01-09-18-106-027 | Total Assessment | $357,900 (2025) |
| Land Assessment | $33,700 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $324,200 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
R01-09-18-106-027
Land Assessment
$33,700 (2025)
Improvements Assessment
$324,200 (2025)
Total Assessment
$357,900 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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520 S 2nd St
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