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520 S 2nd St 2 Unit Apartment Building Offered at $500,000 at a 8.98% Cap Rate Mankato, MN 56001

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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/outdoor parking spaces/garage

Executive Summary

CONTRACT for DEED considered. Price and all terms negotiable. LOCATED IN AN OPPORTUNITY ZONE. ZONED CBDF-central business district fringe. Bring in all offers. Control this property for a flexible low down payment and easy terms. Zoned for commercial or residential use. Rented parking spaces ($365/month), Rented garage ($200/month). Nine bedrooms, four bathrooms.

Financial Summary (Pro Forma - 2026)	Annual	Annual Per SF
Gross Rental Income	$71,520	$18.66
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	$71,520	$18.66
Taxes	$5,410	$1.41
Operating Expenses	$21,050	$5.49
Total Expenses	$26,460	$6.90
Net Operating Income	$45,060	$11.76

Financial Summary (Pro Forma - 2026)

Gross Rental Income
Annual	$71,520
Annual Per SF	$18.66

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	-
Annual Per SF	-

Effective Gross Income
Annual	$71,520
Annual Per SF	$18.66

Taxes
Annual	$5,410
Annual Per SF	$1.41

Operating Expenses
Annual	$21,050
Annual Per SF	$5.49

Total Expenses
Annual	$26,460
Annual Per SF	$6.90

Net Operating Income
Annual	$45,060
Annual Per SF	$11.76

Property Facts Under Contract

Price	$500,000	Property Type	Multifamily Multifamily Dormitory
Price Per Unit	$250,000	Lot Size	0.23 AC
Sale Type	Investment	Building Size	3,833 SF
Cap Rate	8.98%	Average Occupancy	100%
Sale Conditions	1031 Exchange High Vacancy Property	No. Stories	2
Gross Rent Multiplier	7.9	Year Built/Renovated	1884/2004
No. Units	2	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	Comm./Multi Family res. - In Mankato's revitalized downtown business district, zoned CBDF. Commercial Business District Fringe. 1/2 block from the Walgreen' redevelopment site.

Price	$500,000
Price Per Unit	$250,000
Sale Type	Investment
Cap Rate	8.98%
Sale Conditions	1031 Exchange High Vacancy Property
Gross Rent Multiplier	7.9
No. Units	2
Property Type	Multifamily Multifamily Dormitory
Lot Size	0.23 AC
Building Size	3,833 SF
Average Occupancy	100%
No. Stories	2
Year Built/Renovated	1884/2004
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	Comm./Multi Family res. - In Mankato's revitalized downtown business district, zoned CBDF. Commercial Business District Fringe. 1/2 block from the Walgreen' redevelopment site.

Unit Mix Information

Description	No. Units	Avg. Rent/Mo	SF
5+3	1	$3,000	2,275
4+1	1	$2,400	1,453

1 1

Moderately walkable

60/100

Exceptionally drivable

100/100

Limited public transit

30/100

Moderately bikeable

70/100

Source: Local Logic^®

Property Taxes

Parcel Number	R01-09-18-106-027	Total Assessment	$407,600
Land Assessment	$33,700	Annual Taxes	$5,410 ($1.41/SF)
Improvements Assessment	$373,900	Tax Year	2026

Property Taxes

Parcel Number

R01-09-18-106-027

Land Assessment

$33,700

Improvements Assessment

$373,900

Total Assessment

$407,600

Annual Taxes

$5,410 ($1.41/SF)

Tax Year

2026

(651) 500-4720

Contact

Kevin Goettl
Kevin Goettl

Listing ID: 39647649
Date on Market: 3/3/2026
Last Updated:
Address: 520 S 2nd St, Mankato, MN 56001

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520 S 2nd St, Mankato, MN for sale Primary Photo- Image 1 of 40 — 520-520 1/2 S. 2nd St.

520 S 2nd St, Mankato, MN for sale Building Photo- Image 2 of 40 — Wet Bar/access to patio

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 3 of 40 — Granite/slate/stainless steel

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 4 of 40 — Microwave and dishwasher

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 5 of 40 — Spacious kitchen with pantry

520 S 2nd St, Mankato, MN for sale Building Photo- Image 6 of 40 — Livingroom apt. #1

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 7 of 40 — Livingroom apt. #1

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 8 of 40 — Bedroom apt. #1

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 9 of 40 — Bedroom apt. #1

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 10 of 40 — Bedroom apt. #1

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 11 of 40 — Bdrm apt. #1 Marble floors

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 12 of 40 — Primary bedroom apt. #1

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 13 of 40 — Primary bedroom apt. #1

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 14 of 40 — Primary 3/4bath apt. #1

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 15 of 40 — Primary 3/4 bath apt. #1

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 16 of 40 — Full bath apt. #1

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 17 of 40 — Heading upstairs Apt. #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 18 of 40 — Livingroom apt. #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 19 of 40 — Livingroom apt. #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 20 of 40 — Bedroom apt. #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 21 of 40 — Kitchen apt. #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 22 of 40 — Kitchen apt. #2

520 S 2nd St, Mankato, MN for sale Building Photo- Image 23 of 40 — Laundry apt. #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 24 of 40 — Full bath apt. #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 25 of 40 — Bedroom apt. #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 26 of 40 — Bedroom apt. #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 27 of 40 — Bedroom apt. #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 28 of 40 — Bedroom apt. #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 29 of 40 — Bedroom apt. #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 30 of 40 — Bedroom apt. #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 31 of 40 — Bedroom #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 32 of 40 — Bedroom #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 33 of 40 — Bedroom apt. #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 34 of 40 — Bedroom apt. #2

520 S 2nd St, Mankato, MN for sale Interior Photo- Image 35 of 40 — walk-in closet apt. #2

520 S 2nd St, Mankato, MN for sale Building Photo- Image 36 of 40 — walk-in closet apt. #2

520 S 2nd St, Mankato, MN for sale Other- Image 37 of 40 — Dbl. garage/off St. parking

520 S 2nd St, Mankato, MN for sale Other- Image 38 of 40 — Off street parking lot/patio

520 S 2nd St, Mankato, MN for sale Other- Image 39 of 40 — Six rented parking stalls

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520 S 2nd St

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