Mankato, MN Mixed Use Apartment/Retail Investment
Market Price
private, Mankato, MN 56001
460,774
NOI
46,446 sqft
Building Size
Details:
Description:
Apartment Info:
23 units with 69 total bedrooms
Total monthly gross rent at current 97% occupancy = $40,360
Total monthly gross rent at 100% occupancy and rent increase beginning 8/1/25 = $44,060
Commercial Tenant Info:
6 total commercial retail units = 12,333 total SF
Total monthly base rent at current 81.5% occupancy = $17,419
Total monthly potential rent at 100% occupied = $21,219
*Not including NNN charges to tenants
Financials
Apartment revenue based upon fiscal year August 1-July 31
*8/24 - 7/25 fiscal year gross rent: $452,400
*8/25 - 7/26 fiscal year gross rent: $528,720 (apartments 100% pre-leased beginning 8/1/25)
*8/26 – 7/27 fiscal year gross rent: $566,171
2024 Income Statement – based on partial fiscal year for apartments and full year for commercial
Gross Revenue = $797,461
Commercial = $216,751
Residential = $465,205
Other Income (NNN expenses + Misc Income) = $115,505
Vacancy loss/rent concessions = ($42,131)
Effective Gross Income - $755,330
Expenses = $355,782
2024 NOI = $399,548
2025 Budget Projections – based on property management budget reports
Gross Revenue = $821,311
Commercial = $209,029
Residential = $502,820
Other Income (NNN expenses + Misc Income) = $109,463
Vacancy loss/rent concessions = ($12,000) *based only on residential
Effective Gross Income - $809,312
Expenses = $348,538
2025 NOI = $460,774
The current property management contract is set to expire on December 31, 2025. Buyer will need to manage or obtain new contract with different property management group.
Documents:
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True_Commercial_Flyer_April_MUI-1.pdf
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Location

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