Mankato, MN Mixed Use Apartment/Retail Investment

Market Price

112 South Riverfront Drive, Mankato, MN 56001

For Sale

Mixed Use Residential/Retail

Active

Last Updated: 04/08/2025

Details:

Cap Rate: 6.5%

NOI: $533,854

Building Size: 46,446 sqft

Lot Area: 65,386 sqft

Occupancy: 97%

Class: A

Units: 29

Lease Type: Triple Net

Zoning: B-1

Tenancy: Multiple

Offered by

April Femrite

Business Broker/Commercial Real Estate Associate Broker

True Business Brokerage

#40673070

Request Info to Unlock

Description:

This is an off market confidential listing. Address posted is my brokerage address, not address of property for sale.

Apartment Info:

23 units with 69 total bedrooms

Total monthly gross rent at 100% occupied = $44,060

Commercial Tenant Info:

6 total commercial retail units = 12,333 total SF

Total monthly base rent plus NNN expenses at current 81.5% occupancy = $28,363

Total monthly potential rent at 100% occupied = $32,436

Financials

2024 Revenue = $755,434

2024 Expenses = $355,782

2024 NOI = $399,651

2025 Budget Projections:

Revenue = $913,617

Commercial = $213,913 (not including one vacant suite)

Residential = $528,720 (units are 100% pre-leased for 2025/2026)

Other Income (CAM + Misc Income) = $170,984

Expenses = $379,773

2025 NOI = $533,844

May 2024 appraised value = $7,250,000

Potential Assumable Mortgage for Qualified Buyers:

Term: May 2024 – May 2027

Rate tied to Prime w/ 8% cap. Re-sets monthly

Current loan balance: $3.9 million

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.