Log In/Sign Up
Your email has been sent.
Cherry Square 500 S 2nd St 40 Unit Apartment Building $8,018,375 CAD ($200,459 CAD/Unit) 6.50% Cap Rate Mankato, MN 56001
Investment Highlights
- High occupancy with stable rental income
- Recently renovated
- Total of 40 units between 500 S Second and 117 E Cherry to maximize rental potential
Executive Summary
Cherry Square is an apartment complex on the corner of 2nd St. and Cherry St. formerly known as the Inn Towne Motel in the downtown Mankato bar district. It was built in 1950. This 38 unit- 3 story complex is built of pre-stressed concrete and brick. Parking is on the main level under the square shaped building which is elevated on columns. The apartments, consisting of 8 two bedroom units and 30 one bedroom units, went through a total remodel in 2022 and early 2023. The occupancy rate is currently at 100%. There is ample parking on the property for all residents.
Building #2 (121 E Cherry St) is a commercial building consisting of 12,663SF which is leased to Menari Body Works. The elevator is shared with the apartment building and the commercial building.
Building #3 (117 E Cherry St) is a two story 2,904 SF brick building that has two apartments that are each 4 bedrooms.
Building #2 (121 E Cherry St) is a commercial building consisting of 12,663SF which is leased to Menari Body Works. The elevator is shared with the apartment building and the commercial building.
Building #3 (117 E Cherry St) is a two story 2,904 SF brick building that has two apartments that are each 4 bedrooms.
Data Room Click Here to Access
Property Facts
| Price | $8,018,375 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $200,459 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.40 AC |
| Cap Rate | 6.50% | Building Size | 44,076 SF |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1950/2023 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | multi-family | ||
| Price | $8,018,375 CAD |
| Price Per Unit | $200,459 CAD |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.40 AC |
| Building Size | 44,076 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1950/2023 |
| Opportunity Zone |
Yes |
| Zoning | multi-family |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 30 | - | 526 |
| 2+1 | 8 | - | 750 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $3,199,180 CAD | |
| Land Assessment | $671,561 CAD | Total Assessment | $3,870,741 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$671,561 CAD
Improvements Assessment
$3,199,180 CAD
Total Assessment
$3,870,741 CAD
1 of 32
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
Cherry Square | 500 S 2nd St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.