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520 S 2nd St 2 Unit Apartment Building Offered at $772,518 CAD 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/outdoor 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) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$97,806
|
$27.75
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$97,806
|
$27.75
|
| Taxes |
$7,398
|
$2.10
|
| Operating Expenses |
$28,787
|
$8.17
|
| Total Expenses |
$36,185
|
$10.27
|
| Net Operating Income |
$61,621
|
$17.48
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $97,806 |
| Annual Per SF | $27.75 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $97,806 |
| Annual Per SF | $27.75 |
| Taxes (CAD) | |
|---|---|
| Annual | $7,398 |
| Annual Per SF | $2.10 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $28,787 |
| Annual Per SF | $8.17 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $36,185 |
| Annual Per SF | $10.27 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $61,621 |
| Annual Per SF | $17.48 |
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 5+3 | 1 | $4,103 CAD | 2,275 |
| 4+1 | 1 | $3,282 CAD | 1,453 |
1 1
Walk Score®
Very Walkable (87)
Bike Score®
Very Bikeable (82)
Property Taxes
| Parcel Number | R01-09-18-106-027 | Total Assessment | $489,332 CAD (2025) |
| Land Assessment | $46,076 CAD (2025) | Annual Taxes | $7,398 CAD ($1.93 CAD/SF) |
| Improvements Assessment | $443,256 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
R01-09-18-106-027
Land Assessment
$46,076 CAD (2025)
Improvements Assessment
$443,256 CAD (2025)
Total Assessment
$489,332 CAD (2025)
Annual Taxes
$7,398 CAD ($1.93 CAD/SF)
Tax Year
2026
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520 S 2nd St
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