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520 S 2nd St 2 Unit Apartment Building Offered at $778,150 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
Future Redevelopment Site. LOCATED IN AN OPPORTUNITY ZONE across the street from the major downtown Mankato redevelopment focused on a $60 million plus mixed use project at the former Walgreens site. This multi-family investment property has four streams of income. There is a five bedroom, three bath apartment. There is a four bedroom one bath apartment. Both have a washer/dryer. There is off street parking for tenants and guests. There are six rented surface parking stalls and 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. Buy, Hold, Redevelop, Bingo!
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$98,519
|
$27.95
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$98,519
|
$27.95
|
| Taxes |
$7,452
|
$2.11
|
| Operating Expenses |
$28,996
|
$8.23
|
| Total Expenses |
$36,449
|
$10.34
|
| Net Operating Income |
$62,070
|
$17.61
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $98,519 |
| Annual Per SF | $27.95 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $98,519 |
| Annual Per SF | $27.95 |
| Taxes (CAD) | |
|---|---|
| Annual | $7,452 |
| Annual Per SF | $2.11 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $28,996 |
| Annual Per SF | $8.23 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $36,449 |
| Annual Per SF | $10.34 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $62,070 |
| Annual Per SF | $17.61 |
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 5+3 | 1 | $4,133 CAD | 2,275 |
| 4+1 | 1 | $3,306 CAD | 1,453 |
1 1
Moderately walkable
60/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | R01-09-18-106-027 | Total Assessment | $498,089 CAD (2025) |
| Land Assessment | $46,900 CAD (2025) | Annual Taxes | $7,452 CAD ($1.94 CAD/SF) |
| Improvements Assessment | $451,189 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
R01-09-18-106-027
Land Assessment
$46,900 CAD (2025)
Improvements Assessment
$451,189 CAD (2025)
Total Assessment
$498,089 CAD (2025)
Annual Taxes
$7,452 CAD ($1.94 CAD/SF)
Tax Year
2026
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520 S 2nd St
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