My notes for this property


Add listing to my favorites (required)
Active
$850,000
/mo Edit
Commercial:  Apartments/Retail
Built 1890
0.16 acres
St. Peter schools
MLS# 6509510
My rating:
Request a Showing  
Agent
Ask Brett:

Ask the Agent

    Property inquiries submitted online are continually monitored to provide the best possible service.







    Thank You!

    An agent will be in contact with you soon to answer your question.

    Property Description

    OPPORTUNITY KNOCKS WITH THIS EIGHT UNIT MIXED-USE BUILDING FOR SALE. THE PROPERTY IS LOCATED IN THE CENTRAL BUSINESS DISTRICT IN DOWNTOWN SAINT PETER, MN. THE MAIN FLOOR HAS TWO LARGER RETAIL AND/OR OFFICE SPACES AND ARE CURRENTLY LEASED. THE SECOND AND THIRD FLOORS FEATURE SIX LOFT STYLE APARTMENTS WITH TALL CEILING HEIGHT AND SOME EXPOSED BRICK. THE EXTERIOR IS ALL BRICK AND HAS RECEIVED ALL NEWER WINDOWS AND BLACK AWNINGS. THERE IS A PARKING LOT IN BACK FOR TENANTS AND ALSO AN ATTACHED GARAGE. THE LOWER LEVEL IS USED FOR STORAGE AND COULD BE AN OPPORTUNITY FOR MORE INCOME WITH YOUR IDEAS. EACH COMMERCIAL TENANT PAYS FOR THEIR OWN UTILITIES INCLUDING EXTRA FOR TRASH. THE RESIDENTS UPSTAIRS ARE RESPONSIBLE FOR PAYING THEIR OWN UNIT ELECTRIC AND OWNER PAYS FOR THE BOILER HEAT, WATER, AND TRASH. IN-PLACE CAP RATE IS CURRENTLY OVER 7.15% WITH ROOM TO RAISE RENTS ORGANICALLY OVER THE NEXT 1-2 YEARS IN A NON RENT CONTROLLED CITY. CALL TO GET MORE FINANCIALS!

    Listing

    Contingency: None
    City: Saint Peter
    County: Nicollet
    State: MN
    Property Style: Apartments/Retail
    Zip Code: 56082
    Subdivision Name: Amended

    Interior

    Ceiling Height: 11-15
    Ranges: One Per Unit
    Refrigerators: One Per Unit
    Appliances Included:
    • Range
    • Refrigerator
    Basement Details: Full

    Exterior

    Stories: Three Or More
    Garage Spaces: 1
    Other Parking Spaces: 6
    Air Conditioning: Central Air, Window Unit(s)
    Foundation Size: 3,080 ft2
    Foundation Dimensions: 44 x 70
    Handicap Accessible: None
    Road Responsibility: Public Maintained Road
    Heating System:
    • Boiler
    • Forced Air
    Parking Features:
    • Asphalt
    • Attached Garage
    Road Frontage: City Street
    Exterior Material: Brick/Stone
    Roof Details:
    • Age Over 8 Years
    • Flat

    Lot & Land

    Acres: 0.16
    Geolocation: 44.324628, -93.957366
    Inclusions: Building, Land, Leases, Rental License
    Lot Dimensions: 44 x 155
    Zoning:
    • Business/Commercial
    • Residential-Multi-Family

    Farm

    Topography: Level

    Schools

    School District: 508
    District Phone: 507-934-5703

    Expenses

    Annual Caretaker Expense: $6,013
    Annual Electric Expense: $1,000
    Annual Fuel Expense: $11,838
    Annual Insurance Expense: $9,106
    Annual Maintenance Expense: $2,800
    Annual Gross Expense: $51,921
    Annual Trash Expense: $4,056
    Annual Water/Sewer Expense: $5,000
    Tenant Expenses: Electricity, Gas

    Financial & Taxes

    Tax Year: 2024
    Annual Taxes: $8,658
    Lender-owned: No
    Assessment Pending: Unknown
    Taxes w/ Assessments: $8,658

    Income

    Annual Gross Income: $114,031

    Rent

    Annual Net Income: $62,109

    Units

    Total Units: 8

    Miscellaneous

    Current Use:
    • Commercial
    • Office
    • Residential
    • Retail
    Fuel System: Natural Gas
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Available Utilities:
    • Electric Separate
    • Heating Common
    • Heating Separate
    • Hot Water Common
    Water System: City Water/Connected

    Mortgage Calculator

    Use this calculator to estimate your monthly mortgage payment, including taxes and insurance. Simply enter the price of the home, your down payment and loan term. Property taxes are based on the last known value for this property or 0.012 of property price when data is unavailable. Your interest rate and insurance rates will vary based on credit score, loan type, etc.
    Payment:  /mo

    Local Home Mortgage Professionals

    651-253-2144
    Jason & Kim Stone
    Branch Manager & Co-Branch Manager
    Fairway Mortgage    NMLS#1018649
    Jason Stone joined Fairway Independent Mortgage Corporation in October 2017, as a Producing Branch Manager with over 15 years of experience in the mortgage industry. Throughout his career, Jason has originated over $500,000,000 in residential loan volume and has helped several thousand customers with their home financing needs. Jason was named Minneapolis Magazine: Super Mortgage Professional in 2018-2023, Scotsman Guide: Top Mortgage Originator 2019-2022, and Minnesota Housing: Platinum Leander. He is also a retired volunteer firefighter for the city of Mendota Heights, MN which is one of the reasons he’s a Home for Heroes affiliate lender.

    Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.

    Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
    It would be our pleasure to assist you with your home purchase!

    Apply Online     Home Purchase Qualifier     Refinance Rate Checker    

    Listing provided by RMLS, courtesy of Apartment Cash Flow, Inc..
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.