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Property Details

216 S Minnesota Avenue
Saint Peter, MN 56082

Price: $850,000

Listing # 6509510


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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!

Basic Features:

Style Mixed Use
Type Commercial Sale
Zoning Business/Commercial,Residential-Multi-Family
Year Built 1890
School District St. Peter
County Nicollet
Lot Size 44 x 155
Acreage 0.16 acres
Garage 1 Car
Number of Units 8
Tax $ / Year $8,658 / 2024
Tax ID
Legal Description

Includes:

Range,Refrigerator,Building,Land,Leases,Rental License

Additional Features
Government Programs
Terrain Type
Roads City Street
Basement Full
Cooling Central Air,Window Unit(s)
Driveway
Exterior Features Brick/Stone
Foundation 3080.00
Fuel Source Natural Gas
Handicap Access None
Heating Boiler,Forced Air
Roof Age Over 8 Years,Flat
Sewer Service City Sewer/Connected
Water Service City Water/Connected
Water Heater
Parking Lot Attached Garage,Asphalt
Exterior Construction
Utilities Electric Separate,Heating Common,Heating Separate,Hot Water Common
Laundry N

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