MLS#6821093
STATUSActive
PROPERTY TYPECommercial - Business
SUBDIVISIONAmended
SCHOOLSt. Peter
Property Description
Opportunity knocks with this three-story eight unit mixed-use building for sale. The property is located in the central business district in downtown Saint Peter, Minnesota. Historical occupancy is strong as it stays full all the time. The main floor features two larger retail and/or office spaces and currently has long term leases in place. The second and third floors offer six loft style apartments with tall ceiling heights and some exposed original brick. The exterior is all brick and has received all newer windows and the main floor commercial tenants have newer black awnings. There is a parking lot in the back alley for residential tenants and also an attached garage on the back side of the main floor commercial units. The lower level is used for storage but could be an opportunity for additional 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 utilities and the owner pays for the boiler heat, water, sewer and trash. The current in-place cap rate is 8.51% with a net operating income of $67,669. A new owner has room to improve cash flows by raising rents organically over the next 1-2 years in a non rent controlled city on Minnesota. Call to get more financials and information.
Property Features
Property Type: Commercial - Business
Basement: Yes
Cooling: Window Unit(s)
Fuel Type: Natural Gas
Garage: 2
Heating: Boiler, Forced Air
Lot Size: 0.16 Acres
Roof Type: Age Over 8 Years, Flat
Stories: 3.0
Taxes: $9,190
Year Built: 1890
Feature Descriptions
Appliances: Range, Refrigerator
Basement: Full
Current Use: Commercial, Residential
Days on Site: 112
Exterior: Brick, Stone
Foundation Size: 3200
Lot Dimensions: 44 x 155
Owners Expense: Insurance, Repairs, Taxes, Water
Parcel#: 194123860
Parking: Attached Garage, Parking Lot
Road Frontage: City Street, Sidewalks
Sale Includes: Building, Land, Leases, Rental License
Sewer: City Sewer/Connected
Tenant Expenses: Electricity, Fuel, Trash Collection
Units: 8
Utilities: Electric Separate, Heating Common, Heating Separate, Hot Water Common
Water: City Water/Connected
Local Schools
School District: St. Peter
Listed By / Shown By
Listed By
Agency Name: Apartment Cash Flow, Inc.
Agency Phone: 651-263-3653
Shown By
Agent Name: Joel Hentges
Agent Phone: (952) 475-9541
Agency Title: Joel Hentges - Re/Max Advantage Plus
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216 S Minnesota Avenue | MLS# 6821093
This commercial property located at 216 S Minnesota Avenue, Saint Peter, MN 56082 is currently listed for sale with an asking price of $795,000. S Minnesota Avenue is located within the St. Peter school district. Search Saint Peter real estate on jhentges.homesbyjoel.com today.