422 Belgrade
This well-maintained mixed-use property offers strong rental income from 9 fully leased apartments and 6 commercial spaces. Landlord is transitioning management for improved efficiency and potential rent increases. Creative financing options available.
Prime Location
Perfectly positioned in Lower North Mankato, this asset benefits from outstanding visibility and stability. It sits amidst a diverse mix of thriving local businesses, from food & beverage and retail to design and services, while enjoying seamless access to major highways and community amenities, including Spring Lake Park. This location is a key driver for foot traffic, tenant retention, and long‑term value.
-
Built in 2013 by Brunton Architects, 24,443 sqft., 9 residential units (100% occupied), 6 commercial units (fully leased).
-
Asking price: $3,375,000, annual maintenance (avg): $5,500, recent expenses $28,000 building repair in 2023, water heater replacement in all apartments in 2022, leases: government & private for a mix of NNN & gross leases.
-
It’s currently at 6.3% and the seller is open to creative financing.
Want to dig deeper?
Contact Us
-
108 S Minnesota Ave.
Suite 201
St. Peter
(507) 237-6147 -
Aubrey Leasure
Realtor®(507) 237-6147
aubrey@leasure.team