For Sale: Mankato MLS# 7038261
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Property Description
Cherry Square is an apartment complex on the corner of 2nd St. and Cherry St. formerly known as the Inn Towne Motel in the downtown Mankato bar district. It was built in 1950. This 38 unit- 3 story complex is built of pre-stressed concrete and brick. Parking is on the main level under the square shaped building which is elevated on columns. The apartments, consisting of 8 two bedroom units and 30 one bedroom units, went through a total remodel in 2022 and early 2023. The occupancy rate is currently at 100%. There is ample parking on the property for all residents.
Building #2 (121 E Cherry St) is a commercial building consisting of 12, 663SF which is leased to Menari Body Works. The elevator is shared with the apartment building and the commercial building. Building #3 (117 E Cherry St) is a two story 2, 904 SF brick building that has two apartments that are each 4 bedrooms.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$5,750,000
Property Type:
Commercial
City:
Mankato
Garage Spaces:
0
County:
Blue Earth
Year Built:
1950
State:
MN
Property Style:
Other
Zip Code:
56001
Subdivision Name:
Mankato
Exterior
Garage Spaces:
0
Foundation Size:
16,848 ft2
Handicap Accessible:
Accessible Elevator Installed
Heating System:
Forced Air
Parking Features:
Parking Lot
Lot & Land
Acres:
0.396
Geolocation:
44.162869, -94.005747
Inclusions:
Building
Lot Dimensions:
112 x 157 x 112 x 157
Zoning:
Business/Commercial
Schools
School District:
2262
District Phone:
5073871868
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$30,202
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$30,392
Units
Total Units:
40
Miscellaneous
Current Use:
Residential
Fuel System:
Natural Gas
Sewer System:
City Sewer/Connected
Available Utilities:
Electric Separate
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Landmark Realtors, LLC.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.