Off Market Mixed Use Investment Property MN
Mankato, MN multi-family/retail commercial property
Apartment Info:
23 units with 69 total bedrooms
Total monthly gross rent at 100% occupied = $40,230
Commercial Tenant Info:
6 total commercial retail units = 12,333 total SF
Total monthly base rent plus NNN expenses at current 81.5% occupancy = $28,363
Total monthly potential rent at 100% occupied = $32,436
Financials
2024 Revenue = $755,434
2024 Expenses = $355,782
2024 NOI = $399,651
2025 Budget Projections:
Revenue = $913,617
Commercial = $213,913 (not including one vacant suite)
Residential = $528,720 (units are 100% pre-leased for 2025/2026)
Other Income (CAM + Misc Income) = $170,984
Expenses = $379,773
2025 NOI = $533,844
May 2024 appraised value = $7,250,000
Potential Assumable Mortgage for Qualified Buyers:
Term: May 2024 – May 2027
Rate tied to Prime w/ 8% cap. Re-sets monthly
Current loan balance: $3.9 million
The current property management contract is set to expire on December 31, 2025. Buyer will need to manage or obtain new contract with different property management group
Financials (USD)
Net Operating Income (Annual) $533,844
Asking Price Over $7,200,000
Cap Rate Available On Request
Deal Terms
Who is Listing the Property? Real Estate Broker
Broker Co-Op? Available On Request
Seller Financing Available? Available On Request
Seller Willing To Lease? Available On Request
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