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For Sale:  Saint Peter MLS# 6821093

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Active NEW!
$890,000
/mo Edit
Commercial:  Other
Built 1890
0.16 acres
St. Peter schools
MLS# 6821093
763-576-8286
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    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 7.60% 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.

    Listing

    Listing Status: Active
    Contingency: None
    List Price: $890,000
    Property Type: Commercial
    City: Saint Peter
    Garage Spaces: 2
    County: Nicollet
    Year Built: 1890
    State: MN
    Property Style: Other
    Zip Code: 56082
    Subdivision Name: Amended

    Interior

    Ceiling Height: 11-15
    Ranges: One Per Unit
    Refrigerators: One Per Unit
    Appliances Included:
    • Range
    • Refrigerator
    Basement Details: Full

    Exterior

    Stories: Three Or More
    Garage Spaces: 2
    Other Parking Spaces: 6
    Air Conditioning: Window Unit(s)
    Foundation Size: 3,200 ft2
    Handicap Accessible: None
    Road Responsibility: Public Maintained Road
    Heating System:
    • Boiler
    • Forced Air
    Parking Features:
    • Attached Garage
    • Parking Lot
    Shared Amenities: None
    Road Frontage:
    • City Street
    • Sidewalks
    Exterior Material: Brick/Stone
    Roof Details:
    • Age Over 8 Years
    • Flat

    Lot & Land

    Acres: 0.16
    Geolocation: 44.324628, -93.957366
    Inclusions: Building, Land, Leases, Rental License
    Lot Dimensions: 44 x 155
    Zoning:
    • Business/Commercial
    • Residential-Multi-Family

    Farm

    Topography: Level

    Schools

    School District: 508
    District Phone: 507-934-5703

    Expenses

    Annual Caretaker Expense: $6,013
    Annual Electric Expense: $2,000
    Annual Fuel Expense: $13,000
    Annual Insurance Expense: $9,106
    Annual Maintenance Expense: $2,800
    Annual Gross Expense: $51,253
    Annual Trash Expense: $4,056
    Annual Water/Sewer Expense: $2,838
    Tenant Expenses: Electricity, Fuel, Trash Collection

    Financial & Taxes

    Tax Year: 2025
    Annual Taxes: $9,190
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $9,190

    Income

    Annual Gross Income: $118,922

    Rent

    Annual Net Income: $67,669

    Units

    Total Units: 8

    Miscellaneous

    Current Use:
    • Commercial
    • Residential
    Fuel System: Natural Gas
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Available Utilities:
    • Electric Separate
    • Heating Common
    • Heating Separate
    • Hot Water Common
    Water System: City Water/Connected

    Mortgage Calculator

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    Payment:  /mo

    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!

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    Listing provided by RMLS, courtesy of Apartment Cash Flow, Inc..
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.