122 S Minnesota AVE Active Save Request In-Person Tour Request Virtual Tour
Saint Peter,MN 56082
Key Details
Property Type Condo, Commercial
Sub Type Apartment,Mixed Use,Low Rise,Office
Listing Status Active
Purchase Type For Sale
Subdivision Amended
MLS Listing ID 6509744
Year Built 1872
Annual Tax Amount $23,510
Tax Year 2024
Lot Size 10,454 Sqft
Property Description
THIS IS A ONCE IN A LIFE-TIME OPPORTUNITY TO ACQUIRE A DOWNTOWN SAINT PETER ICONIC MIXED-USE BUILDING! ORIGINALLY CONSTRUCTED IN 1872 AS THE TOWNS MAIN HOTEL HANGOUT THIS PROPERTY HAS SINCE BEEN CONVERTED INTO MAIN FLOOR AND LOWER LEVEL COMMERCIAL, 3-STORY ROW HOUSES, WITH SECOND AND THIRD FLOOR APARTMENTS. TOTAL GROSS BUILDING SQUARE FOOTAGE JUST OVER 24,000+. JUST AFTER THE DEVASTATING 1998 TORNADO A GROUP OF INVESTORS CAME TOGETHER TO SAVE THIS HISTORIC PIECE OF REAL ESTATE AND REPLACED THE ROOFS, THE WINDOWS, INSTALLED A NEW ELEVATOR, TUCK POINTED THE EXTERIOR BRICK, AND ADDED MAINTENANCE FREE METAL COPING AROUND THE WHOLE TOP OF THE STRUCTURE. BOTH THE MAIN FLOOR AND LOWER LEVEL HAVE LONG STANDING COMMERCIAL TENANTS. THE 2ND & 3RD FLOOR APARTMENTS FEATURE TALL CEILING HEIGHTS AND UPDATED KITCHENS & BATHROOMS. IN THE BACK OF THE PROPERTY THERE ARE FOUR ROW HOUSES EACH WITH UNIQUE LAYOUTS AND SOME WITH THREE STORIES. TWO OF THESE ROW-HOUSES ARE 1BD, 1BA AND THE OTHER TWO ARE 2BD + DEN, 1BA. YOU WILL DEFINITELY WANT TO TOUR THIS BUILDING!! PRO-FORMA NOI $168,897+ / CAP RATE 8.89 %
Location
State MN
County Nicollet
Zoning Business/Commercial,Residential-Multi-Family
Interior
Heating Baseboard,Forced Air
Cooling Central Air
Inclusions Building,Land,Leases,Rental License
Exterior
Garage Paved
Utilities Available Electric Separate,Heating Common,Hot Water Common
Roof Type Age Over 8 Years,Asphalt,Metal,Rubber
Building
Lot Description Corner Lot
Story Three Or More
Foundation 5400
Sewer City Sewer/Connected
Water City Water/Connected
Structure Type Brick/Stone
Schools
School District St. Peter