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2132 Hoffman Road

Mankato, MN 56001
  • $2,500,000
  • STATUS: Active
  • ON SITE: 212 Days
  • ID#: 6368950
UPDATED: 65 min ago
$2,500,000
  • 0
    BEDS
  • 1.58
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 24,470
    SQFT
  • $102
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1979
County:

School Ratings & Info

School District:
NorthstarMLS] logo Listing courtesy of Landmark Realtors, Llc.

Description

New Opportunity for retail center/multifamily buyers. The Village East strip mall is 22,136 SF, while Happy Dans is 2,334 SF. This property is 2 miles from Minnesota State University and has a value add the potential of 30 apartments to be built on top of the retail center. There are 12 commercial tenants in the building, giving the new buyer good diversification. The asking price is $2.5 million. The current gross rents for the entire property are estimated at $290,933 for 2023 and a cap rate of approximately 8% as is without adding the apartments. The current operator of HappyDans would continue their operations and lease the building from the new owner. This property has had a very strong rental history, and the forecast also looks strong. Call Landmark Real Estate for showings. Rent roll available upon signing an NDA

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IDX data © 2023 Regional Multiple Listing Service of Minnesota, Inc. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity℠ Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than Twin Cities Elite Real Estate Group | eXp Realty are marked with the Broker Reciprocity℠ logo or the Broker Reciprocity℠ thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Twin Cities Elite Real Estate Group | eXp Realty is not a Multiple Listing Service, nor does it offer MLS access. This website is a service of Twin Cities Elite Real Estate Group | eXp Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc. Information deemed reliable but not guaranteed. By viewing the listings on this site, you are agreeing to abide by the RMLS End-User License Agreement. Data last updated 2023-12-10T18:21:44.983.

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2132 Hoffman Road Mankato, MN 56001

  • Price: $2,500,000
  • Status: Active
  • On Site: 212 Days
  • Updated: 65 min ago
  • ID#: 6368950
0
Beds
0
Baths
0
½ Baths
1.58
Acres
24,470
SQFT
$102
$/SQFT
1979
Built
Neighborhood:
De Remer Sub 2
County:
Blue Earth
School District:
77 - Mankato
Property Description
New Opportunity for retail center/multifamily buyers. The Village East strip mall is 22,136 SF, while Happy Dans is 2,334 SF. This property is 2 miles from Minnesota State University and has a value add the potential of 30 apartments to be built on top of the retail center. There are 12 commercial tenants in the building, giving the new buyer good diversification. The asking price is $2.5 million. The current gross rents for the entire property are estimated at $290,933 for 2023 and a cap rate of approximately 8% as is without adding the apartments. The current operator of HappyDans would continue their operations and lease the building from the new owner. This property has had a very strong rental history, and the forecast also looks strong. Call Landmark Real Estate for showings. Rent roll available upon signing an NDA
Exterior Features

Construction Materials Brick/Stone Foundation Area 24470 Lot Size Dimensions 68934 Parking Features Parking Lot Parking Open 113

Interior Features

Heating Forced Air

Property Features

Accessibility Features Fully Wheelchair Additional Parcels YN No Assessment Pending Yes Contingency None Current Use Commercial Expenses 96803.0000 Foreclosure Status No Fractional Ownership YN No Fuel Natural Gas Gross Income 260675 Inclusions BuildingLeases Insurance Expense 9423 Land Lease YN No Lender Owned No Maintenance Expense 10825 Manager Expense 34642 Net Operating Income 163872 Operating Expense 96803 Postal City Mankato Potential Short Sale No Rental License Type Other Rental License YN Yes Sewer City Sewer - In Street Tax Annual Amount 46987 Tax With Assessments 48168.0000 Tax Year 2022 Utilities Electric CommonHeating CommonHot Water Common Water Source City Water - In Street Zoning Description Business/Commercial

NorthstarMLS] logo © 2023 Regional Multiple Listing Service of Minnesota, Inc. All rights reserved.
Listing courtesy of Landmark Realtors, Llc: . This home sale information is not an appraisal, competitive or comparative market analysis, CMA or home valuation. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.


IDX data © 2023 Regional Multiple Listing Service of Minnesota, Inc. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity℠ Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than Twin Cities Elite Real Estate Group | eXp Realty are marked with the Broker Reciprocity℠ logo or the Broker Reciprocity℠ thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Twin Cities Elite Real Estate Group | eXp Realty is not a Multiple Listing Service, nor does it offer MLS access. This website is a service of Twin Cities Elite Real Estate Group | eXp Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc. Information deemed reliable but not guaranteed. By viewing the listings on this site, you are agreeing to abide by the RMLS End-User License Agreement. Data last updated 2023-12-10T18:21:44.983.

Click here for Digital Millennium Copyright Act
 
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Twin Cities Elite Real Estate Group | eXp Realty
Blaine MN,
NorthstarMLS] logo Listing courtesy of Landmark Realtors, Llc.