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Active
$2,200,000
/mo Edit
Commercial:  Apartment,Mixed Use,Low Rise,Office
Built 1872
0.24 acres
St. Peter schools
MLS# 6509744
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    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 2

    Listing

    Contingency: None
    City: Saint Peter
    County: Nicollet
    State: MN
    Property Style: Apartment, Mixed Use, Low Rise, Office
    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:
    • Finished
    • Full

    Exterior

    Stories: Three Or More
    Garage Spaces: 0
    Other Parking Spaces: 0
    Foundation Size: 5,400 ft2
    Foundation Dimensions: 45 x 120
    Handicap Accessible: None
    Road Responsibility: Public Maintained Road
    Heating System:
    • Baseboard
    • Forced Air
    Parking Features: Paved
    Road Frontage: City Street
    Exterior Material: Brick/Stone
    Roof Details:
    • Age Over 8 Years
    • Asphalt
    • Metal
    • Rubber

    Lot & Land

    Acres: 0.24
    Geolocation: 44.32534400, -93.95675000
    Inclusions: Building, Land, Leases, Rental License
    Lot Dimensions: 66 x 155
    Zoning:
    • Business/Commercial
    • Residential-Multi-Family
    Lot Description: Corner Lot

    Farm

    Topography: Level

    Schools

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

    Expenses

    Annual Caretaker Expense: $13,142
    Annual Electric Expense: $2,000
    Annual Fuel Expense: $15,000
    Annual Insurance Expense: $7,043
    Annual Maintenance Expense: $8,750
    Annual Gross Expense: $93,758
    Annual Trash Expense: $3,720
    Annual Water/Sewer Expense: $4,535
    Tenant Expenses: Electricity

    Financial & Taxes

    Tax Year: 2024
    Annual Taxes: $23,510
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $23,510
    Land Lease Amount: 400

    Income

    Annual Gross Income: $270,619

    Rent

    Annual Net Income: $176,861

    Units

    Total Units: 25

    Miscellaneous

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

    Mortgage Calculator

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    Payment:  /mo

    Local Home Mortgage Professionals

    651-253-2144
    Jason & Kim Stone
    Branch Manager & Co-Branch Manager
    Fairway Mortgage    NMLS#1018649
    Jason Stone joined Fairway Independent Mortgage Corporation in October 2017, as a Producing Branch Manager with over 15 years of experience in the mortgage industry. Throughout his career, Jason has originated over $500,000,000 in residential loan volume and has helped several thousand customers with their home financing needs. Jason was named Minneapolis Magazine: Super Mortgage Professional in 2018-2023, Scotsman Guide: Top Mortgage Originator 2019-2022, and Minnesota Housing: Platinum Leander. He is also a retired volunteer firefighter for the city of Mendota Heights, MN which is one of the reasons he’s a Home for Heroes affiliate lender.

    Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.

    Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
    It would be our pleasure to assist you 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.