Find Your Dream Home: Search 10,000+ Homes for Sale

1035 Thompson Ravine Road, Mankato, MN 56001

$419,000

Property Type: Multi-Family Bedrooms: 8 Baths: 4 Square Footage: 3,760 Lot Size (sq. ft.): 60,548 Status: Active

Current Price: $419,000 List Date: 3/01/2026 Last Modified: 6/29/2026

Overview

Description

Priced below replacement cost. 8 bed, 4 bath triplex in Mankato on over an acre lot in a growing location. All units are leased with monthly rent currently at $3050 at below market. Tenant pays all utilities. New floor, paint and furnace. Priced at above 6% cap current, (proforma higher with market appreciation, Cap rate calculates higher for self manage). Owner agent. Preapproval letter preferred prior to showing , please contact the agent for rent roll. 24-48 hr notice needed for tenants prior to showing.

Listing Details MLS# 7028529

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Waterfront YN: No
Year Built: 1956
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family
Main Floor Total SqFt: 2160
Above Ground SqFt: 2160
Below Grd Total SqFt: 1600
Total SqFt: 3760
Foundation Size: 1600
Style: (MF) Triplex
Total Finished Sqft: 3760.00
Power Company: Xcel Energy
Garage Stalls: Yes
Lot Dimensions: tbd
Acres: 1.39
Assessment Pending: No

Property Features

Accessible: None Amenities Shared: Common Laundry Facility Basement: Full Construction Status: Previously Owned Exterior: Brick/Stone Foundation: See Remarks Fuel: Natural Gas Heating: Forced Air Laundry: Common Area Owner Pays: Common Area Maintenance; Snow Removal; Trash Collection; Water Roof: Flat Sewer: City Sewer/Connected Stories: One Tenant Pays: All Utilities Water: City Water/Connected

Contract Information

Contingency: None
Original List Price: 419000
ListPrice: 419000
Owner is an Agent?: Yes
Auction?: No

Location Tax and Other Information

House Number: 1035
Street Name: Thompson Ravine
Street Suffix: Road
Postal City: Mankato
County: Blue Earth
State: MN
Zip Code: 56001
Complex/Dev/Subdivision: Gerdts Sub

Assessments

Tax With Assessments: 4422
Assessment Balance: 0

Building Information

Finished SqFt Above Ground: 2160
Finished SqFt Below Ground: 1600

More Information

Income and Expenses

Annual Gross Expenses: 9580
Annual Gross Income: 36245
Annual Insurance Expense: 2245
Annual Maintenance Expense: 990
Annual Repair Expense: 990
Annual Trash Expense: 740
Annual Water/Sewer Expense: 1410
Total Annual Expenses: 9580
Annual Caretaker Expense: 0
Annual Electric Expense: 0
Annual Fuel Expense: 0

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

DP Resource: Yes
Homestead: No

Ownership

Fractional Ownership: No

Parking Characteristics

Garage Square Feet: 200

Unit 1

Furnished?: No
Leased?: Yes
Unit Number: Yes
Annual Rent: 11900
Full Baths: Yes
Monthly Rent: 999
No. of Units Like This: Yes
Total Baths: Yes
Total Bedrooms: 3
Total Rooms: 3

Unit 2

Furnished?: No
Leased?: Yes
Unit Number: 2
Annual Rent: 9600
Full Baths: Yes
Monthly Rent: 800
No. of Units Like This: Yes
Total Baths: Yes
Total Bedrooms: Yes
Total Rooms: Yes

Unit 3

Furnished?: No
Leased?: Yes
Unit Number: 3
Annual Rent: 15560
Full Baths: 2
Monthly Rent: 1299
No. of Units Like This: Yes
Total Baths: 2
Total Bedrooms: 4
Total Rooms: 5

Unit Details

Total Units: 3

Office/Member Info

Association: MAAR

Location, Tax and Other Information

Legal Description: GERDTS SUB SELY 60' OF LOT 8 & ALL 007 000 00
Listing City: Mankato
Map Page: 999
Municipality: Mankato
School District: Mankato
School District Phone: 507-387-1868
Property ID Number: R010908277004
Tax Year: 2025
Tax Amount: 4402
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: Priced below replacement cost. 8 bed, 4 bath triplex in Mankato on over an acre lot in a growing location. All units are leased with monthly rent currently at $3050 at below market. Tenant pays all utilities. New floor, paint and furnace. Priced at above 6% cap current, (proforma higher with market appreciation, Cap rate calculates higher for self manage). Owner agent. Preapproval letter preferred prior to showing , please contact the agent for rent roll. 24-48 hr notice needed for tenants prior to showing.
Directions: R on N victory Dr

Accessible

None: Yes

Amenities Shared

Common Laundry Facility: Yes

Basement

Full: Yes

Construction Status

Previously Owned: Yes

Exterior

Brick/Stone: Yes

Foundation

See Remarks: Yes

Fuel

Natural Gas: Yes

Heating

Forced Air: Yes

Laundry

Common Area: Yes

Owner Pays

Common Area Maintenance: Yes
Snow Removal: Yes
Trash Collection: Yes
Water: Yes

Roof

Flat: Yes

Sewer

City Sewer/Connected: Yes

Stories

One: Yes

Water

City Water/Connected: Yes

No. of Ranges

Three: Yes

No. of Refrigerators

Three: Yes

Tenant Pays

All Utilities: Yes

Listing Office: eXp Realty

Last Updated: June - 29 - 2026

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.