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500 S 2nd Street, Mankato, MN 56001

$5,750,000

Property Type: Commercial Lot Size (sq. ft.): 16,988 Status: Active

Current Price: $5,750,000 List Date: 3/31/2026 Last Modified: 5/27/2026

Overview

Description

Cherry Square is an apartment complex on the corner of 2nd St. and Cherry St. formerly known as the Inn Towne Motel in the downtown Mankato bar district. It was built in 1950. This 38 unit- 3 story complex is built of pre-stressed concrete and brick. Parking is on the main level under the square shaped building which is elevated on columns. The apartments, consisting of 8 two bedroom units and 30 one bedroom units, went through a total remodel in 2022 and early 2023. There is ample parking on the property for all residents. Building #2 (121 E Cherry St) is a commercial building consisting of 12,663SF which is leased to Menari Body Works. The elevator is shared with the apartment building and the commercial building. Building #3 (117 E Cherry St) is a two story 2,904 SF brick building that has two apartments that are each 4 bedrooms.

Listing Details MLS# 7038261

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Other Parking Spaces: 13
Waterfront Present: No
Year Built: 1950
Yearly/Seasonal: Yearly
Zoning: Business/Commercial
Foundation Size: 16848
For Sale or Lease: For Sale
Acres: 0.39
Lot Dimensions: 112x157x112x157
Assessment Pending: No
Garage Stalls: 0

Property Features

Accessible: Accessible Elevator Installed CMU Style: Apartments/Multi Family Construction Status: Previously Owned Current Use: Residential Exterior: Brick/Stone Foundation: Raised Fuel: Natural Gas Heating: Forced Air On Site Utilities: Electric Separate Parking Characteristics: Parking Lot Sewer: City Sewer/Connected Water: City Water/Connected

Contract Information

Contingency: None
ListPrice: 5750000
Owner is an Agent?: Yes
Auction?: No

Location Tax and Other Information

House Number: 500
Street Direction Prefix: S
Street Name: 2nd
Street Suffix: Street
Postal City: Mankato
County: Blue Earth
State: MN
Zip Code: 56001
Complex/Dev/Subdivision: Mankato

Assessments

Tax With Assessments: 30392
Assessment Balance: 0

Building Information

Building Finished SqFt: 33696

More Information

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

Homestead: No

Ownership

Fractional Ownership: No

Sale Options

Sale Includes: Building

Unit Details

Total Units: 40

Office/Member Info

Association: MAAR

Location, Tax and Other Information

Legal Description: CITY OF MANKATO LOT 8 & SLY 43.4' OF (17,230 SQ FT) 009 010 00 APTS; CITY OF MANKATO NLY22.6' OF LOT 9 & NELY135.5'OF 010 010 00; CITY OF MANKATO W22' OF 010 010 00
Listing City: Mankato
Map Page: 999
Municipality: Mankato
School District: Mankato
School District Phone: 507-387-1868
Property ID Number: R010918106025
Tax Year: 2026
Tax Amount: 30202
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: Cherry Square is an apartment complex on the corner of 2nd St. and Cherry St. formerly known as the Inn Towne Motel in the downtown Mankato bar district. It was built in 1950. This 38 unit- 3 story complex is built of pre-stressed concrete and brick. Parking is on the main level under the square shaped building which is elevated on columns. The apartments, consisting of 8 two bedroom units and 30 one bedroom units, went through a total remodel in 2022 and early 2023. There is ample parking on the property for all residents. Building #2 (121 E Cherry St) is a commercial building consisting of 12,663SF which is leased to Menari Body Works. The elevator is shared with the apartment building and the commercial building. Building #3 (117 E Cherry St) is a two story 2,904 SF brick building that has two apartments that are each 4 bedrooms.
Directions: From HWY 14, head south on South on Riverfront Dr. Continue until you reach the intersection of Riverfront and W Cherry St. Turn left onto Cherry St. Then turn right onto S 2nd St. Property is on the right.

Accessible

Accessible Elevator Installed: Yes

Construction Status

Previously Owned: Yes

Exterior

Brick/Stone: Yes

Foundation

Raised: Yes

Fuel

Natural Gas: Yes

Heating

Forced Air: Yes

Parking Characteristics

Parking Lot: Yes

Sewer

City Sewer/Connected: Yes

Water

City Water/Connected: Yes

On Site Utilities

Electric Separate: Yes

CMU Style

Apartments/Multi Family: Yes

Current Use

Residential: Yes

Listing Office: Landmark Realtors, LLC

Last Updated: May - 27 - 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.