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520 S 2nd Street, Mankato, MN 56001

$500,000

Property Type: Multi-Family Bedrooms: 9 Baths: 5 Square Footage: 4,000 Lot Size (sq. ft.): 10,019 Status: Active

Current Price: $500,000 List Date: 6/24/2026 Last Modified: 6/26/2026

Overview

Description

Motivated seller. Lease option or CONTRACT for DEED possible. Price in all terms negotiable. LOCATED IN AN OPPORTUNITY ZONE. ZONED CBDF-central business district fringe. Bring in all offers. Control this property for flexible down payment and terms, triple net lease preferred. Zoned for commercial or residential use. Rented parking spaces. Rented garage. Nine bedrooms, four bathrooms

Listing Details MLS# 7098936

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Owner Occupied: No
Waterfront YN: No
Year Built: 1884
Yearly/Seasonal: Yearly
Zoning: Business/Commercial, Residential-Multi-Family
Main Floor Total SqFt: 2000
Above Ground SqFt: 3000
Below Grd Total SqFt: 1000
Total SqFt: 4000
Foundation Size: 1000
Style: (MF) Duplex Up and Down
Total Finished Sqft: 3000.00
Garage Stalls: 2
Lot Dimensions: 66x157.5
Acres: 0.23
Assessment Pending: No

Property Features

Accessible: None Basement: Unfinished Construction Status: Previously Owned Existing Financing: Other Exterior: Brick/Stone; Stucco Foundation: Stone Fuel: Electric; Natural Gas Heating: Baseboard; Forced Air Owner Pays: Electricity; Heat; Hot Water; Insurance; Lawn; Repairs; Snow Removal; Taxes; Trash Collection; Water Parking Characteristics: Parking Lot; Assigned Rental License Type: Standard Sellers Terms: Cash; Conventional Sewer: City Sewer/Connected Stories: Two Tenant Pays: Broadband; Cable TV; Telephone Water: City Water/Connected

Contract Information

Contingency: None
Original List Price: 500000
ListPrice: 500000
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

House Number: 520
Street Direction Prefix: S
Street Name: 2nd
Street Suffix: Street
Postal City: Mankato
County: Blue Earth
State: MN
Zip Code: 56001
Complex/Dev/Subdivision: Auditors 1

Assessments

Tax With Assessments: 5410
Assessment Balance: 0
Assessment Installment: 0

Building Information

Finished SqFt Above Ground: 3000

More Information

Income and Expenses

Annual Caretaker Expense: 3000
Annual Electric Expense: 8060
Annual Fuel Expense: 1200
Annual Gross Expenses: 26460
Annual Gross Income: 71520
Annual Insurance Expense: 2100
Annual Net Income: 44894
Annual Water/Sewer Expense: 1800
Total Annual Expenses: 21050
Annual Maintenance Expense: 0
Annual Repair Expense: 0
Annual Trash Expense: 0
Misc Monthly Income: 0
Misc. Annual Income: 0

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

DP Resource: Yes
Homestead: No

Ownership

Fractional Ownership: No

Parking Characteristics

Garage Square Feet: 544
Parking Lot: Yes
Assigned: Yes

Unit 1

Furnished?: No
Leased?: No
Unit Number: Yes
1/2 Baths: Yes
1/4 Baths: Yes
3/4 Baths: Yes
Annual Rent: 36000
Finished SqFt: 2000
Full Baths: Yes
Monthly Rent: 3000
No. of Units Like This: Yes
Total Baths: 4
Total Bedrooms: 5
Total Rooms: 8

Unit 2

Furnished?: No
Leased?: No
Unit Number: 2
Annual Rent: 28800
Finished SqFt: 1000
Full Baths: Yes
Monthly Rent: 2400
No. of Units Like This: Yes
Total Baths: Yes
Total Bedrooms: 4
Total Rooms: 6

Unit Details

Total Units: 2

Office/Member Info

Association: MAAR

Location, Tax and Other Information

Legal Description: AUDITORS PLAT 1 LOT A 000 000 00
Listing City: Mankato
Map Page: 999
Municipality: Mankato
School District: Mankato
School District Phone: 507-387-1868
Zip Plus 4: 8014
Property ID Number: R010918106027
Tax Year: 2026
Tax Amount: 5410
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: Motivated seller. Lease option or CONTRACT for DEED possible. Price in all terms negotiable. LOCATED IN AN OPPORTUNITY ZONE. ZONED CBDF-central business district fringe. Bring in all offers. Control this property for flexible down payment and terms, triple net lease preferred. Zoned for commercial or residential use. Rented parking spaces. Rented garage. Nine bedrooms, four bathrooms
Directions: Warren St to 2nd Street

Accessible

None: Yes

Basement

Foundation Dimensions: No
Unfinished: Yes

Construction Status

Previously Owned: Yes

Existing Financing

Other: Yes

Exterior

Brick/Stone: Yes
Stucco: Yes

Foundation

Stone: Yes

Fuel

Electric: Yes
Natural Gas: Yes

Heating

Baseboard: Yes
Forced Air: Yes

Owner Pays

Electricity: Yes
Heat: Yes
Hot Water: Yes
Insurance: Yes
Lawn: Yes
Repairs: Yes
Snow Removal: Yes
Taxes: Yes
Trash Collection: Yes
Water: Yes

Rental License Type

Standard: Yes

Sellers Terms

Cash: Yes
Conventional: Yes

Sewer

City Sewer/Connected: Yes

Stories

Two: Yes

Water

City Water/Connected: Yes

Tenant Pays

Broadband: Yes
Cable TV: Yes
Telephone: Yes

Listing Office: RE/MAX Results

Last Updated: June - 26 - 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.