For Sale: Saint Peter MLS# 6825253
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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 SPACES, 3-STORY ROW HOUSES, AND SECOND & THIRD FLOOR APARTMENTS. THE TOTAL GROSS BUILDING SQUARE FOOTAGE IS JUST OVER 24, 000+. AFTER THE DEVASTATING 1998 TORNADO, A GROUP OF INVESTORS CAME TOGETHER TO SAVE THIS HISTORIC PIECE OF REAL ESTATE AND REPLACED THE ROOFS, WINDOWS, INSTALLED A NEW ELEVATOR, TUCK POINTED THE EXTERIOR BRICK, AND ADDED MAINTENANCE FREE METAL COPING AROUND THE WHOLE TOP OF THE STRUCTURE. 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 2BD + DEN, 1BA. YOU WILL DEFINITELY WANT TO TOUR THIS BUILDING!! PRO-FORMA NOI $193, 415 / CAP RATE 7.73 %
Listing
Listing Status:
Active
Contingency:
None
List Price:
$2,500,000
Property Type:
Commercial
City:
Saint Peter
Garage Spaces:
0
County:
Nicollet
Year Built:
1872
State:
MN
Property Style:
Other
Zip Code:
56082
Subdivision Name:
Amended
Interior
Ceiling Height:
11-15
Flooring:
Carpet, Tile
Refrigerators:
One Per Unit
Appliances Included:
- Range
- Refrigerator
Basement Details:
- Drain Tiled
- Drainage System
- Egress Window(s)
- Finished
- Full
- Sump Pump
Exterior
Stories:
Three Or More
Garage Spaces:
0
Air Conditioning:
Central Air, Window Unit(s)
Foundation Size:
5,400 ft2
Fencing:
None
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
Forced Air
Parking Features:
- Off Site
- Parking Lot
Unit Amenities:
- Ceiling Fan(s)
- Tile Floors
- Walk-In Closet
Road Frontage:
City Street
Exterior Material:
Brick
Pool:
None
Roof Details:
- Age Over 8 Years
- Asphalt
- Flat
- Pitched
- Rubber
Lot & Land
Acres:
0.235
Geolocation:
44.325344, -93.95675
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:
1871
District Phone:
5079345703
Expenses
Annual Caretaker Expense:
$14,434
Annual Electric Expense:
None
Annual Fuel Expense:
$19,408
Annual Insurance Expense:
$7,043
Annual Maintenance Expense:
$8,750
Annual Trash Expense:
$3,720
Annual Water/Sewer Expense:
$4,535
Tenant Expenses:
Broadband, Cable TV, Electricity, Gas
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$25,434
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$25,434
Income
Annual Gross Income:
$288,690
Rent
Annual Net Income:
$193,415
Units
Total Units:
25
Miscellaneous
Current Use:
Residential
Fuel System:
- Electric
- Natural Gas
- Oil
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Separate
- Hot Water Separate
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
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.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.