810 S Broad Street Mankato, MN

Location

810 S Broad Street Mankato, MN

Asking Price

$569,000

Overview

Finished Square Feet 0
Bedrooms
Bathrooms
Garages stall(s)
School District
Type Multi-Family
Stories
Roof Type
Exterior Type

Description

Now for sale is The Rose House, built in 1897. It was owned by Dickinson L. Rose who was a local real estate agent and inventor. It is located in the Historic Lincoln Park District and is itself also on the National Register of Historic Places. The house was a victim of a fire a few years ago and has been brought back to life by Josh Kelley, a local developer. Because of its French Renaissance-inspired design it is an unusual member of the Lincoln Park District. The exterior is original and is built of reddish-brown pressed brick with smooth, yellow limestone trim. It overlooks Lincoln Park.Aside from the foundation and brick exterior, everything else is new. There are 5 apartment units. 3 of the units contain 2 bedrooms; one of the units is a 1 bedroom, and one studio unit. This is a rare opportunity for a buyer to own a piece of history that produces income. Rental income projections areas follows: Studio$850 1 Bedroom$850 2 Bedroom$1, 100 2 Bedroom$1, 200 2 Bedroom$1, 275 Total$5, 275 per month $63, 300 per year Operating Expenses $15, 825 NOI $47, 475 Cap Rate 7%