For Sale: Mankato MLS# 6673406
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Property Description
Dewey Flats is a new, To-Be-Built, development designed to meet the growing demand for quality rental housing. The project will feature
three-story townhome style rentals, each offering 2 Bedrooms, 1.5 Bathrooms, a tuck under garage, in-unit washer and dryer, and 1, 500
square feet of living space.
These pet friendly units are designed for modern renters and will lease for $1, 750 per month to start. The exterior will combine durability
and curb appeal, featuring Vetter Stone accents, wainscoting, vinyl lap siding, and cement board elements.
Factor Group will handle the development and Factor Property Management will handle all of the onboarding and pre-leasing for the
property. They have a strong track record of success, having fully leased The Forde Apartments in North Mankato and The Capital Lofts
in St. Peter within three months of operation. Factor uses targeted marketing, efficient tenant screening, and hands on management to
quickly lease properties and ensure long-term success.
The projected cash flow for Dewey Flats reflects strong rental income potential and prudent expense management. Key details include:
ā?¢ Rental Income: Monthly rent starts at $1, 750 per unit with a Rental Income Growth Rate of 3% annually
ā?¢ Additional Income: The development includes an estimated pet income averaging $165 per unit annually
ā?¢ Operating Expenses: The Operating Expense Ratio is projected at 25.25%, with an Expense Growth Rate of 3% annually
ā?¢ Vacancy and Credit Loss: A conservative vacancy and credit loss assumption of 5% has been applied
Listing
Listing Status:
Active
Contingency:
None
List Price:
$2,500,000
Property Type:
Commercial
City:
Mankato
Garage Spaces:
10
County:
Blue Earth
Year Built:
2025
State:
MN
Property Style:
Other
Zip Code:
56001
Subdivision Name:
The Neighborhood
Exterior
Stories:
Three Or More
Garage Spaces:
10
Other Parking Spaces:
10
Foundation Size:
5,100 ft2
Handicap Accessible:
None
Heating System:
Forced Air
Parking Features:
Tuckunder Garage
Exterior Material:
- Brick/Stone
- Fiber Cement
- Vinyl Siding
Lot & Land
Acres:
0.35
Geolocation:
44.161959, -94.014905
Inclusions:
Building, Leases, Rental License
Lot Dimensions:
15246
Zoning:
Business/Commercial
Schools
School District:
77
District Phone:
507-387-1868
Expenses
Annual Insurance Expense:
$4,678
Annual Maintenance Expense:
$2,963
Annual Gross Expense:
$50,773
Annual Trash Expense:
$2,433
Tenant Expenses:
All Utilities
Financial & Taxes
Tax Year:
2024
Annual Taxes:
$410
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$410
Income
Annual Gross Income:
$201,068
Rent
Annual Net Income:
$150,295
Units
Total Units:
10
Miscellaneous
Current Use:
Other
Fuel System:
Natural Gas
Sewer System:
City Sewer - In Street
Available Utilities:
- Electric Separate
- Heating Separate
- Hot Water Separate
Water System:
City Water/Connected
Mortgage Calculator
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Listing provided by RMLS,
courtesy of Apex Commercial Properties, LL.
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.