$2,200,000
Saint Peter, MN 56082
MLS# 6509744
1 / 52
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, 3-STORY ROW HOUSES, WITH SECOND AND THIRD FLOOR APARTMENTS. TOTAL GROSS BUILDING SQUARE FOOTAGE JUST OVER 24,000+. JUST AFTER THE DEVASTATING 1998 TORNADO A GROUP OF INVESTORS CAME TOGETHER TO SAVE THIS HISTORIC PIECE OF REAL ESTATE AND REPLACED THE ROOFS, THE WINDOWS, INSTALLED A NEW ELEVATOR, TUCK POINTED THE EXTERIOR BRICK, AND ADDED MAINTENANCE FREE METAL COPING AROUND THE WHOLE TOP OF THE STRUCTURE. BOTH THE MAIN FLOOR AND LOWER LEVEL HAVE LONG STANDING COMMERCIAL TENANTS. 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 2
Details
Maps
Documents
Contract Information
Digitally Altered Photos: No
Status: Active
Current Price: $2,200,000
Contingency: None
ListPrice: 2200000
List Date: 2024-03-27
Owner is an Agent?: No
Auction?: No
Office/Member Info
Association: SPAAR
General Property Information
Lot Measurement: Acres
Multiple PIDs?: No
Owner Occupied: No
Year Built: 1872
Yearly/Seasonal: Yearly
Zoning: Business/Commercial, Residential-Multi-Family
Foundation Size: 5400
For Sale or Lease: For Sale
Acres: 0.23
Lot Dimensions: 66 x 155
Location, Tax and Other Information
Legal Description: BLOCK 177 LOT 4 SUBDIVISIONCD 19412 SUBDIVISIONNAME AMENDED PLAT
Listing City: Saint Peter
Map Page: 999
Municipality: Saint Peter
School District Phone: 507-934-5703
House Number: 122
Street Direction Prefix: S
Street Name: Minnesota
Street Suffix: Avenue
Postal City: Saint Peter
County: Nicollet
State: MN
Zip Code: 56082
Zip Plus 4: 1275
Property ID Number: 194123672
Complex/Dev/Subdivision: Amended
Tax Year: 2024
Tax Amount: 23510
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No
Directions & Remarks
Public Remarks: 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, 3-STORY ROW HOUSES, WITH SECOND AND THIRD FLOOR APARTMENTS. TOTAL GROSS BUILDING SQUARE FOOTAGE JUST OVER 24,000+. JUST AFTER THE DEVASTATING 1998 TORNADO A GROUP OF INVESTORS CAME TOGETHER TO SAVE THIS HISTORIC PIECE OF REAL ESTATE AND REPLACED THE ROOFS, THE WINDOWS, INSTALLED A NEW ELEVATOR, TUCK POINTED THE EXTERIOR BRICK, AND ADDED MAINTENANCE FREE METAL COPING AROUND THE WHOLE TOP OF THE STRUCTURE. BOTH THE MAIN FLOOR AND LOWER LEVEL HAVE LONG STANDING COMMERCIAL TENANTS. 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 2
Directions: Downtown Saint Peter
Assessments
Tax With Assessments: 23510
Basement
Foundation Dimensions: 45 x 120
Building Information
Building Finished SqFt: 24000
Building SqFt: 24000
Ceiling Height: 11-15
Income and Expenses
Annual Caretaker Expense: 13142
Annual Electric Expense: 2000
Annual Fuel Expense: 15000
Annual Gross Expenses: 93758
Annual Gross Income: 270619
Annual Insurance Expense: 7043
Annual Maintenance Expense: 8750
Annual Net Income: 176861
Annual Trash Expense: 3720
Annual Water/Sewer Expense: 4535
Total Annual Expenses: 93758
Lease Details
Land Leased: Monthly
Monthly Land Lease Amt: 400
Miscellaneous Information
Homestead: No
Ownership
Fractional Ownership: No
Sale Options
Sale Includes: Building, Land, Leases, Rental License
Unit 1
No. of 1 Bedroom Units: 14
Unit 2
No. of 2 Bedroom Units: 6
Unit Details
Total Units: 25
Property Features
Accessible: None
Appliances: Range; Refrigerator
Assumable Loan: Not Assumable
Basement: Finished (Livable); Full
CMU Style: Apartments and Retail; Apartments/Multi Family; Low Rise; Mixed Use; Office
Construction Materials: Brick; Frame; Stone
Construction Status: Previously Owned
Current Use: Office; Residential; Retail
Exterior: Brick/Stone
Flooring: Carpet; Tile; Wood
Fuel: Natural Gas
Heating: Baseboard; Forced Air
Loan Terms: Assumable; Cash; Conventional
Location Description: Downtown
Lot Description: Corner Lot
No. of Ranges: One Per Unit
No. of Refrigerators: One Per Unit
On Site Utilities: Electric Separate; Heating Common; Hot Water Common
Owner Pays: Gas; Hot Water; Insurance; Maintenance/Repair
Parking Characteristics: Paved Lot
Pool Description: None
Potential Use: Income; Motel/Hotel; Office; Professional; Restaurant; Retail; Shop
Rent Rate per Foot: Per Month
Rental License Type: Standard
Road Frontage: City Street
Road Responsibility: Public Maintained Road
Roof: Age Over 8 Years; Asphalt Shingles; Metal; Rubber
Sewer: City Sewer/Connected
Stories: Three Or More
Tenant Pays: Electricity
Topography: Level
Wall Description: Drywall; Plaster
Water: City Water/Connected
Window Features: Double Pane Windows
Nicollet Hotel 25 Units $2.2M.pdf Listing Office: Apartment Cash Flow, Inc.
Last Updated: May - 25 - 2024
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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.
