For Sale: Mahnomen MLS# 6741796
Active
NEW!
$1,000,000
Commercial: Apartments
Built 1992
1.57 acres
Mahnomen schools
MLS# 6741796
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Property Description
Seize this rare opportunity to own a well-maintained, income-producing 15-plex in the heart of Mahnomen. Located just off Highway 59 at 403 N 5th St, this property features a strong unit mix of 1 one-bedroom, 8 two-bedroom, and 6 three-bedroom apartments—designed to meet the needs of a broad tenant base in the area.
Each unit is thoughtfully laid out for comfortable living, and the property includes 15 single-stall garages, offering added convenience and value for tenants. Whether you're a seasoned investor or expanding your portfolio, this asset presents stable cash flow with upside.
A key recent improvement includes a new roof installed approximately 2 years ago, offering peace of mind and reducing near-term capital expenses for investors
Bonus Development Opportunity: Situated on a 1.57 acre lot, the property also includes a buildable area behind the garages, ideal for constructing another multifamily building or adding amenities to increase future income potential (subject to city approval).
Located just off Highway 59, this property enjoys easy access to downtown Mahnomen, local employers, schools, and essential services.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$1,000,000
Property Type:
Commercial
City:
Mahnomen
Garage Spaces:
15
County:
Mahnomen
Year Built:
1992
State:
MN
Property Style:
Apartments
Zip Code:
56557
Subdivision Name:
Bisek Add
Interior
Ranges:
One Per Unit
Refrigerators:
One Per Unit
Exterior
Stories:
Three Or More
Garage Spaces:
15
Other Parking Spaces:
15
Air Conditioning:
Wall Unit(s)
Foundation Size:
5,487 ft2
Foundation Dimensions:
59x93
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
Baseboard
Parking Features:
- Detached
- Parking Lot
Road Frontage:
City Street
Exterior Material:
- Brick Veneer
- Metal Siding
Roof Details:
Age 8 Years or Less
Lot & Land
Acres:
1.57
Geolocation:
47.318728, -95.976753
Inclusions:
Building, Leases
Lot Dimensions:
Contact county
Zoning:
Residential-Multi-Family
Schools
School District:
432
District Phone:
218-935-2211
Expenses
Annual Gross Expense:
$39,211
Financial & Taxes
Tax Year:
2024
Annual Taxes:
$4,378
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$4,378
Income
Annual Gross Income:
$159,231
Rent
Annual Net Income:
$120,020
Units
Total Units:
15
Miscellaneous
Current Use:
Residential
Fuel System:
Propane
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Common
- Electric Separate
- Heating Common
- Heating Separate
- Hot Water Separate
Water System:
City Water/Connected
Mortgage Calculator
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Listing provided by RMLS,
courtesy of eXp Realty (3523 FGO).
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.