Active

$250,000

229 Locke St, Mankato, MN 56001

4beds

3,097sqft

$1,774/mo

Get pre-qualified

Multi Family

Built in ----

-- sqft lot

$-- Zestimate^®

$81/sqft

$-- HOA

What's special

5 unrelated Rental license - Rare investment opportunity knocks! Attractive cap rate potential($2000-2500/month) at current list price. Tenants have paid all utilities in the past! Excellent opportunity for investors seeking immediate cash flow. Property offers tenant appeal, with its location to MSU/Bethany/Downtown Mankato, and a price point difficult to find in today’s multifamily market. Whether adding to an existing portfolio or entering multifamily investing for the first time, this property offers potential solid income, long-term appreciation potential, and demand in this area. Attractive price point,5 off street parking spots, central location, 4 Bedrooms, a large kitchen/dining/& living areas, as well as versatile occupancy options make this a property you won’t want to miss! Close in time for Fall Semester!!

78 days
409
39

Facts & features

Interior

Bedrooms & bathrooms

Bedrooms: 4
Bathrooms: 2
Full bathrooms: 1
3/4 bathrooms: 1

Heating

Forced Air, Natural Gas

Cooling

Unit 1: Central Air

Appliances

Included: Dishwasher, Disposal, Dryer, Microwave, Range, Refrigerator, Washer, Gas Water Heater
Laundry: Unit 1: Washer/Dryer Hookups

Features

Unit 1: Ceiling Fan(s)
Flooring: Unit 1: Tile
Basement: Unfinished,Stone,Full
Has fireplace: Yes

Interior area

Total structure area: 3,097
Total interior livable area: 3,097 sqft
Finished area above ground: 2,039
Finished area below ground: 0

Property

Parking

Total spaces: 5
Parking features: Concrete, None, Off Street

Features

Levels: Two
Stories: 2
Patio & porch: Deck, Porch
Exterior features: Balcony

Lot

Size: 8,276 Square Feet
Dimensions: 69 x 118
Features: Paved

Details

Foundation area: 1058
Parcel number: R010918305007

Construction

Type & style

Home type: MultiFamily
Property subtype: Multi Family

Materials

Frame/Wood, Vinyl Siding
Roof: Asphalt

Condition

Previously Owned
New construction: No

Utilities & green energy

Sewer: City
Water: Public

Community & HOA

Location

Region: Mankato

Financial & listing details

Price per square foot: $81/sqft
Tax assessed value: $225,400
Annual tax amount: $2,704
Date on market: 7/23/2026
Listing terms: Cash,Conventional
Total actual rent: 1675
Tenant pays: Electricity, Trash Collection, Water/Sewer, Fuel

Estimated market value

Not available

Estimated sales range

Not available

Price history

Date	Event	Price
7/23/2026	Listed for sale	$250,000+31.6%$81/sqft
Source: RASM #267040988 Report a problem
3/24/2021	Listing removed	--
Source: Owner Report a problem
4/15/2019	Listing removed	$1,600$1/sqft
Source: Owner Report a problem
3/14/2019	Listed for rent	$1,600$1/sqft
Source: Owner Report a problem
6/24/2017	Listing removed	$189,900$61/sqft
Source: TRUE REAL ESTATE #7013992 Report a problem
3/25/2017	Listed for sale	$189,900$61/sqft
Source: TRUE REAL ESTATE #7013992 Report a problem

Public tax history

Year	Property taxes	Tax assessment
2025	$2,320 -6.8%	$225,400 +10.8%
2024	$2,490 +5%	$203,500 -8.6%
2023	$2,372 -27.8%	$222,700 +10.5%
2022	$3,286 +4.2%	$201,500 +18.4%
2021	$3,154 +1.7%	$170,200 +10.1%
2020	$3,100	$154,600
2019	$3,100 +0.2%	$154,600 +0.6%
2018	$3,094 +2.9%	$153,700 +4%
2017	$3,008 +9.9%	$147,800 +11.7%
2016	$2,736 +10914.5%	$132,300 -5.1%
2015	$25 -98.3%	$139,400 +3.6%
2014	$1,490	$134,600 +5%
2013	--	$128,200
2012	--	$128,200 -8.7%
2011	--	$140,400 +5.5%
2010	--	$133,100