229 Locke Street
Mankato, MN 56001
$250,000
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!!
| Listing Id: | 267040989 |
|---|---|
| List Price: | $250,000 |
| Property Type: | Residential Income |
| Property Sub Type: | Multi Family |
| Status: | Active |
| Bedrooms Total: | 4 |
| Bathrooms Full: | 1 |
| Bathrooms Three Quarter: | 1 |
| Living Area: | 2,039 |
| Tax Annual Amount: | $2,704 |
| Lot Size Square Feet: | 8,276.4 |
| Lot Size Acres: | 0.19 |
| Waterfront?: | No |
| City: | Mankato |
| County Or Parish: | Blue Earth County |
| Postal Code: | 56001 |
| Year Built: | 1890 |
| Appliances: | Dishwasher, Disposal, Dryer, Microwave, Range, Refrigerator, Washer, Gas Water Heater |
| Bathrooms Total Integer: | 2 |
| Construction Materials: | Vinyl Siding, Frame/Wood |
| Cooling: | Central Air |
| Cooling?: | Yes |
| Covered Spaces: | 0 |
| Exterior Features: | Balcony |
| Fireplace?: | Yes |
| Flooring: | Tile |
| Garage Spaces: | 0 |
| Heating: | Forced Air |
| Heating?: | Yes |
| Interior Features: | Ceiling Fan(s) |
| Laundry Features: | Washer/Dryer Hookups |
| Levels: | Two |
| Listing Contract Date: | 2026-07-20 |
| Listing Terms: | Cash, Conventional |
| Lot Features: | Paved |
| Lot Size Area: | 8276.4 |
| Lot Size Units: | Square Feet |
| MLS Area Major: | MANKATO CENTRAL |
| Modification Timestamp: | 2026-07-23T06:15:52.100Z |
| Open Parking?: | Yes |
| Parcel Number: | R01.09.18.305.007 |
| Parking Features: | Off Street, No Garage, Concrete |
| Parking Total: | 5 |
| Patio And Porch Features: | Deck, Porch |
| Property Condition: | Previously Owned |
| Road Frontage Type: | City Street |
| Roof: | Asphalt |
| Sewer: | Public Sewer |
| State Or Province: | MN |
| Stories: | 2 |
| Structure Type: | Single Family Rental |
| Water Source: | Public |
| Above Grade Finished Area: | 2,039 |
| Rental License: | Yes |
| Hobby Farm: | No |
| Owner Is An Agent: | No |
| Development: | No |
| Appointment Phone: | 507-382-3815 |
| Sf_1: Assessment Balance, CI_5: Assessment Balance, FR_3: Assessment Balance, LD_4: Assessment Balance, MF_2: Assessment Balance: | $20 |
| Lender Owned: | No |
| Address: | 229 Locke Street |
| Sale/rent: | For Sale |
| Status Category: | Active |
| Basement: | true |
| Basement: | Full, Unfinished, Stone |
| Foundation Area: | 1,058 |
| High School District: | Mankato #77 |
| Original List Price: | $250,000 |
| Showing Instructions: | ShowingTime, Show Anytime |
Listing Courtesy of: Keller Williams Premier Realty
Listing Agent: Rachael Hansen-Miller
rlhmiller@kw.com
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REALTOR® Association of Southern Minnesota data last updated on October 08, 2026 04:20 PM - CT.
Property Last Updated: October 08, 2026 04:20 PM - CT
