500 S 2nd Street Mankato, MN $ 5,750,000
500 S 2nd Street
$ 5,750,000
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500 S 2nd Street

Mankato, MN, 56001
$ 5,750,000
Bedrooms-- Baths--

Monthly Estimate*

$ 39,714

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Commercial Property for sale in Mankato, MN

for $5,750,000. This building was built in 1950 on a lot size of 0.396.

Cherry Square is an apartment complex on the corner of 2nd St. and Cherry St. formerly known as the Inn Towne Motel in the downtown Mankato bar district. It was built in 1950. This 38 unit- 3 story complex is built of pre-stressed concrete and brick. Parking is on the main level under the square shaped building which is elevated on columns. The apartments, consisting of 8 two bedroom units and 30 one bedroom units, went through a total remodel in 2022 and early 2023. There is ample parking on the property for all residents. Building #2 (121 E Cherry St) is a commercial building consisting of 12,663SF which is leased to Menari Body Works. The elevator is shared with the apartment building and the commercial building. Building #3 (117 E Cherry St) is a two story 2,904 SF brick building that has two apartments that are each 4 bedrooms.

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Commercial Active

Price

$ 5,750,000

Property Type

Commercial

Taxes

$ 30,202

Style

Lot Size

0.396

Year Built

1950

Town/City

Mankato

County/Region

Blue Earth

MLS | Web ID

7038261

Features
General
Sewer City Sewer/Connected
Heating Forced Air
Utilities Electric Separate
Garage Spaces 0
Year Built 1950
Tax Year 2026
Current Use Residential
Accessibility Accessible Elevator Installed
County Blue Earth
New Construction N
Property Type Commercial Sale
Contingency None
Subdivision Name Mankato
Directions From HWY 14 head south on South on Riverfront Dr. Continue until you reach the intersection of Riverfront and W Cherry St. Turn left onto Cherry St. Then turn right onto S 2nd St. Property is on the
City Mankato
High School District Mankato
Zoning Description Business/Commercial
Number Of Units Total 40
Lot Size Units Acres
Land Lease Y/N N
Tax Annual Amount 30202
Additional Parcels Y/N N
Standard Status Active
Lender Owned No
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Exterior
Parking Features Parking Lot
Water Source City Water/Connected
Inclusions Building
Lot Size Area 0.396
Lot Dimensions 112x157x112x157
Waterfront Y/N N
Foundation Area 16848
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Interior
Basement (Y/N) N
Fuel Natural Gas
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Internal Only
Street Number 1 500
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* Excluded Features
List By
Landmark Realtors, Llc

Broker

jon@landmarkminnesota.com

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Affordability Calculator

$42,231
Per Month
94%
6%
0%
Monthly Principal & Interest
$39,714
Monthly Property Taxes
$2,517
Monthly Home Insurance
--
Default based on a 30-year fixed rate of 7.375% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Nearby
708596 Elementary School
708778 Middle School
Unknown High School High School
Pricing History
DatePricePrice ChangeDescription
3/31/2026$5,750,000 Listed Price

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500 S 2nd Street, Mankato, MN, 56001 is a Commercial Property for sale at $5,750,000 with a lot size of 0.396. 500 S 2nd Street was built in 1950. The property's zip code is 56001 which is in Mankato, MN