NICOLLET HOTEL
**ASSUMABLE LOAN OPTION** 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 2BD + DEN, 1BA. YOU WILL DEFINITELY WANT TO TOUR THIS BUILDING!! PRO-FORMA NOI $168,897+ / CAP RATE 8.89 %
Property Description
**ASSUMABLE LOAN OPTION** 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 2BD + DEN, 1BA. YOU WILL DEFINITELY WANT TO TOUR THIS BUILDING!! PRO-FORMA NOI $168,897+ / CAP RATE 8.89 %
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,899,000 |
| No. of Units: | 25 |
| Cap Rate: | 8.89% |
| GRM /GIM: | 7.22 |
| Average Occupancy: | 100 |
| Year Built: | 1872 |
| Year Renovated: | 1998 |
| Building Size: | 24,000 Sq ft |
| Lot Size: | 0.24 Acres |
| No. of Stories: | 4 |
| APN: | 19-412-3672 |
| Zoning Code: | Commercial |
| Buy Side Fee: | 1.0% |
| Opportunity Zone: | No |
| Price per unit: | $75,960 |
| Property Website | Click Here |
FINANCIAL DETAILS
| Income/expense info: | Pro Forma |
|---|---|
| Financial year: | 2024 |
| Gross income: | 275280 |
| Effective Gross income: | 275280 |
| Operating expenses: | 93758 |
| Net operating income: | 168897 |
| Pre-tax cashflow: | 168897 |
Similar Properties in the Area
Brokers
View All-
Ben Galles
CBRE | Nevada
-
Chase Lord
SVN OAK Realty Advisors | Oklahoma
-
James Nelson
Avison Young - US - NY - New York | New York
-
Ken Wellar
GREA | Pennsylvania
Lenders
View All-
Felix Gutnikov
California
-
Gary Bechtel
North Carolina
-
Arbor Realty Trust
-
Bellwether Enterprise
Management
View All-
Essex Property Trust, Inc.
California
-
Asset Living
Texas
-
Anthony-Lewis Jerdine
Florida
-
AOG Living
Texas
