$5,750,000
Mankato, MN 56001
MLS# 7038261
1 / 18
Property Description
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. The occupancy rate is currently at 100%. 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.
Details
Maps
Contract Information
Owner is an Agent?: Yes
Auction?: No
Status: Active
Current Price: $5,750,000
Contingency: None
ListPrice: 5750000
List Date: 2026-03-17
Office/Member Info
Association: MAAR
General Property Information
Lot Measurement: Acres
Multiple PIDs?: No
Other Parking Spaces: 13
Waterfront Present: No
Year Built: 1950
Yearly/Seasonal: Yearly
Zoning: Business/Commercial
Lot Dimensions: 112x157x112x157
Acres: 0.39
Foundation Size: 16848
Garage Stalls: 0
For Sale or Lease: For Sale
Location, Tax and Other Information
Legal Description: CITY OF MANKATO LOT 8 & SLY 43.4' OF (17,230 SQ FT) 009 010 00 APTS; CITY OF MANKATO NLY22.6' OF LOT 9 & NELY135.5'OF 010 010 00; CITY OF MANKATO W22' OF 010 010 00
Listing City: Mankato
Map Page: 999
Municipality: Mankato
School District: Mankato
School District Phone: 507-387-1868
Property ID Number: R010918106025
Tax Year: 2026
Tax Amount: 30202
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No
Directions & Remarks
Public Remarks: 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. The occupancy rate is currently at 100%. 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.
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 right.
Accessible
Accessible Elevator Installed: 1
Assessments
Assessment Balance: 0
Tax With Assessments: 30392
Building Information
Building Finished SqFt: 33696
Construction Status
Previously Owned: 1
Exterior
Brick/Stone: 1
Foundation
Raised: 1
Fuel
Natural Gas: 1
Heating
Forced Air: 1
Lease Details
Land Leased: Not Applicable
Miscellaneous Information
Homestead: No
Ownership
Fractional Ownership: No
Parking Characteristics
Parking Lot: 1
Sale Options
Sale Includes: Building
Sewer
City Sewer/Connected: 1
Unit Details
Total Units: 40
Water
City Water/Connected: 1
On Site Utilities
Electric Separate: 1
CMU Style
Apartments/Multi Family: 1
Current Use
Residential: 1
Location Tax and Other Information
House Number: 500
Street Direction Prefix: S
Street Name: 2nd
Street Suffix: Street
Postal City: Mankato
County: Blue Earth
State: MN
Zip Code: 56001
Complex/Dev/Subdivision: Mankato
Property Features
Accessible: Accessible Elevator Installed
CMU Style: Apartments/Multi Family
Construction Status: Previously Owned
Current Use: Residential
Exterior: Brick/Stone
Foundation: Raised
Fuel: Natural Gas
Heating: Forced Air
On Site Utilities: Electric Separate
Parking Characteristics: Parking Lot
Sewer: City Sewer/Connected
Water: City Water/Connected
Listing Office: Landmark Realtors, LLC
Last Updated: April - 01 - 2026
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.