403 N 5th ST new Save Request In-Person Tour Request Virtual Tour
Mahnomen,MN 56557
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Bisek Add
MLS Listing ID 6741796
Year Built 1992
Annual Tax Amount $4,378
Tax Year 2024
Contingent None
Lot Size 1.570 Acres
Acres 1.57
Lot Dimensions contact county
Property Sub-Type Apartment
Property Description
Seize this rare opportunity to own a well-maintained, income-producing 15-plex in the heart of Mahnomen. Located just off Highway 59 at 403 N 5th St, this property features a strong unit mix of 1 one-bedroom, 8 two-bedroom, and 6 three-bedroom apartments—designed to meet the needs of a broad tenant base in the area.
Each unit is thoughtfully laid out for comfortable living, and the property includes 15 single-stall garages, offering added convenience and value for tenants. Whether you're a seasoned investor or expanding your portfolio, this asset presents stable cash flow with upside.
A key recent improvement includes a new roof installed approximately 2 years ago, offering peace of mind and reducing near-term capital expenses for investors
Bonus Development Opportunity: Situated on a 1.57 acre lot, the property also includes a buildable area behind the garages, ideal for constructing another multifamily building or adding amenities to increase future income potential (subject to city approval).
Located just off Highway 59, this property enjoys easy access to downtown Mahnomen, local employers, schools, and essential services.
Location
State MN
County Mahnomen
Zoning Residential-Multi-Family
Interior
Heating Baseboard
Cooling Wall Unit(s)
Inclusions Building,Leases
Fireplace No
Exterior
Parking Features Detached,Parking Lot
Garage Spaces 15.0
Utilities Available Electric Common,Electric Separate,Heating Common,Heating Separate,Hot Water Separate
Roof Type Age 8 Years or Less
Present Use Residential
Building
Story Three Or More
Foundation 5487
Sewer City Sewer/Connected
Water City Water/Connected
Level or Stories Three Or More
Structure Type Brick Veneer,Metal Siding
Schools
School District Mahnomen