$5,750,000
500 S 2nd Street Mankato, MN 56001
For Sale MLS# 7038261
33,696 sq ft Commercial
Details for 500 S 2nd Street
MLS# 7038261
Description for 500 S 2nd Street, Mankato, MN, 56001
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.
Listing Information
Property Type: Commercial, Apartments/Multi Family
Status: Active
Lot Size: 0.40 Acres
Square Feet: 33,696 sq ft
Year Built: 1950
Foundation: 16,848 sq ft
Subdivision: Mankato
Number Of Units Total: 40
Current Use: Residential
County: Blue Earth
Days On Market: 79
Construction Status: Previously Owned
School Information
District: 77 - Mankato
Interior Features
Accessibility: Elevator
Utilities
Water: City Water/Connected
Sewer: City Sewer/Connected
Other Utilities: Electric Separate
Heating: Forced Air, Natural Gas
Exterior / Lot Features
Open Parking: 13
Parking Description: Parking Lot
Exterior: Brick/Stone
Lot Dimensions: 112x157x112x157
Zoning: Business/Commercial
Additional Exterior/Lot Features: Land Inclusions - Building
Driving 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.
Financial Considerations
Tax/Property ID: R010918106025
Tax Amount: 30202
Tax Year: 2026
HomeStead Description: Non-Homesteaded
A broker reciprocity listing courtesy: Landmark Realtors, LLC
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity℠ Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than Edina Realty, Inc. are marked with the Broker Reciprocity℠ logo or the Broker Reciprocity℠ thumbnail and detailed information about them includes the name of the listing brokers. Edina Realty, Inc. is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of Edina Realty, Inc., a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc. IDX information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Open House information is subject to change without notice. Information deemed reliable but not guaranteed.
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Payment Calculator
Interest rate and annual percentage rate (APR) are based on current market conditions, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Estimated closing costs used in the APR calculation are assumed to be paid by the borrower at closing. If the closing costs are financed, the loan, APR and payment amounts will be higher. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. Contact us for details. Additional loan programs may be available. Accuracy is not guaranteed, and all products may not be available in all borrower's geographical areas and are based on their individual situation. This is not a credit decision or a commitment to lend.
Sales History & Tax Summary for 500 S 2nd Street
Sales History
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Tax Summary
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Data powered by ATTOM Data Solutions. Copyright© 2026. Information deemed reliable but not guaranteed.
Schools
Schools nearby 500 S 2nd Street
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Data powered by ATTOM Data Solutions. Copyright© 2026. Information deemed reliable but not guaranteed.
The schools shown represent both the assigned schools and schools by distance based on local school and district attendance boundaries. Attendance boundaries change based on various factors and proximity does not guarantee enrollment eligibility. Please consult your real estate agent and/or the school district to confirm the schools this property is zoned to attend. Information is deemed reliable but not guaranteed.
SchoolDigger ® Rating
The SchoolDigger rating system is a 1-5 scale with 5 as the highest rating. SchoolDigger ranks schools based on test scores supplied by each state's Department of Education. They calculate an average standard score by normalizing and averaging each school's test scores across all tests and grades.
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