138 N Main Street, Janesville, MN 56048 (MLS# 7059604)

138 N Main Street, Janesville, MN 56048

$475,000
Property Type: Commercial Square Footage: 12,361 Lot Size (sq. ft.): 12,197 Status: Active
Current Price: $475,000 List Date: 4/22/2026 Last Modified: 9/11/2026

Overview

Description

Strong mixed-use investment opportunity in the heart of downtown Janesville. This iconic 1900s building offers a stabilized asset with improved tenancy, renovated apartment units, and a long-term State Farm commercial tenant in place. The property includes 7 apartment units and 3 commercial suites. Major capital improvements and deferred maintenance items have already been addressed, including more than $70,000 in RTU upgrades, creating a near-turnkey investment opportunity with reduced near-term capital needs. The property currently generates $6,324 per month in rental income, with additional upside through two vacant office suites. The lower level provides 2,500+ sq. ft. of additional space for storage, future tenant use, or other income-producing possibities, offering further value-add potential for an investor

Listing Details MLS# 7059604

General Property Information

Lot Measurement
Acres
Multiple PIDs?
No
Other Parking Spaces
8
Waterfront YN
No
Year Built
1900
Yearly/Seasonal
Yearly
Zoning
Business/Commercial
Foundation Size
4383
For Sale or Lease
For Sale
Acres
0.28
Lot Dimensions
45x40
Assessment Pending
Yes

Property Features

Accessible: None Air Conditioning: Central Air Assumable Loan: Not Assumable Basement: Partially Finished CMU Style: Apartments/Multi Family; Mixed Use; Office Construction Status: Previously Owned Current Use: Beauty/Barber Shop; Commercial; Professional Service; Residential Exterior: Brick/Stone Foundation: Other Fuel: Natural Gas Heating: Forced Air Loan Terms: Cash; Conventional; Other Location Description: Downtown Lock Box Type: Combo Lot Description: Corner Lot On Site Utilities: Electric Common; Heating Common; Hot Water Common Parking Characteristics: Unassigned Sewer: City Sewer/Connected Water: City Water/Connected

Contract Information

Contingency
None
ListPrice
475000
Owner is an Agent?
No
Auction?
No

Location Tax and Other Information

House Number
138
Street Direction Prefix
N
Street Name
Main
Street Suffix
Street
Postal City
Janesville
County
Waseca
State
MN
Zip Code
56048
Complex/Dev/Subdivision
Original Plat/Janesville Minn

Assessments

Assessment Balance
237.38
Tax With Assessments
4672

Building Information

Building Finished SqFt
9178
Building SqFt
12361

More Information

Lease Details

Land Leased
Not Applicable

Miscellaneous Information

Homestead
No

Ownership

Fractional Ownership
No

Sale Options

Sale Includes
Building, Leases

Unit 1

Unit Number
Yes
Monthly Rent
800
Leased?
No

Unit 10

Leased?
No
Monthly Rent
689
Unit Number
10

Unit 2

Leased?
No
Monthly Rent
775
Unit Number
2

Unit 3

Leased?
No
Monthly Rent
675
Unit Number
3

Unit 4

Leased?
No
Monthly Rent
1000
Unit Number
4

Unit 5

Leased?
No
Monthly Rent
750
Unit Number
5

Unit 6

Leased?
No
Monthly Rent
785
Unit Number
6

Unit 7

Leased?
No
Monthly Rent
850
Unit Number
7

Unit 8

Leased?
No
Unit Number
8

Unit 9

Leased?
No
Unit Number
9

Unit Details

Total Units
10
IDX
Listing Office: RE/MAX Results
Last Updated: September - 11 - 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. ©2026 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.
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