500 S 2nd Street, Mankato, MN 56001 (MLS# 7038261)

500 S 2nd Street, Mankato, MN 56001

$5,750,000
Property Type: Commercial Lot Size (sq. ft.): 16,988 Status: Active
Current Price: $5,750,000 List Date: 3/31/2026 Last Modified: 6/26/2026

Overview

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. 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 Details MLS# 7038261

General Property Information

Lot Measurement
Acres
Multiple PIDs?
No
Other Parking Spaces
13
Waterfront YN
No
Year Built
1950
Yearly/Seasonal
Yearly
Zoning
Business/Commercial
Foundation Size
16848
For Sale or Lease
For Sale
Acres
0.39
Lot Dimensions
112x157x112x157
Assessment Pending
No

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

Contract Information

Contingency
None
ListPrice
5750000
Owner is an Agent?
Yes
Auction?
No

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

Assessments

Tax With Assessments
30392

Building Information

Building Finished SqFt
33696

More Information

Lease Details

Land Leased
Not Applicable

Miscellaneous Information

Homestead
No

Ownership

Fractional Ownership
No

Sale Options

Sale Includes
Building

Unit Details

Total Units
40
IDX
Listing Office: Landmark Realtors, LLC
Last Updated: June - 26 - 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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