518 Central Avenue, Lester Prairie, MN 55354 (MLS# 7142810)

518 Central Avenue, Lester Prairie, MN 55354

$325,000
Property Type: Commercial Bedrooms: 7 Baths: 5 Square Footage: 6,288 Lot Size (sq. ft.): 5,663 Status: Active
Current Price: $325,000 List Date: 9/11/2026 Last Modified: 10/01/2026

Overview

Description

If you are looking to get into commercial real estate this is the perfect entry point. There is plenty of room for growth, multiple income streams, and all for an affordable price. Local bank is ready to help you finance your next investment! There is 4 apartments, and a main floor commercial space with street entrance with no steps. There is a contract with the bank to allow tenants to park next to the building otherwise off street parking is available. All residential units rented out with commercial space available with immediate lease option or owner business opportunity.

Listing Details MLS# 7142810

General Property Information

Lot Measurement
Acres
Multiple PIDs?
No
Other Parking Spaces
20
Owner Occupied
No
Waterfront YN
No
Year Built
1900
Yearly/Seasonal
Yearly
Zoning
Business/Commercial
Foundation Size
4970
Garage Stalls
2
For Sale or Lease
For Sale
Acres
0.13
Lot Dimensions
50x120
Assessment Pending
No

Property Features

Accessible: Wheelchair Ramp Air Conditioning: Window Unit(s) Amenities Shared: Other Appliances: Dryer; Range; Refrigerator; Washer Basement: Full; Shared Access; Unfinished CMU Style: Apartments and Retail; Apartments/Multi Family; Business Opportunity; Mixed Use Construction Status: Previously Owned Current Use: Commercial Exterior: Brick/Stone; Stucco; Vinyl Foundation: Brick/Mortar; Combination; Concrete Block Fuel: Natural Gas Heating: Forced Air Loan Terms: Cash; Conventional; Conventional Rehab Location Description: Downtown Lock Box Type: Supra On Site Utilities: Electric Common; Heating Common Potential Use: Income; Office; Professional; Retail Rental License Type: Standard Road Frontage: City Street; Paved Streets; Sidewalks Roof: Age Over 8 Years; Flat; Rubber Sewer: City Sewer/Connected Stories: Two Water: City Water/Connected

Contract Information

Contingency
None
ListPrice
325000
Owner is an Agent?
No
Auction?
No

Location Tax and Other Information

House Number
518
Street Name
Central
Street Suffix
Avenue
Postal City
Lester Prairie
County
McLeod
State
MN
Zip Code
55354
Complex/Dev/Subdivision
Lester Prairie

Assessments

Tax With Assessments
2872

Building Information

Building Finished SqFt
6288
Building SqFt
6288

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
Three-Quarter Baths
Yes
Total Bathrooms
Yes
Total Bedrooms
Yes
Level
2nd Level
No. of 1 Bedroom Units
2

Unit 2

No. of 2 Bedroom Units
Yes
Level
Main Level
Monthly Rent
850
Three-Quarter Baths
Yes
Total Bathrooms
Yes
Total Bedrooms
Yes
Unit Number
2

Unit 3

No. of 3 Bedroom Units
Yes
Lease Expiration Date
2027-08-31
Leased?
Yes
Level
Main Level
Monthly Rent
1250
Three-Quarter Baths
Yes
Total Bathrooms
Yes
Total Bedrooms
2
Unit Number
3

Unit 4

Full Baths
Yes
Leased?
No
Level
Multi-Level
Monthly Rent
1450
Total Bathrooms
Yes
Total Bedrooms
3
Unit Number
4

Unit 5

Half Baths
Yes
Leased?
No
Level
Main Level
Total Bathrooms
Yes
Total Rooms
3
Unit Number
5

Unit Details

Total Units
5
IDX
Listing Office: RE/MAX Advantage Plus
Last Updated: October - 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. ©2026 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.
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