DESCRIPTION

This is an assembled 5 parcel estimated at slightly over 1 acre on the edge of downtown. All 5 properties must be sold together and intended for future development or can be held as rental property ($80,000 yr/gross) until ready for multi-use development. Plans for condo or apartment project are ready for discussion. 54 units with underground parking is the favored plan thus far. Other options abound. Contact Realtors for details. This is a great opportunity for redevelopment and perfect location. On Mayo park, famous for concerts by the river, only 3 blocks from skyway system connecting all of downtown and Mayo campus. Nearby to emerging University of Minnesota Rochester campus. Owner occupied condos would be ideal. Main level could house specialty grocery chain, café, coffee shop, even day care possibility. Post card views of downtown from any floor. River walk, bike trails, across the street. It is all here and open for redevelopment of this site.

KEY DETAILS
  • Price:
  • $1,900,000
  • Bedrooms:
  • 0
  • Full Baths:
  • 0
  • Square Footage:
  • n/a
  • Acreage:
  • 0.17
  • Year Built:
  • 1957
  • MLS #:
  • NST5494840
  • Street Address:
  • 603 4th St SE
  • City:
  • Rochester
  • State:
  • MN
  • Postal Code:
  • 55904
  • County:
  • Olmsted
  • Subdivision:
  • Morse & Sargeants Add
  • Listing Status:
  • For Sale - Active

Building

  • Construction Type:
  • Wood Siding, Stucco
  • Number Of Units:
  • 9
  • Year Built:
  • 1957

Business

  • Gross Income:
  • 80400
  • Net Operating Income:
  • 52000
  • Operating Expense:
  • 28400

Land

  • Existing Land Use:
  • Food Service, Residential, Commercial, Vacant
  • Lot Measurement Type:
  • Acres
  • Lot Size:
  • 0.17
  • Lot Size Units:
  • Acres
  • Zoning Description:
  • Residential-Single Family, Residential-Multi-Family

Listing

  • Days On Market:
  • 214
  • Included In Sale:
  • Building, Land, Leases, Other

Location

  • Street Direction Suffix:
  • Se
  • Street Type:
  • Street
  • Subdivision:
  • Morse & Sargeants Add

Money

  • Property Taxes:
  • $12,382
  • Tax Year:
  • 2019

Structures

  • Garage Parking Spaces:
  • 6
  • Parking Description:
  • Detached, Gravel, Asphalt, Shared Driveway, Paved

Systems

  • Existing Water:
  • City Water/Connected
  • Heating:
  • Forced Air
  • Sewage Type:
  • City Sewer/Connected

Source

  • Listing Provided By Edina Realty

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SCHOOL RATINGS
n/a

ELEMENTARY SCHOOL DISTRICT: 535

n/a

HIGH SCHOOL DISTRICT: ROCHESTER

NOTES

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