$1,000,000
PENDING

403 N 5th St Mahnomen, MN 56557

Estimated payment $5,840/month

Total Views 505
-- Bed
-- Bath
16,461 Sq Ft
$61 Price per Sq Ft

Highlights

  • Brick Veneer
  • Baseboard Heating
  • Carpet
  • Cooling System Mounted In Outer Wall Opening

About This Home

Seize this rare opportunity to own a well-maintained, income-producing 15-plex in the heart of Mahnomen. Located just off Highway 59 at 403 N 5th St, this property features a strong unit mix of 1 one-bedroom, 8 two-bedroom, and 6 three-bedroom apartments—designed to meet the needs of a broad tenant base in the area.

Each unit is thoughtfully laid out for comfortable living, and the property includes 15 single-stall garages, offering added convenience and value for tenants. Whether you're a seasoned investor or expanding your portfolio, this asset presents stable cash flow with upside.

A key recent improvement includes a new roof installed approximately 2 years ago, offering peace of mind and reducing near-term capital expenses for investors

Bonus Development Opportunity: Situated on a 1.57 acre lot, the property also includes a buildable area behind the garages, ideal for constructing another multifamily building or adding amenities to increase future income potential (subject to city approval).

Located just off Highway 59, this property enjoys easy access to downtown Mahnomen, local employers, schools, and essential services.

Listing Agent

Ryan Belen

eXp Realty (3523 FGO) Listed on: 06/23/2025

eXp Realty (3523 FGO)

Property Details

Home Type

  • Apartment

Est. Annual Taxes

  • $4,378

Year Built

  • Built in 1992

Lot Details

  • 1.57 Acre Lot

Parking

  • 15 Car Garage
  • Parking Lot

Home Design

  • Brick Veneer
  • Concrete Perimeter Foundation

Interior Spaces

  • 16,461 Sq Ft Home
  • 3-Story Property

Flooring

  • Carpet
  • Vinyl

Utilities

  • Cooling System Mounted In Outer Wall Opening
  • Baseboard Heating
  • Separate Meters
  • Propane
  • Separate Water Meter

Listing and Financial Details

  • Exclusions: Tenant personal property
  • Assessor Parcel Number 185500200

Community Details

Overview

  • 15 Units
  • Bisek Add Subdivision

Building Details

  • Operating Expense $39,211
  • Gross Income $159,231
  • Net Operating Income $120,020

Property Details

Home Type

Apartment

Est. Annual Taxes

$4,378

Year Built

Built in 1992

Lot Details

0

Parking

15

Listing Details

  • Prop. Type: Commercial
  • Lot Size Acres: 1.57
  • Lot Size: contact county
  • Road Frontage Type: City Street
  • Inclusions: Building, Leases
  • Subdivision Name: Bisek Add
  • Directions: Use Google or Apple Maps.
  • Unit Levels: Three Or More
  • Year Built: 1992
  • Air Conditioning:Wall Unit(s): Yes
  • General Property Information Zoning3: Residential-Multi-Family
  • General Property Information:Acres: 1.57
  • Location Tax and Other Information Tax Year2: 2024
  • Location Tax and Other Information Tax Amount: 4378.0
  • Location Tax and Other Information In Foreclosure: No
  • Location Tax and Other Information Lender Owned: No
  • General Property Information Year Built2: 1992
  • General Property Information Lot Dimensions: contact county
  • Lease Details Land Leased: Not Applicable
  • Ownership Fractional Ownership3: No
  • HeatFuelPropane: Yes
  • Building Information Building Finished SqFt: 16461
  • Unit Details Total Units: 15
  • On Site Utilities Electric Separate2: Yes
  • On Site Utilities Hot Water Separate2: Yes
  • Income and Expenses Annual Gross Expenses: 39211.0
  • Exterior:Brick Veneer: Yes
  • CMU Style ApartmentsMulti Family: Yes
  • Flooring:Carpet: Yes
  • Flooring VinylLinoleum: Yes
  • Stories Three Or More: Yes
  • Foundation Concrete Perimeter: Yes
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Possible Use: Income
  • Accessibility Features: None
  • Flooring: Carpet, Vinyl/Linoleum

Exterior Features

  • Exclusions: Tenant personal property
  • Roof: Age 8 Years or Less

Garage/Parking

  • Attached Garage: No
  • Garage Spaces: 15.0
  • Parking Features: Parking Lot
  • Parking Characteristics Parking Lot: Yes

Utilities

  • Cooling: Wall Unit(s)
  • Cooling Y N: Yes
  • Heating: Baseboard
  • Heating Yn: Yes
  • Sewer: City Sewer/Connected
  • Utilities: Electric Common, Electric Separate, Heating Common, Heating Separate, Hot Water Separate
  • Water Source: City Water/Connected
  • Heating:Baseboard: Yes

Lot Info

  • Current Use: Residential
  • Lot Size Sq Ft: 68389.2
  • Parcel #: 185500200
  • Zoning: Residential-Multi-Family

Multi Family

  • Annual Gross Income: 159231.0
  • Property Net Operating Income: 120020.0

Tax Info

  • Tax Annual Amount: 4378.0

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
07/14/2025 07/14/25 Pending -- -- --
06/30/2025 06/30/25 Off Market $1,000,000 -- --
06/28/2025 06/28/25 For Sale $1,000,000 0.0% $61 / Sq Ft
06/23/2025 06/23/25 For Sale $1,000,000 -- $61 / Sq Ft
Source: Fargo-Moorhead Area Association of REALTORS®

Source: Fargo-Moorhead Area Association of REALTORS®

MLS Number: 6741796

Minnesota Mahnomen County Mahnomen 56557

403 N 5th St, Mahnomen, MN

This home is located at 403 N 5th St, Mahnomen, MN 56557 and is currently priced at $1,000,000, approximately $60 per square foot. This property was built in 1992. 403 N 5th St is a home located in Mahnomen County with nearby schools including Mahnomen Elementary School, Mahnomen Secondary School, and St. Michael's School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

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Nearby Homes
Listing Agent
Ryan Belen
Section Image
eXp Realty (3523 FGO)
(218) 316-6910