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MLS# 6741796 - 403 N 5th Street Mahnomen, MN 56557

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.
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Purchase Price ($):
Down Payment ($):
Down Payment (%):
Est. Best Interest Rate (%):
Term of Loan (Years):
Monthly Payment:
$4,732 + $365(tax)
Est. Monthly Total: $5,097
*does not include insurance and all numbers are estimated.
Summary
Type: COM | Commercial Sale - Apartment
Price: $1,000,000
$61/sf
$636,943/acre
Transaction: For Sale
Status: Active • Contingent - Inspection
Contingencies: Inspection
Agent Owned: No
Lender Owned: No
Current Use: Residential
Zoning: Residential-Multi-Family
Square Footage: 16,461 sq ft
Lot Size: 1.57 acres
Year Built: 1992
Foundation: 5,487 sq ft
Garage: Yes
Stories: Three Or More
Listed at: Thu Jun 19 2025 5:00:00 AM
Listing Age: 20 days
School District: 432-Mahnomen | 218-935-2211
County: Mahnomen
Building Details
In Home Details
Construction Material: Brick Veneer, Metal Siding
Exterior
Siding: Brick Veneer, Metal Siding
Roof: Age 8 Years or Less
Utilites
Water: City Water/Connected
Sewer: City Sewer/Connected
Cooling: Wall Unit(s)
Heating: Baseboard, Propane
Property Details
Frontage: City Street
Garage: 15 spaces, Detached, Parking Lot
Lot Dimensions: contact county
Agent Owned: No
Utilities: Electric Common, Electric Separate, Heating Common, Heating Separate, Hot Water Separate
Others
School Information
District Number: 432-Mahnomen
District Phone: 218-935-2211
Financial Considerations
Tax Property ID: 185500200
Tax Amount: $4,378 for 2024
Listing Data
Listed Price: $1,000,000
Days on market: 8 days
First Listed at: Thu Jun 19 2025 5:00:00 AM
Last Updated at: Sat Jun 28 2025 2:29:03 AM
Contingencies: Inspection
Assessments: No
Foreclosure: No
Lender Owned: No
Public Survey
Range: 42
Section: 2
Township: 144
Unit Information
Summary
Rental Units: 15
Stoves: One Per Unit
Refridgerators: One Per Unit
Rental License: Standard
Financials
Total Yearly Income: $159,231
Total Yearly Expenses: $39,211

eXp Realty (3523 FGO) is the brokerage office representing the owner for this listing.
© Copyright 2025, Regional Multiple Listing Service(RMLS) of Minnesota, Inc. all rights reserved. Information is deemed reliable but is not guaranteed.
The data relating to real estate for sale on this site comes in part from the broker reciprocity program of the Regional multiple Listing Service(RMLS) of Minnesota, Inc distributed by MLS GRID. Real estate listings held by brokerage firms other than are marked with the Broker Reciprocity logo or the Broker reciprocity house icon and detailed information about them includes the names(s) of the listing brokers.
AfterNorth is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of AfterNorth, a broker participant of the Regional Multiple Listing Service of Minnesota, Inc. Northstar MLS data last updated at .

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.

eXp Realty (3523 FGO) is the brokerage office representing the owner for this listing.
© Copyright 2025, Regional Multiple Listing Service(RMLS) of Minnesota, Inc. all rights reserved. Information is deemed reliable but is not guaranteed.
The data relating to real estate for sale on this site comes in part from the broker reciprocity program of the Regional multiple Listing Service(RMLS) of Minnesota, Inc distributed by MLS GRID. Real estate listings held by brokerage firms other than are marked with the Broker Reciprocity logo or the Broker reciprocity house icon and detailed information about them includes the names(s) of the listing brokers.
AfterNorth is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of AfterNorth, a broker participant of the Regional Multiple Listing Service of Minnesota, Inc. Northstar MLS data last updated at .