229 Locke St

16 photos

Photos courtesy of Keller Williams Premier Realty Rochester, via Realtor.com.

Needs more info before these numbers mean much. no rent estimate yet

No rent estimate yet, so the numbers can't be run. Run it yourself in the calculator →

From the listing

5 unrelated Rental license - Rare investment opportunity knocks! Attractive cap rate potential($2000-2500/month) at current list price. Tenants have paid all utilities in the past! Excellent opportunity for investors seeking immediate cash flow. Property offers tenant appeal, with its location to MSU/Bethany/Downtown Mankato, and a price point difficult to find in today's multifamily market. Whether adding to an existing portfolio or entering multifamily investing for the first time, this property offers potential solid income, long-term appreciation potential, and demand in this area. Attractive price point,5 off street parking spots, central location, 4 Bedrooms, a large kitchen/dining/& living areas, as well as versatile occupancy options make this a property you won't want to miss! Close in time for Fall Semester!!

Listing courtesy of Keller Williams Premier Realty Rochester (Rachael Hansen-miller). Description from Realtor.com, MLS #267040989. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

Red flags and opportunities

Watch for

mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 229 LOCKE ST

Opportunities

None found.

Questions for the agent

Can we see the current leases and a rent roll, with move-in dates?
What did water/sewer/trash, heat and electric cost the owner over the last 12 months?
How old are the roof, boiler or furnaces, water heaters and electrical panels?
Is the building licensed as a rental for this many units, and when was the last city inspection?
Any special assessments pending, and will the seller pay them off at closing?

Standard questions worth asking about any building.

What the records say

Where each number comes from

Status history

2026-07-23New at $250,000

From the listing Listing

Listed as	multi-family
Property tax, 2026	$2,704
County	Blue Earth County
Parcel number	R01.09.18.305.007

As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.

Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Mankato on rental licensing before you buy.