Listed by NAI Sioux Falls
$1,500,000
Johnson Block Building
Details
Property Type Multifamily, Mixed Use
Sub Type Apartment Building, Street Retail
Square Footage 51,600
Units 15
Occupancy 77.8%
Tenancy Multi
Price per SqFt $29
Year Built 1915
Stories 5
Acreage 0.326 - 0.33
Zoning Central Business
Unique mixed-use opportunity in a landmark historic building in Mitchell
Marketing description
Located in the heart of Mitchell, just down the street from the Corn Palace 500,000 annual visitors in Mitchell Cotenants include Michelle's Mad Batter and 3rd Ave Salon
Investment highlights
- Downtown Mitchell location with excellent visibility and foot traffic
- Historic building full of character and architectural charm
- Zoning: Central Business
- 3-story mixed-use property with income-generating potential
- 5 commercial spaces and 1 storage space
- 15 residential apartments (77.8% occupancy) Gross Annual Revenue: $191,700
- 5 Studio
- 6 One Bed / One Bath
- 2 Two Bed / One Bath
- 1 Three Bed / One Bath
- 1 Five Bed / Two Bath (currently operating as an Airbnb)
- Building signage available
- Endless possibilities. Historic charm. Great location.
- Multi-Family Residential
- Residential Size: 14,685 SF
- Total Units: 15 Residential Apartments
- Gross Annual Revenue: $137,700
- Units:
- 5 Studios
- 6 One Bed / One Bath
- 2 Two Bed / One Bath
- 1 Three Bed / One Bath
- 1 Five Bed / Two Bath - Currently Operating as an Airbnb
- Airbnb Unit:
- Average Nightly Rate: $1,174.50
- Size: 4,900 SF
- Bedrooms/Beds/Baths: 5 Bedrooms - 10 Beds - 2 Baths
- Amenities: Washer & Dryer, Fully Furnished, Sunroom
- Coffee Shop (Tenant Space):
- Tenant: Michelle's Mad Batter
- Lease Term: 7 Years Remaining (Expires 2032)
- Rental Rate: $12.17/SF Gross Lease (2.5% Annual Escalators)
- Retail Space:
- Lease Term: 2 Years
- 2.5% Annual Escalators
- Size: 2,500 SF
- Commercial Space:
- Total Size: 23,407 SF
- Basement / Storage:
- Size: 8,700 SF
Listing Contacts
Listed by NAI Sioux Falls
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