There are 5 parcel included with this prime commercial development property just six blocks east of downtown Rochester. Located across from the Mayo City Park that has a footbridge that will take you over the Zumbro River to downtown or the Mayo Civic Center. Rochester has had rapid and sustained growth over the last few years and is expected to continue for many years to come. The Mayo Foundation estimates that there will be 40,000 plus new employees over the next 10 to 20 years. With an influx of that many individuals and families, the need for various new businesses such as restaurants, grocery stores, and a definite need for housing also increases.This area consists primarily of older single-family homes, many of which have been converted into rental housing. The property currently has a seasonal restaurant with a parking lot, one single family home, one triplex, currently rented and two duplex units also currently rented.NOTE: There are two additional adjoining lots that could also be purchased, they are not part of this listing and are owned by the listing Broker Bucky Beeman
From downtown Rochester go east on 4th Street SE, the property is located on the left side
The approximate monthly Principal & Interest payment for this property would be $10,349. This payment is based on a 30-year loan at a fixed rate of 4.59 % with a down payment of $220,000. Actual lender interest rates and loan programs may vary.
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