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$489,900 Just Listed

  • For Sale
  • Active
  • Commercial
  • 12,361 Sq. Ft.
  • 0.282 Acres
  • Updated 1 day ago
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Strong mixed-use investment opportunity in the heart of downtown Janesville. This iconic 1900s building offers a stabilized asset with improved tenancy, renovated apartment units, and a long-term State Farm commercial tenant in place. The property includes 7 apartment units and 3 commercial suites. Major capital improvements and deferred maintenance items have already been addressed, including more than $70,000 in RTU upgrades, creating a near-turnkey investment opportunity with reduced near-term capital needs. The property currently generates $6,324 per month in rental income, with additional upside through two vacant office suites. The lower level provides 2,500+ sq. ft. of additional space for storage, future tenant use, or other income-producing possibities, offering further value-add potential for an investor

Full Property Details for 138 N Main St

General

  • Price: $489,900
  • Taxes: $4,434 (2026)
  • Status: Active
  • Type: Commercial
  • Source: NorthStarMLS_RMLS
  • MLS ID: 7059604
  • Updated: 4/22/2026
  • Added to Site: 3 day(s) ago

Parking

  • Parking Features: Unassigned

Location

  • County: Waseca
  • Township: Janesville
  • Subdivision: Original Plat/Janesville Minn
  • Driving Directions: Follow US 14 E to County Rd 3130th St. In Waseca County. Take the County Rd 3 exit from US-14 E. Turn left onto County Rd. 3130th St. Continue to follow County Rd 3. 138 N Main will be on the left, kiddie corner from the bank.

School Information

  • School District: 2835 - Janesville-Waldorf-Pemberton
  • High School District: Janesville-Waldorf-Pemberton

Heating & Cooling

  • Central air: Yes
  • Cooling Type: Central Air
  • Heating Type: Forced Air
  • Heating Fuel: Natural Gas

Utilities

  • Sewer: City Sewer Connected
  • Water: City Water (Connected)
  • Utility Description: Electric Common, Heating Common, Hot Water Common

Structural Information

  • Basement: Yes
  • Finished basement: Yes
  • Basement Desc.: Partially Finished
  • Foundation Size: 4383
  • Disability Access: None
  • Square Feet: 12,361
  • Finished Down/Base.: 12,361 Sq. Ft.
  • Current Bldg. Use: Beauty/Barber Shop, Commercial, Professional Service, Residential
  • Year Built: 1900

Lot Features

  • Lot Size (Acres): 0.282
  • Lot Dimensions: 45 x 40
  • Zoning: Business/Commercial
  • Lot Description: Corner Lot

Financial Considerations

  • Tax Amount: $4,434.62
  • Tax Year: 2026
  • Terms: Conventional, Cash, Other

Disclosures and Reports

  • Legal Description: ORIGINAL PLAT N 2/3 OF LOT 5 BLK 14
  • Inclusions: Building, Leases
  • Property ID: 141001810

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— 138 N Main St —

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Schools serving 138 N Main St

School District:Janesville-Waldorf-Pemberton
NameGradesDistance
Janesville-Waldorf-Pemberton El.Em.
110 East 3rd Street, Janesville, MN 56048
K-60.2 mi
Janesville-Waldorf-Pemberton Sec
110 East 3rd Street, Janesville, MN 56048
7-120.2 mi
Disclaimer: School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 138 N Main St Get Price Alerts and Save Property

Date
Details
Price
Change
Source
4/21/2026
Listed
$489,900
81.44%
MLS
8/18/2022
Sold
$270,000
—
Public Record
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Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 138 N Main St

Year
Property Taxes
Change
Tax Assessment
Change
2024
$4,766
30%
$255,100
57%
2022
$3,658
-15%
$162,100
-1%
2021
$4,308
2%
$163,400
3%
2021
$4,206
74%
$158,600
-12%
2019
$2,412
-51%
$181,000
—
2018
$4,958
-11%
$181,000
—
2017
$5,572
—
$181,000
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

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138 N Main Street, Janesville, MN 56048 (MLS# 7059604) is a Commercial property. 138 N Main Street is currently listed for $489,900 and was received on April 21, 2026. Want to learn more about 138 N Main Street? Do you have questions about finding other Commercial real estate for sale in Janesville? You can browse all Janesville real estate or contact a Coldwell Banker agent to request more information.

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