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    1650 Madison Avenue Mankato, MN 56001

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    For Lease
    $17 SF/Yr $1,919/Mo (calc)

    Office - Mankato, MN

    Type:Office
    Property size:
    1,355 SF
    Added:
    Jan 14, 2026
    Days on Market:
    111
    Last Refresh:
    May 5 at 12:06 pm

    Property Features for 1650 Madison Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Parking
    10
    Parking features
    Driveway, Unassigned
    Interior features
    Fully Wheelchair, Hallways 42" Plus, Broadband Available, Ethernet Wired
    EntryLevel
    Main
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    APN
    R01.09.09.379.005
    Size
    1,355 SF

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    42951

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1968
    Building materials
    Brick
    Roof type
    Asphalt, Rubber, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Angie VanEman Lynch

    Listing agent Angie VanEman Lynch

    Listing office AMERICAN WAY REALTY 1650 Madison Ave, Mankato, MN

    Listing date Jan 14, 2026

    MLS# 7039299 Listing URL

    Copyright © 2026 Realtor Association of Southern Minnesota. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Mankato Office Space For Lease

    This commercial suite offers a leasing opportunity in a location on Madison Avenue with traffic counts exceeding 17,000 vehicles per day. Formerly a bank space, Unit 109 at 1650 Madison Ave features visibility and functionality. The property includes large front windows, a drive-up teller window, and three direct exterior access points including front, side, and rear entrances. The interior features a reception and waiting area, one conference room, a break room, three large office spaces, eleven private offices, and two vaults. The property provides ample parking with business access, plus a resurfaced parking lot. Located in a five-unit office building with two current tenants, this 1,355 square foot space is available for lease at $17 per square foot per year, plus CAM of $4.50 per square foot annually (NNN). A 3-year lease is required.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Paige Lehto Marriage Or Relationship Counselor Blake E Hahn ... Insurance Agency Lorri Kenny Physician Marinda Kimmel Marriage Or Relationship Counselor

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mankato
    County
    Nicollet
    State
    Minnesota
    Longitude
    -93.961943
    Latitude
    44.167578

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    FAQs

    What type of property is this?
    Office units - Bright office suite with high visibility and functional layout available now.
    Where is this office units located?
    The property is located at 1650 Madison Avenue Mankato, MN.
    What is the lease rate?
    The lease rate is $17 SF/Yr.
    What are key features of this property?
    This property features: High‑traffic Madison Ave location with over 17,000 vehicles per day, offering exceptional visibility.; Former bank space with unique features including a drive‑up teller window and two vaults.; Three direct exterior access points (front, side, and rear) for convenient business operations.
    (507) 381-8961
    We can help!
    Listing Contact
    Angie VanEman Lynch
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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