Riverfront Hospitality Asset with Redevelopment
1 River Bend Pl, Chaska, MN 55318
For Sale
Contact for pricing
Pending
Riverfront property in downtown Chaska with redevelopment potential.
Property Size72,578 SF
Days on Market285
Property Features for 1 River Bend Pl
General Information
Standard status
Size
Property subtype
Investment Type
Building Details
Year Built
Year Renovated
Stories
Listing Agency:
GJG Commercial
Listed By:
David Kampmeyer · License MN #40916733
Source:
Crexi
Added: Feb 2
Changed: Nov 2
Last Checked: Nov 12 at 4:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of GJG Commercial
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Investment Insights
Based on property information with market context.
Located on the Minnesota River in downtown Chaska, MN, 1 River Bend Place is a riverfront hospitality asset with significant redevelopment potential. The property is situated on one of the most visible sites in the southwest Twin Cities metro, offering walkability to Firemen’s Park, the Chaska Curling Center, regional trail systems, and downtown restaurants and retail. The site is located within Chaska’s active riverfront revitalization corridor and benefits from ongoing infrastructure investment and strong demographic growth. A new, directly connected on-site restaurant tenant operates under a lease with annual rent escalations and has become a local favorite, providing a key lifestyle amenity for hotel guests while benefiting from demand generated by the approximately 82 on-site hotel rooms. The on-site pool has not been serviced or operated since the COVID period and is currently inactive. While currently operating as a hotel, the highest and best use is redevelopment. The City of Chaska has expressed support for a new long-term vision for the site, positioning it as a catalyst redevelopment opportunity. Investors can pursue either a hospitality repositioning strategy or a multifamily / mixed-use redevelopment, capitalizing on the site’s riverfront frontage, downtown connectivity, and strong municipal alignment. The property size is 72578 square feet.
Key Highlights
- Irreplaceable riverfront location in downtown Chaska with high visibility.
- Significant redevelopment potential supported by the City of Chaska.
- Strong connectivity to downtown amenities, parks, trails, and the Chaska Curling Center.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$340,160
Cap Rate
5.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,803,200
$6.8M
Cap Rate 7%
$4,859,429
$4.9M
Cap Rate 9%
$3,779,556
$3.8M
Market Conditions
NOI Build-Up for 72,578 SF
Gross rent
$1.00M $13.80/SF
− Vacancy
−$285.4K −$3.93/SF
EGI
$716.1K $9.87/SF
− OpEx
−$376.0K −$5.18/SF
NOI
$340.2K $4.69/SF
Area
Carver County, MN
Vacancy
28.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,803,200
Cap Rate 7%
$4,859,429
Cap Rate 9%
$3,779,556
Alternative Uses
Best Use
Hotel Hospitality
$4.86M
$4.25M – $5.67M
NOI $340,160 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.32M
$15.15M – $20.20M
NOI $1,212,092 @ 7.0% cap · market cap 21.08%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
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Business Placement
Demographics for 55318, MN
29,729
Population
11,453
Households
2.6
Avg Household Size
37
Median Age
47%
College-Educated
93%
High-School Grad
39.9 sq mi
ZIP Area
745
Density / Sq Mi
$111,781
Median Household Income
$63,293
Median Earnings
$1,430
Median Rent
$389,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Hotel - Riverfront property in downtown Chaska with redevelopment potential.
Where is this hotel located?
The property is located at 1 River Bend Pl Chaska, MN.
What is the asking price?
The asking price for this property is $5,750,000.
What are key features of this property?
This property features: Irreplaceable riverfront location in downtown Chaska with high visibility.; Significant redevelopment potential supported by the City of Chaska.; Strong connectivity to downtown amenities, parks, trails, and the Chaska Curling Center.
