Renovated Multi-Tenant Retail
103 Homestead Road, Mankato, MN 56001
For Sale
$2,700,000
Multi-tenant property anchored by Fraser, with a new seven-year lease and two five-year renewal options.
Property Size18,586 SF
Price / SF$145.27
Days on Market53
Property Features for 103 Homestead Road
General Information
Standard status
Size
Property subtype
Additional Details
Anchor Co-Tenants
Building Details
Tenancy
Listed By:
AJ Prins
(612) 336-4322
Source:
Cbre
Added: Sep 16
Changed: Oct 25
Last Checked: Nov 6 at 6:09AM
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 AJ Prins
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Investment Insights
Based on property information with market context.
This 18,586-square-foot multi-tenant retail property in Mankato includes a newly renovated facility leased to Fraser and an additional 4,636-square-foot leased area occupied by Rent MSU. More than $500,000 in capital improvements were completed to support Fraser’s occupancy, creating an updated configuration with separate tenant spaces.
Fraser’s lease has an initial seven-year term, scheduled annual rent increases, two five-year renewal options, and reimbursement of most operating expenses, including real estate taxes, insurance, and maintenance. The lease also provides for a 5% administrative fee on base rent and additional expense reimbursements.
The remaining space offers flexibility for repositioning, renovation, or re-tenanting. The property serves Mankato and the broader Southern Minnesota region, with Fraser using the facility as a satellite location for autism and early childhood mental health services.
Fraser’s lease has an initial seven-year term, scheduled annual rent increases, two five-year renewal options, and reimbursement of most operating expenses, including real estate taxes, insurance, and maintenance. The lease also provides for a 5% administrative fee on base rent and additional expense reimbursements.
The remaining space offers flexibility for repositioning, renovation, or re-tenanting. The property serves Mankato and the broader Southern Minnesota region, with Fraser using the facility as a satellite location for autism and early childhood mental health services.
Key Highlights
- 18,586‑square‑foot multi‑tenant retail property
- Newly renovated Fraser facility supported by more than $500,000 in capital improvements
- Fraser lease features an initial 7‑year term and two 5‑year renewal options
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$226,522
Cap Rate
8.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,530,440
$4.5M
Cap Rate 7%
$3,236,029
$3.2M
Cap Rate 9%
$2,516,911
$2.5M
Market Conditions
NOI Build-Up for 18,586 SF
Gross rent
$412.6K $22.20/SF
− Vacancy
−$35.1K −$1.89/SF
EGI
$377.5K $20.31/SF
− OpEx
−$151.0K −$8.13/SF
NOI
$226.5K $12.19/SF
Area
Blue Earth County, MN
Vacancy
8.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,530,440
Cap Rate 7%
$3,236,029
Cap Rate 9%
$2,516,911
Alternative Uses
Best Use
Healthcare Medical
$3.24M
$2.83M – $3.78M
NOI $226,522 @ 7.0% cap · market cap 8.39%
Second Best
Retail
$2.35M
$2.06M – $2.75M
NOI $164,818 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$3.67M
$3.21M – $4.29M
NOI $257,138 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
94k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 55%
Shops & Services 42%
Hotels & Casinos 3%
Kwik Trip
Shops & Services
39,398 visits/mo
0.3 miles
Noodles & Company
Dining
13,331 visits/mo
0.4 miles
Chipotle Mexican Grill
Dining
10,146 visits/mo
0.4 miles
Caribou Coffee
Dining
7,941 visits/mo
0.4 miles
Cold Stone Creamery
Dining
6,316 visits/mo
0.4 miles
Demographics for 56001, MN
50,729
Population
21,583
Households
2.4
Avg Household Size
30
Median Age
37%
College-Educated
94%
High-School Grad
114.5 sq mi
ZIP Area
443
Density / Sq Mi
$67,224
Median Household Income
$29,122
Median Earnings
$1,088
Median Rent
$263,100
Median Home Value
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Retail space - Multi-tenant property anchored by Fraser, with a new seven-year lease and two five-year renewal options.
Where is this retail space located?
The property is located at 103 Homestead Road Mankato, MN.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 18,586‑square‑foot multi‑tenant retail property; Newly renovated Fraser facility supported by more than $500,000 in capital improvements; Fraser lease features an initial 7‑year term and two 5‑year renewal options
