Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    424 N Riverfront Dr Mankato, MN 56001

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Modern office spaces for lease in a renovated downtown building.

    Property Features for 424 N Riverfront Dr

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    Dain Fisher
    Source: Crexi

    Listing Agency: Coldwell Banker Commercial Fisher Group Listing Agent: Dain Fisher

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Renovated Office Space in Downtown

    Office spaces are available for lease in the renovated Hubbard Building, situated in downtown Mankato. The property is known as a hub of innovation and activity, featuring modern design common areas, a hydroponic plant wall filtration system, and solar panel energy. A partnership with Minnesota State University, Mankato brings in students, faculty, and business partners from the region for special events. Tenants benefit from a newly remodeled state-of-the-art conference room, ample parking, and an adjacent Food Truck Hub. Spaces range from individual offices on gross lease to renovated spaces with fixtures and finishes. The property is located on Riverfront Drive in Old Town, with high traffic counts of 20,000 vehicles per day. It is less than 2 miles from Highway 14, within Mankato’s central business district, near developments, hospitality, dining options, and other office and retail users.
    Location Intelligence

    Current Use by Public Records

    Jason Bonnema - Thrivent Financial Advisor Ridley Feed Operations Industrial Manufacturer Rite-Factor Pet Store & Service Cubic 3D LLC Industrial Manufacturer Mogwai Collaborative Coworking & Hybrid Office

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Mankato
    County
    Nicollet
    State
    Minnesota
    Longitude
    -93.999866
    Latitude
    44.17056

    Nearby Similar for Lease

    • $17 SF/Yr
      1,355 SF

      Mankato Office Space For Lease

      Bright office suite with high visibility and functional layout available now.
      1650 Madison Ave, Mankato, MN 56001
      View Details
    • $22 SF/Yr
      1,355 SF

      Mankato Office Space For Lease

      Commercial suite in outstanding location with high traffic counts.
      1650 Madison Ave, Mankato, MN 56001
      View Details
    • $19 SF/Yr
      1,355 SF

      Professional Office Suite For Lease

      Bright office suite in high-traffic location with flexible layout.
      1650 Madison Ave, Mankato, MN 56001
      View Details
    • $1,000 /Mo

      Retail Space in Mankato, MN

      Retail space available for rent in Mankato, Minnesota.
      412 Park Ln, Mankato, MN 56001
      View Details
    • $3,135 /Mo

      Professional Office Space Available

      Well-maintained Mankato office space with flexible floorplan options.
      44 Good Counsel Dr, Mankato, MN 56001
      View Details
    • $11 SF/Yr

      Mankato Industrial Facility For Lease

      Well-located industrial facility with warehouse, distribution, and retail space.
      320 Lundin Blvd, Mankato, MN 56001
      View Details
    • $764 /Mo

      Mankato Office Suite for Nonprofits

      Single office suite in a collaborative, mission-driven environment.
      523 S 2Nd St, Mankato, MN 56001
      View Details
    • $15 SF/Yr

      Entertainment and Restaurant Hub

      Repurposed family entertainment and restaurant hub in prime location.
      1850 Madison Ave, Mankato, MN 56001
      View Details
    • $9 SF/Yr

      Madison East Center Retail Space

      Repurposed retail property with medical-retail focus, office and industrial potential.
      1400 Madison Ave, Mankato, MN 56001
      View Details
    • $8 SF/Yr

      Flexible Office Space Available

      Office suites available in a professionally managed business development center.
      1961 Premier Dr, Mankato, MN 56001
      View Details
    • $15 SF/Yr

      Mankato Office Suite For Rent

      Office suite in Westwood Business Park with build-to-suit option.
      151 Saint Andrews Ct, Mankato, MN 56001
      View Details
    • $15 SF/Yr

      Professional Office Space in Mankato

      Updated office space in downtown Mankato with high visibility.
      220 E Main St, Mankato, MN 56001
      View Details

    FAQs

    What type of property is this?
    Office units - Modern office spaces for lease in a renovated downtown building.
    Where is this office units located?
    The property is located at 424 N Riverfront Dr Mankato, MN.
    What are key features of this property?
    This property features: - Renovated office spaces in a hub of innovation and activity.; - Prime downtown location on Riverfront Drive with high traffic (20,000 VPD).; - Partnership with Minnesota State University, Mankato.
    Request Owner's contact information
    424 N Riverfront Dr Mankato, MN 56001
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    424 N Riverfront Dr
    Mankato, MN 56001
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    424 N Riverfront Dr Mankato, MN 56001
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Dain Fisher
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!