Planet Fitness-Anchored Retail
For Sale
$9,950,000
1809-1859 Adams Street, Mankato, MN 56001
For-sale retail shopping center anchored by Planet Fitness and positioned directly across from River Hills Mall in Mankato, MN.
Property Size47,136 SF
Price / SF$211.70
Days on Market93
Property Features for 1809-1859 Adams Street
General Information
Standard status
Active
Size
47,136 SF
Property subtype
Retail - Strip
Building Details
Building Size
47,136 SF
Units
9
Tenancy
Multi
Listing Agency:
Landmark Real Estate
Listed By:
Jon Kietzer · License #40192489
Source:
Commercialcafe
Added: Jul 20
Changed: Oct 12
Last Checked: Oct 19 at 4:24AM
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 Landmark Real Estate
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This for-sale shopping center is anchored by Planet Fitness and includes a total of nine tenants. The property is a multi-tenant retail configuration that also lists Best Buy and Sleep Number mattresses among its current occupants, with Chick-fil-A noted as coming soon.
The center is located directly across the street from River Hills Mall, a retail draw identified in the remarks as bringing shoppers from as far as northern Iowa. Additional neighborhood context in the remarks supports the center’s role as a high-traffic retail destination in the Mankato area.
Overall, the property offers a concentrated retail tenant mix within a centrally positioned shopping center anchored by a major fitness operator.
The center is located directly across the street from River Hills Mall, a retail draw identified in the remarks as bringing shoppers from as far as northern Iowa. Additional neighborhood context in the remarks supports the center’s role as a high-traffic retail destination in the Mankato area.
Overall, the property offers a concentrated retail tenant mix within a centrally positioned shopping center anchored by a major fitness operator.
Key Highlights
- Retail shopping center in Mankato, MN located directly across from River Hills Mall
- Anchored by Planet Fitness
- Total of 9 tenants in the 47,000 SF center
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$416,790
Cap Rate
4.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,335,800
$8.3M
Cap Rate 7%
$5,954,143
$6.0M
Cap Rate 9%
$4,631,000
$4.6M
Market Conditions
NOI Build-Up for 47,000 SF
Gross rent
$648.6K $13.80/SF
− Vacancy
−$53.2K −$1.13/SF
EGI
$595.4K $12.67/SF
− OpEx
−$178.6K −$3.80/SF
NOI
$416.8K $8.87/SF
Area
Blue Earth County, MN
Vacancy
8.20%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,335,800
Cap Rate 7%
$5,954,143
Cap Rate 9%
$4,631,000
Alternative Uses
Best Use
Retail
$5.95M
$5.21M – $6.95M
NOI $416,790 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.29M
$8.13M – $10.84M
NOI $650,247 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
924
Businesses Nearby
1.2M
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 30%
Dining 23%
Apparel 19%
Groceries 11%
Target
Superstores
126,351 visits/mo
0.3 miles
Walmart
Superstores
126,171 visits/mo
0.5 miles
Scheels
Apparel
111,790 visits/mo
0.2 miles
Sam's Club
Superstores
103,086 visits/mo
0.4 miles
Hy-Vee
Groceries
70,821 visits/mo
0.5 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
Market
Vacancy Rate% for Retail in Midwest region
Similar Off Market Nearby
- Quick-Tag — 1881 E, Walmart, Madison Ave, Mankato, MN 56001
- Mankato Heights Plaza — 1901 Madison Ave, Mankato, MN 56001
- Coin Cloud Bitcoin ATM — 1800 Madison Ave, Mankato, MN 56001
- Coinstar Kiosk | Bitcoin ATM — 1800 Madison Ave SuperValu, Mankato, MN 56001
- River Place Center — 1820 Adams St, Mankato, MN 56001
Frequently Asked Questions
What type of property is this?
Shopping center - For-sale retail shopping center anchored by Planet Fitness and positioned directly across from River Hills Mall in Mankato, MN.
Where is this shopping center located?
The property is located at 1809-1859 Adams Street Mankato, MN.
What is the asking price?
The asking price for this property is $9,950,000.
What are key features of this property?
This property features: Retail shopping center in Mankato, MN located directly across from River Hills Mall; Anchored by Planet Fitness; Total of 9 tenants in the 47,000 SF center
