Multi-Tenant Office
For Sale
$600,000
403 S Broad Street, Mankato, MN 56001
Six office suites are occupied by professional tenants, with a private parking lot serving the property.
Property Size4,224 SF
Days on Market8
Property Features for 403 S Broad Street
General Information
Standard status
Active
Size
4,224 SF
Total Parking Spaces
12
Property subtype
Office
Zoning
Commercial
Occupancy
100%
Additional Details
Office Units
6
Building Details
Building Size
4,224 SF
Year Built
1969
Year Renovated
1982
Stories
1
Tenancy
Multi
Owner Occupied
No
Listing Agency:
Coldwell Banker Commercial Fisher Group
Listed By:
Rosie Brunmeier
(507) 625-0989
Source:
Cbcworldwide
Added: Sep 28
Changed: Oct 2
Last Checked: Oct 4 at 6:12AM
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 Coldwell Banker Commercial Fisher Group
Investment Insights
Based on property information with market context.
This six-unit office property was built in 1969 and reconstructed with an expansion in 1982. The building has a multi-tenant layout and a private parking lot. Commercial zoning is in place, and all units are currently leased to established professional tenants.
At 403 S Broad Street in downtown Mankato, the property is near downtown businesses, restaurants, services, and amenities.
At 403 S Broad Street in downtown Mankato, the property is near downtown businesses, restaurants, services, and amenities.
Key Highlights
- Six office units in a multi‑tenant building
- Currently fully leased to established, long‑term professional tenants
- Private parking lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,358
Cap Rate
7.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$947,160
$947.2K
Cap Rate 7%
$676,543
$676.5K
Cap Rate 9%
$526,200
$526.2K
Market Conditions
NOI Build-Up for 4,224 SF
Gross rent
$83.6K $19.80/SF
− Vacancy
−$20.5K −$4.85/SF
EGI
$63.1K $14.95/SF
− OpEx
−$15.8K −$3.74/SF
NOI
$47.4K $11.21/SF
Area
Blue Earth County, MN
Vacancy
24.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$947,160
Cap Rate 7%
$676,543
Cap Rate 9%
$526,200
Alternative Uses
Best Use
Office B
$676.5K
$592.0K – $789.3K
NOI $47,358 @ 7.0% cap · market cap 7.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$834.8K
$730.5K – $974.0K
NOI $58,439 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,659
Businesses Nearby
Explore this area
Business Placement
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Six office suites are occupied by professional tenants, with a private parking lot serving the property.
Where is this office building located?
The property is located at 403 S Broad Street Mankato, MN.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Six office units in a multi‑tenant building; Currently fully leased to established, long‑term professional tenants; Private parking lot
