This exceptional retail space, located within the premier River Hills Mall in Mankato, Minnesota, offers 5,000 square feet of prime commercial real estate. Situated in a thriving regional mall with over 4.5 million annual visits and an average visit duration of 60 minutes, this property boasts high traffic and excellent visibility at the intersection of HWY 22 & 14. The space is part of a 726,795 square foot, single-story shopping center built in 1991, featuring strong anchor stores such as Barnes & Noble, JCPenney, Scheels, and Target, along with a diverse range of other retailers. This location benefits from its proximity to major roadways, ample parking (305 spaces), and a strong local economy driven by agriculture, healthcare, manufacturing, retail, and higher education. The space itself includes approximately 4,500 square feet of sales floor, two small backrooms (approximately 250 square feet each), a built-in cash wrap, a combination of standard and slat wall displays, four dressing rooms, and a restroom. The property also offers convenient backdoor access to the parking lot and boasts 61 feet 10 inches of frontage. The mall is a major tourist attraction serving Southern Minnesota and Northern Iowa, drawing from a regional population of 287,175 people. The property is zoned 3A-Commercial/Industrial/Public Utility and sits on a 1.64-acre lot (APN: R010909426043). This is a remarkable opportunity to establish or expand a retail business in a high-traffic, family-friendly environment within a rapidly growing market. The mall's location in Mankato, a city experiencing growth 12 times faster than comparable cities, ensures a strong potential for return on investment. The property is part of a larger shopping center with a Cinemark movie complex, a carousel, and a food court, further enhancing its appeal to shoppers.
Property Features for 1850 Adams St
General Information
Property type
Lifestyle centers
Lease Type
Gross Lease
RSF (Rentable sq. ft)
726,795 SF
Total Rate
60566.25
Building Details
Year Built
1991
Stories
1
Unit(s) available at that property
Space
334
Size
5,000 SF
Rate per SF
$1.00
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Listing Contact
Emily Griebel
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Property Insight Report
HighLights
Retail space available in River Hills Mall, Mankato, MN, a regional mall with 726,795 square feet.
Located at the intersection of Hwy 22 & Hwy 14, offering high traffic and visibility.
One available suite of approximately 5,000 square feet, located in the Scheels wing, with 61' 10" of frontage.
Features include built‑in cash wrap, slat wall, four dressing rooms, and a restroom.
The mall boasts strong anchor tenants (Barnes & Noble, JCPenney, Scheels, Target) and receives 4.5 million visits annually, with an average visit duration of 60 minutes.
Lifestyle center - Mankato, MN Shopping Center Opportunity
Where is this lifestyle center located?
The property is located at 1850 Adams St Mankato, MN.
What is the lease rate?
The lease rate is $1.00 SF/Yr.
What are key features of this property?
This property features: Retail space available in River Hills Mall, Mankato, MN, a regional mall with 726,795 square feet.; Located at the intersection of Hwy 22 & Hwy 14, offering high traffic and visibility.; One available suite of approximately 5,000 square feet, located in the Scheels wing, with 61' 10" of frontage.
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1850 Adams St Mankato, MN 56001
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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.
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1850 Adams St Mankato, MN 56001
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1850 Adams St, Mankato, MN
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Real Estate License ID: 40771513
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