This exceptional 71,046 square foot anchor space is available within River Hills Mall, Minnesota's fifth-ranked shopping center, boasting 4.5 million annual visits and an average visit duration of 60 minutes. Strategically located in the West Corridor, adjacent to Barnes & Noble and near Scheels, this former Herbergers space offers three exterior entrances plus a mall entrance, providing unparalleled visibility and accessibility. The space includes approximately 8,500 square feet of sales floor, 1,800 square feet of backroom space, restrooms, and a salon washroom. Features include a 21' 9" ceiling height, generous parking, men's and women's restrooms, and a modern, well-lit interior with large windows offering 91 feet of frontage. The property benefits from its prime location at the intersection of Highways 22 and 14, ensuring high traffic and convenient access. River Hills Mall is a thriving destination, anchored by strong retailers such as JCPenney, Target, and Scheels, and complemented by a Cinemark movie complex, food court, and family-friendly amenities. Mankato's robust economy, fueled by agriculture, healthcare, manufacturing, retail, and higher education, further enhances the property's investment potential. The Mankato-North Mankato MSA, encompassing Blue Earth and Nicollet counties, boasts a population of 103,566, with a larger regional draw of 287,175 people. This presents a unique opportunity to establish a flagship presence in a rapidly growing market. Eleven individual spaces are available within the larger anchor space, offering flexibility for various business models. The property's proximity to the Carousel Cafe and other popular retailers, including Asian Wok and Berry Blendz, adds to its appeal. Existing cash wrap and built-in standards are also included.
Property Features for 1850 Adams St
General Information
Property type
Land
Lease Type
Gross Lease
RSF (Rentable sq. ft)
183,761 SF
Unit(s) available at that property
Space
Auto Center
Size
9,860 SF
Rate per SF
$168
Space
River Hills Mall Suite 334
Size
5,000 SF
Rate per SF
$1.00
Space
River Hills Mall Suite 127
Size
1,414 SF
Rate per SF
$1.00
Space
River Hills Mall Suite 614
Size
739 SF
Rate per SF
$1.00
Space
River Hills Mall Suite 208
Size
8,121 SF
Rate per SF
$1.00
Space
River Hills Mall Suite 314
Size
4,809 SF
Rate per SF
$1.00
Space
Mall Anchor Opportunity
Size
71,046 SF
Rate per SF
$12
Space
River Hills Mall Suite 620
Size
524 SF
Rate per SF
$1.00
Space
Mall Anchor Opportunity
Size
71,046 SF
Rate per SF
$12
Space
River Hills Mall Suite 100
Size
9,855 SF
Rate per SF
$1.00
Space
River Hills Mall Suite 432
Size
1,347 SF
Rate per SF
$1.00
HighLights
71,046 SF anchor space available in River Hills Mall, Minnesota's fifth‑ranked shopping center.
Located in the West Corridor, adjacent to Barnes & Noble and near Scheels. Features three exterior entrances, a mall entrance, offices, and storage.
High traffic, excellent visibility, and convenient access at the intersection of Hwy 22 & 14.
21' 9" ceiling height.
Includes men's and women's restrooms and generous parking.
The property is located at 1850 Adams St Mankato, MN.
What is the lease rate?
The lease rate is $1.00-$168 SF/Yr.
What are key features of this property?
This property features: 71,046 SF anchor space available in River Hills Mall, Minnesota's fifth-ranked shopping center.; Located in the West Corridor, adjacent to Barnes & Noble and near Scheels. Features three exterior entrances, a mall entrance, offices, and storage.; High traffic, excellent visibility, and convenient access at the intersection of Hwy 22 & 14.
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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.
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
1850 Adams St Mankato, MN 56001
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1850 Adams St, Mankato, MN
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1850 Adams St, Mankato, MN
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1850 Adams St, Mankato, MN
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1850 Adams St, Mankato, MN
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