Northwest Gateway Office
For Sale
Contact for pricing
975 34th NW Ave, Rochester, MN
Class A office space near Mayo Clinic.
Property Size15,021 SF
Lot Size1.41 Acres
Price / SF$233.01
Days on Market293
Property Features for 975 34th NW Ave
General Information
Standard status
Active
Size
15,021 SF
Lot size
1.41 Acres
Property subtype
OFFICE
Listing Agency:
North Rock Real Estate - Rochester
(507) 226-5303
Listed By:
Paul Aronhalt
(507) 226-5303
Source:
Moodyscre
Added: Oct 13, 2025
Changed: Jul 6
Last Checked: Jul 21 at 6:20AM
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 North Rock Real Estate - Rochester
Investment Insights
Based on property information with market context.
The investment offering includes the 3rd and 4th floor condominium units in the Northwest Gateway Office Building. The building is located at the primary west entrance to Rochester, Minnesota, at the intersection of US Highway 14 and West Circle Drive, minutes from the Mayo Clinic. The property has long-term leases to creditworthy professional tenants, providing a stable income stream. Its high-visibility location in Rochester’s expanding West Circle Drive corridor ensures strong tenant demand and consistent leasing performance. The property is positioned to benefit from Rochester’s economic growth, driven by the Mayo Clinic’s Bold Forward Unbound project, and is expected to see increased demand for Class A office space and long-term value appreciation. The Northwest Gateway Office Tower offers prominent signage opportunities and exceptional accessibility, making it a unique investment in a market with limited comparable assets. The property size is 15,021 square feet.
Key Highlights
- Long‑term leases to creditworthy tenants provide a stable income stream.
- High‑visibility location** at the intersection of US Highway 14 and West Circle Drive, near the Mayo Clinic.
- Positioned to benefit from Rochester’s economic growth and the Mayo Clinic’s Bold Forward Unbound project.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $405.6k | $27.00 |
| − Vacancy | −$36.5k | −$2.43 |
| EGI | $369.1k | $24.57 |
| − OpEx | −$92.3k | −$6.14 |
| NOI | $276.8k | $18.43 |
15,021 SF · lease $27.00/SF/yr · vacancy 9.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$3.95M
$3.46M – $4.61M
NOI $276,799 @ 7.0% cap · market cap 7.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.79M
$5.06M – $6.75M
NOI $404,976 @ 7.0% cap · market cap 11.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Explore this area
Business Placement
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 units - Class A office space near Mayo Clinic.
Where is this office units located?
The property is located at 975 34th NW Ave Rochester, MN.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Long‑term leases to creditworthy tenants provide a stable income stream.; High‑visibility location** at the intersection of US Highway 14 and West Circle Drive, near the Mayo Clinic.; Positioned to benefit from Rochester’s economic growth and the Mayo Clinic’s Bold Forward Unbound project.
