Northwest Gateway Office
For Sale
$3,200,000
975 34th Ave NW Unit 3 & 4, Rochester, MN 55901
Class A office space near Mayo Clinic.
Property Size15,021 SF
Days on Market341
Property Features for 975 34th Ave NW Unit 3 & 4
General Information
Standard status
Active
Size
15,021 SF
Class
B
Property subtype
Office
Site & Location
Neighborhood
The Manor
Building Details
Building Size
15,021 SF
Listed By:
Paul Aronhalt
(507) 516-7132
Source:
Northrockre
Added: Nov 23, 2025
Changed: Oct 25
Last Checked: Oct 30 at 12:26PM
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 Paul Aronhalt
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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
Estimated NOI and Cap Rate
NOI / Yr
$276,799
Cap Rate
8.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,535,980
$5.5M
Cap Rate 7%
$3,954,271
$4.0M
Cap Rate 9%
$3,075,544
$3.1M
Market Conditions
NOI Build-Up for 15,021 SF
Gross rent
$405.6K $27.00/SF
− Vacancy
−$36.5K −$2.43/SF
EGI
$369.1K $24.57/SF
− OpEx
−$92.3K −$6.14/SF
NOI
$276.8K $18.43/SF
Area
Rochester, MN
Vacancy
9.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,535,980
Cap Rate 7%
$3,954,271
Cap Rate 9%
$3,075,544
Alternative Uses
Best Use
Office B
$3.95M
$3.46M – $4.61M
NOI $276,799 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.79M
$5.06M – $6.75M
NOI $404,976 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Explore this area
Business Placement
Demographics for 55901, MN
58,046
Population
24,852
Households
2.3
Avg Household Size
36
Median Age
50%
College-Educated
94%
High-School Grad
33.1 sq mi
ZIP Area
1,754
Density / Sq Mi
$90,430
Median Household Income
$52,778
Median Earnings
$1,321
Median Rent
$290,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Class A office space near Mayo Clinic.
Where is this office unit located?
The property is located at 975 34th Ave NW Unit 3 & 4 Rochester, MN.
What is the asking price?
The asking price for this property is $3,200,000.
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.
