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    Property profile & analytics

    1185 Town Centre Dr Eagan, MN 55123

    • Office Properties & Spaces
    • 55,549 SF
    • 3.19 lot acres
    For Lease
    View listing
    $22 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-0471590
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 1185 Town Centre Dr

    Year built
    2000
    Construction
    STEEL FRAME
    Lot size
    3.19 lot acres
    Property size
    55,549 SF
    Property type
    Office Properties & Spaces
    APN
    10-28900-01-010
    APU
    102890001010

    Description

    This exceptional 43,640 square foot medical office building in Eagan, Minnesota, presents a compelling value-add opportunity. Boasting a 7.50% cap rate and a strong NOI of $636,136, the property is 90.2% occupied with a diverse mix of medical tenants, including dermatology, imaging, gastroenterology, and counseling. The anchor tenant, MNGI, recently signed a five-year lease extension, securing occupancy through 2031, contributing to a weighted average lease term exceeding 16 years and a current WALT of 5.1 years. An assumable loan with a favorable 3.25% interest rate and a 2031 maturity date further enhances the investment potential. Located at 1185 Town Centre Dr, the building benefits from an affluent demographic profile, with average household incomes within a one-mile radius reaching $162,000 – 43% above the national average. Projected population and income growth within a five-mile radius over the next five years promises continued strong performance. The asking price is $8,482,000, representing a price per square foot of $194.36. Built in 2000, this single-building property (APN: 10-28900-01-010) offers significant upside potential for savvy investors. The below-market rents provide immediate opportunities for income growth.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $12,250,000
      6.5%
      $11,305,000
      7%
      $10,500,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,705,000
      Market price range: $5.06M - $9.14M
      AI Estimate
      $6,135,000
      Market price range: $1.95M - $7.20M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $6,735,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $11,015,000
      Change: +64% Conversion: Difficult
      RESTAURANT
      $10,775,000
      Change: +60% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $9,480,000
      Change: +41% Conversion: Difficult
      WAREHOUSE, STORAGE
      $8,460,000
      Change: +26% Conversion: Difficult
      RETAIL STORES
      $7,915,000
      Change: +18% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Eagan
    County
    Dakota
    State
    Minnesota
    Longitude
    -93.151
    Latitude
    44.8316
    CBSA code
    33460
    CBSA name
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $222,786
    $2,187,100
    $5,632,400
    $7,819,500
    -
    $2,187,100
    $5,632,400
    $7,819,500

    Comparable in this City

    • Value Estimation
      $1,150,000
      7,175 SF

      3440 Oleary Ln

      CONDOMINIUM OFFICES • 7,175 SF
      3440 Oleary Ln, Eagan, MN 55123-2340
      View Details
    • Value Estimation
      $4,905,000
      32,800 SF

      1215 Town Ctr Dr

      CONDOMINIUM OFFICES • 32,800 SF
      1215 Town Ctr Dr, Eagan, MN 55123-1033
      View Details
    • Value Estimation
      $2,110,000
      13,151 SF

      3460 Promenade Ave

      CONDOMINIUM OFFICES • 13,151 SF
      3460 Promenade Ave, Eagan, MN 55123-4404
      View Details
    • Value Estimation
      $1,560,000
      13,490 SF

      3450 Oleary Ln

      OFFICE BUILDING • 13,490 SF
      3450 Oleary Ln, Eagan, MN 55123-2340
      View Details
    • Value Estimation by Request
      720 SF

      680 Diffley Rd

      RADIO OR TV STATION • 720 SF
      680 Diffley Rd, Eagan, MN 55123
      View Details
    • Value Estimation by Request
      1,572 SF

      3495 Denmark Ave

      OFFICE BUILDING • 1,572 SF
      3495 Denmark Ave, Eagan, MN 55123-2334
      View Details

    Similar Nearby for Sale

    • $1,975,000
      19,362 SF

      Eagan Office Building For Sale

      19,362 SF office building in Eagan, Minnesota.
      1121 Town Centre Dr, Eagan, MN 55123
      View Details
    • Contact for pricing
      5.79 Acres

      Eagan, MN Commercial Land - 5.79 Acres

      Prime Eagan development land, highway access.
      400 Yankee Doodle Rd, Eagan, MN 55123
      View Details
    • $260,000
      0.35 Acres

      Eagan Land Opportunity

      Vacant lot in Eagan's Parkside Circle neighborhood.
      4955 Parkside Cir, Eagan, MN 55123
      View Details
    • $145,000
      0.27 Acres

      Residential Land in Convenient Location

      Two walkout lots available in Eagan, convenient location.
      625 Remington Ct, Eagan, MN 55123
      View Details
    • $260,000
      Pending

      Residential Lot in Desirable Eagan

      Vacant lot in Eagan's Parkside Circle neighborhood, ideal for custom home.
      4978 Dodd Rd, Eagan, MN 55123
      View Details
    • $290,000
      0.55 Acres

      Residential Corner Lot in Eagan

      Corner lot in established neighborhood, convenient location.
      3998 Hvn Wood Ct, Eagan, MN 55123
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      1,197 SF

      Medical Office Space Available

      Built-out medical space with superior signage and easy access.
      1185 Town Centre Dr, Eagan, MN 55123
      View Details
    • Contact for pricing
      3,766 SF

      Eagan Office Space Available

      Office space in a LEED Silver Certified building.
      1215 Town Centre Dr, Eagan, MN 55123
      View Details
    • $20 SF/Yr
      24,000 SF

      Eagan Retail Center: Prime Location

      High-traffic retail space available.
      1340 Duckwood Dr, Eagan, MN 55123
      View Details
    • Contact for pricing
      48,804 SF

      Arden Hills Flex/Industrial Space

      Flex/industrial space available for lease in Arden Hills, MN.
      4295 Lexington Ave N, Arden Hills, MN 55123
      View Details
    • Contact for pricing
      52,379 SF

      Arden Hills Flex/Industrial Space

      52,379 SF flex/industrial space available for lease.
      4293 Lexington Ave N, Arden Hills, MN 55123
      View Details
    • Contact for pricing
      400,000 SF

      Eagan Build-to-Suit Land Opportunity

      30-acre site for lease in prime Eagan location.
      610 Opperman Dr, Eagan, MN 55123
      View Details
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    1185 Town Centre Dr
    Eagan, MN 55123
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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.

    More about this property
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