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    Property profile & analytics

    424 N Riverfront Dr Mankato, MN 56001

    • Office buildings
    • 26,318 SF
    • 1.45 lot acres
    For Lease
    View listing
    $14 SF/Yr
    Value Estimations
    $1,075,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-1914057
    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

    • Jason Bonnema - Thrivent / Financial Advisor
    • Ridley Feed Operations / Industrial Manufacturer / Production Facility
    • Rite-Factor / Pet Store & Service
    • Cubic 3D LLC / Industrial Manufacturer / Production Facility
    • Mogwai Collaborative / Coworking & Hybrid Office

    Property Details for 424 N Riverfront Dr

    Year built
    1967
    Lot size
    1.45 lot acres
    Property size
    26,318 SF
    Property type
    Office buildings
    APN
    R01.09.07.376.013
    APU
    R010907376013

    Description

    The Hubbard Building offers 30,000 square feet of Class B office space in downtown Mankato, Minnesota. This renovated building features a mix of traditional and creative office spaces, available in sizes ranging from 70 to 3,500 contiguous square feet, with a total of 26 suites. Currently, 10,741 square feet are vacant, offering multiple tenancy opportunities. Amenities include a state-of-the-art conference room, ample parking (140 spaces), and proximity to a Food Truck Hub. The building boasts modern design common areas, a hydroponic plant wall, and solar panel energy. Its location on Riverfront Drive in Old Town Mankato provides high visibility with 20,000 vehicles passing daily. Situated less than two miles from Highway 14, the property is in the heart of Mankato's central business district, near various dining, hospitality, and retail options. The building also benefits from a partnership with Minnesota State University, Mankato, fostering a vibrant and innovative atmosphere. This property is ideal for businesses seeking a modern, well-located office space in a thriving downtown environment. The building is located at 424 N Riverfront Dr, Mankato, MN 56001, in Blue Earth County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $650,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $994,000
      Market price range: $994k - $3.85M

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

    Location Insight

    • Map
    • Local Demand
    City
    Mankato
    County
    Blue Earth
    State
    Minnesota
    Longitude
    -93.9999
    Latitude
    44.171
    CBSA code
    31860
    CBSA name
    MANKATO-NORTH MANKATO, MN MICROPOLITAN 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
    2024
    $32,558
    $287,100
    $982,100
    $1,269,200
    -
    $287,100
    $982,100
    $1,269,200

    Comparable in this City

    • Value Estimation by Request
      1,256 SF

      55173 190th St

      OFFICE BUILDING • 1,256 SF
      55173 190th St, Mankato, MN 56001-6631
      View Details
    • Value Estimation
      $2,005,000
      20,190 SF

      1550 Pohl Rd

      OFFICE BUILDING • 20,190 SF
      1550 Pohl Rd, Mankato, MN 56001-5752
      View Details
    • Value Estimation
      $505,000
      4,261 SF

      1628 Riverfront Dr

      OFFICE BUILDING • 4,261 SF
      1628 Riverfront Dr, Mankato, MN 56001-2037
      View Details
    • Value Estimation
      $2,955,000
      31,375 SF

      1750 Energy Dr

      OFFICE BUILDING • 31,375 SF
      1750 Energy Dr, Mankato, MN 56001-3383
      View Details
    • Value Estimation
      $4,560,000
      48,366 SF

      111 Cherry St

      OFFICE BUILDING • 48,366 SF
      111 Cherry St, Mankato, MN 56001-2694
      View Details
    • Value Estimation
      $600,000
      10,494 SF

      600 Reed St

      OFFICE BUILDING • 10,494 SF
      600 Reed St, Mankato, MN 56001-6410
      View Details

    Similar Nearby for Sale

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      Mankato Office Building For Sale

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    • $650,000
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      Mankato Commercial Space For Sale

      8208 SF commercial space in Mankato's Contractors Park.
      1072 S Victory Dr, Mankato, MN 56001
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      Mankato Office/Warehouse Investment Opportunity

      High-traffic location, versatile space, excellent visibility.
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      Mankato Office and Warehouse Space

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    Similar Nearby for Lease

    • $575,000
      3,160 SF

      Stand Alone Office Building

      Stand alone office building with multiple private offices and exam rooms.
      204 Star St, Mankato, MN 56001
      View Details
    • $6 SF/Yr
      42,410 SF

      Mankato Office & Warehouse Space

      Prime Mankato location, flexible office/warehouse suites.
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      View Details
    • $818 /Mo
      3,923 SF

      Emy Frentz Building Office Suite

      Single office suite for nonprofit tenants in downtown Mankato.
      523 S 2Nd St, Mankato, MN 56001
      View Details
    • $220 SF/Yr
      3,300 SF

      Mankato Office Space for Nonprofits

      Office space in Mankato for nonprofit tenants only.
      212 E Walnut St, Mankato, MN 56001
      View Details
    • $11 SF/Yr
      1,250 SF

      Downtown Office Space For Rent

      Modern office space in the heart of downtown.
      200-210 E Walnut St, Mankato, MN 56001
      View Details
    • Contact for pricing
      3,079 SF

      Historic Union Train Depot Office

      Updated office space in historic Mankato train depot.
      112-142 S Riverfront Dr, Mankato, MN 56001
      View Details
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    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.

    More about this property
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