$24,550,000 USD
818-522-4497
21 1st Ave SW
Rochester, MN 55902
Downtown Rochester
HIGHLIGHTS
- The ±101,389 SF property is 89% leased with primarily NNN lease structures and contractual annual rent escalations, generating $1.85M in NOI
- Approximately 11% vacancy offers incremental NOI growth through lease-up, without the execution risk typically associated with traditional value-add
- Post-acquisition, ownership has injected over $9MM of capital into the asset. This includes a $6.5MM comprehensive building renovation in 2020
- Mayo Clinic (Moody’s: Aa2) occupies roughly 47% of the rentable square footage and Wells Fargo (S&P: A+) occupies approximately 22% of the NRSF
- Situated one block from the world-renowned 754-bed Mayo Clinic Methodist Hospital in downtown Rochester, Minnesota, and overlooking Peace Plaza
- The property benefits from direct access to Rochester’s pedestrian skyway and subway system, enhancing year-round connectivity to Mayo Clinic
FOR SALE DETAILS
PRICE
$24,550,000 USD
PRICE/SF
$229 USD /SF
CAP RATE
Request Cap Rate
% LEASED
-
TENANCY
Multiple
SALE TYPE
Investment
BUILDING DETAILS
PROPERTY NAME
Mayo Clinic-Anchored Office Center
PROPERTY TYPE
Office
TOTAL BUILDING SIZE
-
STORIES
7
BUILDING CLASS
A
YEAR BUILT
1981
SPRINKLERS
-
PARKING SPACES
-
LAND DETAILS
LAND ACRES
0.49 AC
LAND SF
21,344 SF
ZONING
C
APN/PARCEL ID
74.35.43.017926,74.35.43.017927,74.35.43.017928
ASK ABOUT THIS PROPERTY
Please correct the highlighted field(s).
818-522-4497
By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.
Please correct the highlighted field(s).
818-522-4497
By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.
