2132-2160 Hoffman, Mankato, MN 56001

Property Description

For Sale: New Opportunity for retail center/multifamily buyers. The Village East strip mall is 22,136 SF while Happy Dan’s is 2,334 SF. This property is 2 miles from Minnesota State University and has value add potential of 30 apartments to be built on top of the retail center. There are 12 commercial tenants in the building giving the new buyer good diversification. The asking price is $2.5 million. The current gross rents for the entire property are estimated at $290,933 for 2023 and a cap rate of approximately 8% “as-is” without adding the apartments. The current operator of Happy Dan’s would continue their operations and lease the building from the new owner. This property has had a very strong rental history and the forecast also looks strong. Call Landmark Real Estate for showings. Rent roll available upon signing a NDA