1385 Mendota Heights Rd 33,684 SF 100% Leased Flex Building Mendota Heights, MN 55120 $6,082,301 CAD ($180.57 CAD/SF) 7.40% Cap Rate

1385 Mendota Heights Business Plaza presents a rare opportunity to acquire a fully leased, high-finish industrial flex investment in one of the Twin Cities’ most accessible submarkets. Located minutes from I-494, I-35, and Highway 55, and just a short drive from Minneapolis-St. Paul International Airport, this 33,684-square-foot property offers both strategic connectivity and long-term stability.
Constructed in 1979 and professionally maintained, the building features a masonry structure with a rubber roof, recently replaced in 2023 and warrantied through 2047. The asset includes two common dock doors, 109 parking stalls, and a 14-foot clear height warehouse component, supporting a wide range of industrial and flex uses. Interior upgrades include a remodeled restroom core, enhancing tenant experience and long-term value.
The property is fully occupied by six tenants with a weighted average lease term of 2.37 years. Several leases are currently below market, offering a compelling value-add opportunity. The most recent lease was signed at $14.84 Net, compared to an estimated market range of $12–$14. The current net operating income stands at $327,777, with additional upside through lease renegotiations and market adjustments.
Situated in Mendota Heights—a first-ring suburb known for its natural beauty, business-friendly environment, and proximity to the Mississippi and Minnesota Rivers—the property benefits from a vibrant community of over 750 businesses and 11,000 residents. With more than 295 acres of parkland and access to award-winning amenities in the Twin Cities metro, this location offers both lifestyle appeal and commercial viability.