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Investment Highlights

  • The ±101,389 SF property is 89% leased with primarily NNN lease structures and contractual annual rent escalations, generating $1.85M in NOI
  • Post-acquisition, ownership has injected over $9MM of capital into the asset. This includes a $6.5MM comprehensive building renovation in 2020
  • Situated one block from the world-renowned 754-bed Mayo Clinic Methodist Hospital in downtown Rochester, Minnesota, and overlooking Peace Plaza
  • Approximately 11% vacancy offers incremental NOI growth through lease-up, without the execution risk typically associated with traditional value-add
  • 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
  • The property benefits from direct access to Rochester’s pedestrian skyway and subway system, enhancing year-round connectivity to Mayo Clinic

Executive Summary

Broker of Record
Kurt Sauer
License # 40628602, 41005445 (MN)
Matthews of Minnesota, LLC
701 Xenia Ave S, Ste 485 Minneapolis MN 55416
(866) 889-0550

Property Facts

Sale Type
Investment
Property Type
Office
Building Size
107,124 SF
Building Class
A
LoopNet Rating
4 Star
Year Built/Renovated
1981/2019
Price
$34,266,152 CAD
Price Per SF
$319.87 CAD
Percent Leased
90%
Tenancy
Multiple
Building Height
7 Stories
Typical Floor Size
15,000 SF
Building FAR
5.02
Lot Size
0.49 AC
Opportunity Zone
Yes
Zoning
C - Commercial

Amenities

  • Banking
  • Energy Star Labeled
  • Natural Light
  • Partitioned Offices

Sustainability

LEED Certified
Certified
LEED certification is a globally recognized symbol of sustainability achievement.
Energy Star Certified
84
ENERGY STAR certified buildings save energy and help protect the environment.

Sustainability

LEED Certification Developed by the U.S. Green Building Council (USGBC), the Leadership in Energy and Environmental Design (LEED) is a green building certification program focused on the design, construction, operation, and maintenance of green buildings, homes, and neighborhoods, which aims to help building owners and operators be environmentally responsible and use resources efficiently. LEED certification is a globally recognized symbol of sustainability achievement and leadership. To achieve LEED certification, a project earns points by adhering to prerequisites and credits that address carbon, energy, water, waste, transportation, materials, health and indoor environmental quality. Projects go through a verification and review process and are awarded points that correspond to a level of LEED certification: Platinum (80+ points) Gold (60-79 points) Silver (50-59 points) Certified (40-49 points)

ENERGY STAR® Energy Star is a program run by the U.S. Environmental Protection Agency (EPA) and U.S. Department of Energy (DOE) that promotes energy efficiency and provides simple, credible, and unbiased information that consumers and businesses rely on to make well-informed decisions. Thousands of industrial, commercial, utility, state, and local organizations partner with the EPA to deliver cost-saving energy efficiency solutions that protect the climate while improving air quality and protecting public health. The Energy Star score compares a building’s energy performance to similar buildings nationwide and accounts for differences in operating conditions, regional weather data, and other important considerations. Certification is given on an annual basis, so a building must maintain its high performance to be certified year to year. To be eligible for Energy Star certification, a building must earn a score of 75 or higher on EPA’s 1 – 100 scale, indicating that it performs better than at least 75 percent of similar buildings nationwide. This 1 – 100 Energy Star score is based on the actual, measured energy use of a building and is calculated within EPA’s Energy Star Portfolio Manager tool.

Space Availability

  • Space
  • Size
  • Space Use
  • Build-Out
  • Available
  • Subway-Ste B002
  • 5,198 SF
  • Office
  • Full Build-Out
  • Now

Subway connected office/tech/storage space.

  • 2nd Floor
  • 1,397 SF
  • Office
  • Shell Space
  • Now

Renovated 2nd floor relet office space, divisible down to 2,000 SF.

  • 2nd Fl-Ste 202A
  • 3,233 SF
  • Retail
  • Shell Space
  • Now

New 1st floor retail space.

  • 2nd Fl-Ste 202A
  • 1,022 SF
  • Office
  • Shell Space
  • Now

Skyway connected, with skyway signage opportunities.

Space Size Space Use Build-Out Available
Subway-Ste B002 5,198 SF Office Full Build-Out Now
2nd Floor 1,397 SF Office Shell Space Now
2nd Fl-Ste 202A 3,233 SF Retail Shell Space Now
2nd Fl-Ste 202A 1,022 SF Office Shell Space Now

Subway-Ste B002

Size
5,198 SF
Space Use
Office
Build-Out
Full Build-Out
Available
Now

2nd Floor

Size
1,397 SF
Space Use
Office
Build-Out
Shell Space
Available
Now

2nd Fl-Ste 202A

Size
3,233 SF
Space Use
Retail
Build-Out
Shell Space
Available
Now

2nd Fl-Ste 202A

Size
1,022 SF
Space Use
Office
Build-Out
Shell Space
Available
Now

Subway-Ste B002

Size 5,198 SF
Space Use Office
Build-Out Full Build-Out
Available Now

Subway connected office/tech/storage space.

2nd Floor

Size 1,397 SF
Space Use Office
Build-Out Shell Space
Available Now

Renovated 2nd floor relet office space, divisible down to 2,000 SF.

2nd Fl-Ste 202A

Size 3,233 SF
Space Use Retail
Build-Out Shell Space
Available Now

New 1st floor retail space.

2nd Fl-Ste 202A

Size 1,022 SF
Space Use Office
Build-Out Shell Space
Available Now

Skyway connected, with skyway signage opportunities.

Exceptionally walkable
90/100
Moderately drivable
60/100
Good public transit
60/100
Very bikeable
80/100

Property Taxes

Property Taxes

Parcel Numbers
Multiple
  • 74.35.43.017928
  • 74.35.43.017926
  • 74.35.43.017927
Land Assessment
$3,752,388 CAD
Improvements Assessment
$27,145,911 CAD
Total Assessment
$30,898,299 CAD
  • Listing ID: 40774715

  • Date on Market: 2026-06-03

  • Last Updated:

  • Address: 21 1st Ave SW, Rochester, MN 55902

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