$504,000
Mankato, MN 56001
MLS# 7039771
1 / 1
Property Description
Shovel ready building pad for up to 42 units in Building 1 with 9424 SF and 63 allocated parking stalls. Located on a total of 19 acres positioned on the high-growth east side of Mankato, this shovel-ready development offers a prime opportunity for multifamily or senior housing with the capacity for 610 units in total. Zoned Office Residential, the opportunity for development and use is vast. The site is planned for 10 buildings to house 610 units with grading and infrastructure included and construction readiness by July 2026. Surrounded by strong demand drivers, the property is within one mile of major retail and shopping, 2.7 miles from regional hospitals and clinics, and just 3.4 miles from Minnesota State University, Mankato. Mankato continues to experience steady growth fueled in part by in-migration from its broader trade area, serving a regional population of approximately 1.6 million, with a core population exceeding 340,000. This dynamic position the site as an ideal location for developers targeting sustained rental demand and long-term appreciation. Over the past five years, Mankato has faced a persistent undersupplied rental market, with vacancy rates under 2% for several years. Recent new developments have begun easing pressure, bringing the market closer to equilibrium, but it remains structurally demand-driven. Even with these deliveries, renter demand remains strong, and studies project a need for over 6,500 additional units by 2035 to meet growth and housing needs.
Details
Maps
Contract Information
Owner is an Agent?: No
Auction?: No
Status: Active
Contingency: None
Current Price: $504,000
Original List Price: 504000
ListPrice: 504000
List Date: 2026-03-19
Office/Member Info
Association: SPAAR
General Property Information
Comp Sale YN: No
Development: No
Drainage: Good
Lot Measurement: Acres
Multiple PIDs?: No
Plat Recorded: Yes
Waterfront Present: No
Yearly/Seasonal: Yearly
Zoning: Residential-Multi-Family, Other
Lot Dimensions: 0
Acres: 0
Association Fee: 0
Assessment Pending: No
Location, Tax and Other Information
AssocFeeYN: No
Legal Description: To be split from Mesenbrink Subdivision Lot 3 Blk 1; 19.03 acres. PID R01.09.15.400.005
Listing City: Mankato
Map Page: 999
Municipality: Mankato
School District: Mankato
School District Phone: 507-387-1868
Property ID Number: TBD
Tax Year: 2026
Tax Amount: 0
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No
Directions & Remarks
Public Remarks: Shovel ready building pad for up to 42 units in Building 1 with 9424 SF and 63 allocated parking stalls. Located on a total of 19 acres positioned on the high-growth east side of Mankato, this shovel-ready development offers a prime opportunity for multifamily or senior housing with the capacity for 610 units in total. Zoned Office Residential, the opportunity for development and use is vast. The site is planned for 10 buildings to house 610 units with grading and infrastructure included and construction readiness by July 2026. Surrounded by strong demand drivers, the property is within one mile of major retail and shopping, 2.7 miles from regional hospitals and clinics, and just 3.4 miles from Minnesota State University, Mankato. Mankato continues to experience steady growth fueled in part by in-migration from its broader trade area, serving a regional population of approximately 1.6 million, with a core population exceeding 340,000. This dynamic position the site as an ideal location for developers targeting sustained rental demand and long-term appreciation. Over the past five years, Mankato has faced a persistent undersupplied rental market, with vacancy rates under 2% for several years. Recent new developments have begun easing pressure, bringing the market closer to equilibrium, but it remains structurally demand-driven. Even with these deliveries, renter demand remains strong, and studies project a need for over 6,500 additional units by 2035 to meet growth and housing needs.
Directions: At corner of Hoffman Rd and CR 12
Assessments
Assessment Balance: 0
Tax With Assessments: 0
Builder Information
Builder Restrictions: Open
Development Status
Finished Lot(s): 1
Insurance Fee
Insurance Fee: 0
Lease Details
Land Leased: Not Applicable
Lock Box Type
Lock Box Source: RASM
None: 1
Lot Description
Underground Utilities: 1
Miscellaneous Information
Homestead: No
Ownership
Fractional Ownership: No
Restriction/Covenants
Architecture Committee: 1
Road Frontage
City Street: 1
Paved Streets: 1
Storm Sewer: 1
Road Responsibility
Private Maintained Road: 1
Sale Options
Sell Entirely: 1
Topography
Level: 1
Available Utilities
Cable Available: 1
Cable Connected: 1
Electricity Available: 1
Electricity Connected: 1
Natural Gas Available: 1
Natural Gas Connected: 1
Phone Available: 1
Phone Connected: 1
Sewer Available: 1
Sewer Connected: 1
Storm Sewer Available: 1
Storm Sewer Connected: 1
Underground Utilities Available: 1
Water Available: 1
Water Connected: 1
Improvements
Curbs: 1
Paved Streets: 1
Public Road: 1
Storm Sewer: 1
Other: 1
Land Inclusions
Platted: 1
Survey: 1
Property SubType
Commercial Lot: 1
Location Tax and Other Information
House Number: 10
Street Name: Aveyda
Street Suffix: Way
Postal City: Mankato
County: Blue Earth
State: MN
Zip Code: 56001
Property Features
Available Utilities: Cable Available; Cable Connected; Electricity Available; Electricity Connected; Natural Gas Available; Natural Gas Connected; Phone Available; Phone Connected; Sewer Available; Sewer Connected; Storm Sewer Available; Storm Sewer Connected; Underground Utilities Available; Water Available; Water Connected
Development Status: Finished Lot(s)
Improvements: Curbs; Paved Streets; Public Road; Storm Sewer; Other
Land Inclusions: Platted; Survey
Lock Box Type: None
Lot Description: Underground Utilities
Property SubType: Commercial Lot
Road Frontage: City Street; Paved Streets; Storm Sewer
Road Responsibility: Private Maintained Road
Sale Options: Sell Entirely
Topography: Level
Listing Office: RE/MAX Advantage Plus
Last Updated: April - 15 - 2026
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.