Located on one of Rochester’s most iconic corners, Broadway & 4th Street South, this property is ideal for investors looking to benefit from either in-place cash flows or a redevelopment project. One of only a handful of sites in Rochester's opportunity zone, the property is optimally located less than 0.3 miles from the center of the Mayo Clinic campus and less than 0.2 miles from the rapidly growing University of Minnesota Rochester campus. Nestled in Rochester’s highly walkable Historic District and zoned MXD-BUS (Rochester’s most development intensive zoning classification) few if any sites are better positioned to capitalize on Rochester’s growing population, economy, housing, and retail needs. Although partitioning of the site is possible, the combined property represents an extremely rare opportunity to redevelop a large area within the center of Rochester. No other site currently on the market represents the same size and proximity to Rochester’s most critical businesses.
Anchored by the world-renowned Mayo Clinic, Rochester, Minnesota offers a compelling commercial real estate investment opportunity, particularly in the multifamily sector. The city's faster than national or state GDP and population growth is fueled by two large economic development projects: the $5.6 billion Destination Medical Center (DMC) and Mayo Clinic’s $5.0 billion "Bold Forward Unbound" initiative. Together, these projects are expected to generate 30,000 new jobs by 2035.
This job growth is driving a population boom, with projections of 8.5% growth through 2030—more than double the national average. Consequently, a significant housing deficit has emerged, with an estimated need for 2,400 new housing units annually to meet demand. With current market-rate vacancy at a 4% and subsidized vacancy at just 1%, the market is primed for substantial rental rate growth, further supported by Rochester's high median household income.
