5 Avayda Way, Mankato, MN 56001

Shovel ready building pad for up to 80 units in Building 5 with 24,268 SF and 120 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.