What $1M Buys You in Commercial Real Estate Across Minnesota

See what $1 million buys you in commercial real estate across Minnesota—from Minneapolis office space to retail and industrial properties in smaller cities.

If you're investing in commercial real estate in Minnesota, you may wonder how far your money will go in different parts of the state. Spoiler alert: $1 million can look very different depending on the location and property type. 

We’ve compared three key markets—Minneaplis, Rochester, and St. Cloud—to show what kinds of office, retail, or industrial spaces $1 million can buy in 2025. 

Minneapolis Metro: Prime Location, Smaller Footprint

In the heart of downtown Minneapolis, $1 million might get you: 

• A small office condo (1,500–2,000 sq ft) in a Class B building 
  
  
• A triple-net retail strip unit in a high-traffic corridor
  
  
• A flex industrial property on the outskirts of the city (4,000–6,000 sq ft)
  

In this area, you’re paying for visibility, walkability, and tenant demand—but square footage is limited. 

Rochester: Medical Industry Growth = CRE Opportunity

In Rochester, home to the Mayo Clinic, $1 million stretches further: 

• A larger office suite (3,000–4,000 sq ft) near medical corridors 
  
  
• Retail space in suburban shopping centers with solid foot traffic
  
  
• Light industrial warehouses for local supply chain businesses

The city’s growth and professional tenant base make it appealing for long-term hold investors.

St. Cloud and Outstate Markets: Bigger Space, Lower Cost

Looking at smaller markets like St. Cloud or Mankato?

$1 Million can buy you: 

• Standalone industrial buildings (8,000–10,000+ sq ft) 
  
  
• Multi-tenant retail centers or former bank branches 
  
  
• Mixed-use buildings with live/work potential in downtown cores

These properties offer more space per dollar and attract regional businesses, though leasing may take longer depending on the market.

Duluth: Industrial Access and Lakeside Demand

Duluth offers a unique blend of port-driven industry and lakeside commercial demand. With $1 million, you could secure: 

• Warehouse or dockside industrial space tied to shipping and logistics 
  
  
• Retail space in Canal Park or tourist corridors with strong seasonal traffic
  
  
• Office buildings or converted spaces with lake views and redevelopment potential

Its mix of industrial infrastructure and tourism makes it attractive to niche investors focused on logistics, hybrid-use assets, or waterfront development. 

Ready to Find the Right Fit?

Contact our team today to explore available properties all across Minnesota. Whether you are looking for office, retail, or industrial space, we’ll help you find your dream property. 

Scott Naasz

Chief Executive Officer | Broker | Owner
North Star Commercial Real Estate Advisors | eXp Commercial