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$ 1,095,000
Est. payment | /mo
8 Beds
8 Baths
3,267 Sqft Lot
$ 1,095,000
Est. payment | /mo
8 Beds
8 Baths
3,267 Sqft Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Subdivision City/Faribault
MLS Listing ID 7135428
Bedrooms 8
Year Built 1910
Annual Tax Amount $6,336
Tax Year 2026
Contingent None
Lot Size 3,267 Sqft
Lot Dimensions 50x66
Property Description
Investment opportunity in the heart of downtown Faribault. This 9-unit mixed-use property consists of eight renovated residential apartments and one commercial space. The residential units have been extensively renovated with updated kitchens, bathrooms, flooring, and finishes, along with new electric baseboard heat, allowing residents to control and pay for their own heating costs. Additional capital improvements include a newer roof with a transferable warranty and a new fire panel. The commercial space is leased through December 2030, providing in-place income, while the eight renovated residential units are currently vacant, giving the next owner the opportunity to complete lease-up and stabilize the property. Commercial tenant pays their own gas/electric/trash/sewer/internet and is in charge of HVAC maintenance. Convenient downtown location near businesses, restaurants, and services. An opportunity to acquire a substantially improved mixed-use asset with much of the renovation and capital improvement work already completed.
Location
State MN
County Rice
Zoning Business/Commercial
Interior
Heating Baseboard
Inclusions Building
Fireplace No
Exterior
Parking Features None
Utilities Available Electric Separate
Present Use Residential,Retail
Building
Story Three Or More
Foundation 1100
Sewer City Sewer/Connected
Water City Water/Connected
Level or Stories Three Or More
New Construction false
Schools
School District Faribault
Listed by Lars Anderson • RE/MAX Results
Nearby School & Business
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Andrew Beitler, MBA
Agent License ID: 40658950