For Sale: Faribault MLS# 7135428
Active
NEW!
$1,095,000
Commercial: Other
8 br • 8 ba • Built 1910
0.075 acres
Faribault schools
MLS# 7135428
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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.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$1,095,000
Property Type:
Commercial
City:
Faribault
Garage Spaces:
0
County:
Rice
Year Built:
1910
State:
MN
Property Style:
Other
Zip Code:
55021
Subdivision Name:
City/Faribault
Interior
Bedrooms:
8
Bathrooms:
8
Exterior
Stories:
Three Or More
Garage Spaces:
0
Foundation Size:
1,100 ft2
Handicap Accessible:
None
Heating System:
Baseboard
Parking Features:
None
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.075
Geolocation:
44.293825, -93.269039
Inclusions:
Building
Lot Dimensions:
50 x 66
Zoning:
Business/Commercial
Schools
School District:
656
District Phone:
5073336016
Expenses
Tenant Expenses:
All Utilities, Electricity, Gas
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$6,336
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$6,336
Units
Total Units:
9
Miscellaneous
Current Use:
- Residential
- Retail
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
Electric Separate
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of RE/MAX Results.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.