New Listing
14 3rd Street NW,Faribault, MN 55021
Faribault, MN 55021
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.
Details
| MLS # | 7135428 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1910 |
| Days On Site | 3 |
| Listing Provided By | RE/MAX Results | Lars Anderson |
Features
| Bed(s) | 8 |
|---|---|
| Bath(s) | 8 |
| SQ Feet | 3,300 |
| Units | 9 |
| Zoning | Business/Commercial |
| Acreage | 0.08 |
Interior
| Heating | Baseboard |
|---|
Parking
| Parking Features | None |
|---|
Utilities
| Utilities | Electric Separate |
|---|
Taxes
| Property | 6336 |
|---|
Area Information
| State | MN |
|---|---|
| County | Rice |
| City | Faribault |
| Zip Code | 55021 |
| Community Name | City/Faribault |
| School District | 656 |
| High School | Faribault |
| Listing VS Median (in City/Faribault) | |
Price: $1,095,000 low | high Med: $434,450 sqft: 3,300 low | high Med: 3,448 $ / sqft: $332 low | high Med: $125 On site: 3 low | high Med: 193 | |
Market Activity 55021
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Listings courtesy of Northstar MLS as distributed by MLS GRID.
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Learn More About This Property
| State | MN |
|---|---|
| County | Rice |
| City | Faribault |
| Zip Code | 55021 |
| Community Name | City/Faribault |
| School District | 656 |
| High School | Faribault |
| Listing VS Median (in City/Faribault) | |
Price: $1,095,000 low | high Med: $434,450 sqft: 3,300 low | high Med: 3,448 $ / sqft: $332 low | high Med: $125 On site: 3 low | high Med: 193 | |
