Address
12 3rd Street Ne, Faribault, MN
Price
$ 319,000
Property Attributes
- ID#7012006
- TypeCommercial
- Listing Status Contingent
- CountyRICE
- CityFaribault
- AreaCity-Faribault
- NeighborhoodCity-Faribault
- Zip55021
- Style
- Year Built1920
- Taxes$ 7984
- Price$ 319,000
- Bedrooms0
- Full Bathrooms1
- Half Bathrooms0
- Sqr Footage5670
- Lot Size0.25 Acres
Data Source:
Northstar MLS (NSTAR)
Property Description
Check out this prime mixed-use opportunity in the heart of downtown Faribault! Unlock the potential of this versatile downtown gem, perfectly positioned in one of Southern Minnesota’s most up-and-coming small towns-just 35 minutes south of the Twin Cities, right off Interstate 35. This mixed-use building offers two main-level commercial spaces. One unit is currently leased with a solid two-year agreement in place, providing immediate income. The second storefront is move-in ready: ideal for an owner-occupant or an easy addition to your investment portfolio. With great foot traffic and charming curb appeal, this space is perfect for a boutique, ice cream shop, yoga/exercise studio, or other small business ventures. Investors, Contractors, Entrepreneurs-this one's for you! Upstairs, the opportunities are endless. With some renovation, the upper level can be restored to its original residential layout, with potential for three studio or one-bedroom apartments, or reconfigured for larger units to meet growing rental demand in the area. The property is currently undergoing a parcel split, which will be completed prior to closing. A shared wall agreement and access to shared water/sewer lines with adjacent parcels will be included. Seller will also install a separation wall upstairs to define private apartment space on the west side. Location, Location, Location! Just steps from the exciting new Viaduct Park development: featuring splash pads, an ice rink, and future attractions & features aimed to increase tourism and local activity. Surrounded by popular restaurants, shops, and ongoing downtown revitalization, this is your chance to plant roots in a community on the rise. Whether you're expanding your business, growing your investment portfolio, or dreaming up your next big idea-this is the kind of opportunity that doesn’t come around often. Schedule your showing today and claim your piece of Faribault’s future!
| Price History | |
|---|---|
| 1/22/2026 | Listed $319,000 |
General Features
| Sewer | City Sewer/Connected |
|---|---|
| Heating | Forced Air |
| Cooling | Central Air |
| Utilities | Electric Separate,Heating Separate,Hot Water Separate |
| Year Built | 1920 |
| Tenant Pays | All Utilities |
| Levels | Two |
| Tax Year | 2024 |
| Current Use | Other |
| Gross Income | 15600 |
| Accessibility | None |
| County | Rice |
| New Construction | No |
| Property Type | Commercial Sale |
| Contingency | Other |
| Subdivision Name | City/Faribault |
| Directions | Highway 21 South to 4th Street NW/Hwy 60 East to Central Avenue,Right on Central Ave South to 3rd Street NE,left to property on the left. |
| City | Faribault |
| High School District | Faribault |
| Zoning Description | Business/Commercial |
| Number Of Units Total | 5 |
| Lot Size Units | Acres |
| Land Lease Y/N | No |
| Tax Annual Amount | 7984 |
| Additional Parcels Y/N | No |
| Standard Status | Active |
| Lender Owned | No |
| PostalCity | Faribault |
Interior Features
| Basement | Full,Unfinished |
|---|---|
| Basement (Y/N) | Yes |
| Total Baths | 1 |
| Foundation Dimensions | 45x42 |
| Fuel | Natural Gas |
Exterior Features
| Parking Features | Unassigned |
|---|---|
| Water Source | City Water/Connected |
| Inclusions | Building |
| Lot Size Area | 0.25 |
| Building Area Total | 5670 |
| Lot Dimensions | 45x48 |
| Waterfront Y/N | No |
| Foundation Area | 1890 |
| Road Frontage Type | City Street,Curbs,Paved Streets,Sidewalks,Street Lights,Storm Sewer |
| Road Responsibility | Public Maintained Road |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Commercial Average in 55021
Price
Taxes
Year Built
Visits
