Address
14 3rd Street Nw, Faribault, MN
Price
$ 1,095,000
Property Attributes
- ID#7135428
- TypeCommercial
- Listing Status Active
- CountyRICE
- CityFaribault
- AreaCity-Faribault
- NeighborhoodCity-Faribault
- Zip55021
- Style
- Year Built1910
- Taxes$ 6336
- Price$ 1,095,000
- Bedrooms8
- Full Bathrooms8
- Half Bathrooms0
- Sqr Footage9900
- Lot Size0.075 Acres
Data Source:
Northstar MLS (NSTAR)
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.
| Price History | |
|---|---|
| 8/31/2026 | Listed $1,095,000 |
General Features
| Sewer | City Sewer/Connected |
|---|---|
| Heating | Baseboard |
| Utilities | Electric Separate |
| Year Built | 1910 |
| Tenant Pays | All Utilities,Electricity,Gas |
| Levels | Three Or More |
| Tax Year | 2026 |
| Current Use | Residential,Retail |
| OwnerPays | Common Area Maintenance,Sewer,Trash Collection,Water |
| Accessibility | None |
| County | Rice |
| New Construction | No |
| Property Type | Commercial Sale |
| Contingency | None |
| Subdivision Name | City/Faribault |
| Directions | 4th St West,right on 1st ave,left on 3rd st |
| City | Faribault |
| High School District | Faribault |
| Zoning Description | Business/Commercial |
| Number Of Units Total | 9 |
| Lot Size Units | Acres |
| Land Lease Y/N | No |
| Tax Annual Amount | 6336 |
| Additional Parcels Y/N | No |
| Standard Status | Active |
| Lender Owned | No |
| PostalCity | Faribault |
Interior Features
| Basement (Y/N) | No |
|---|---|
| Total Bedrooms | 8 |
| Total Baths | 8 |
| Fuel | Natural Gas |
Exterior Features
| Parking Features | None |
|---|---|
| Water Source | City Water/Connected |
| Inclusions | Building |
| Lot Size Area | 0.075 |
| Building Area Total | 9900 |
| Lot Dimensions | 50x66 |
| Waterfront Y/N | No |
| Foundation Area | 3300 |
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
