For Sale: Faribault MLS# 7115327
Active
$409,000
Commercial: 2 Stories
Built 1910
0.08 acres
Faribault schools
MLS# 7115327
Ask the Agent℠
Ask the Agent℠
Thank You!
An agent will be in contact with you soon to answer your question.
Property Description
Investment opportunity meets historic downtown charm! This beautifully maintained mixed-use building offers the rare combination of immediate income, exceptional condition, and long-term flexibility in the heart of Faribault's thriving downtown district. With a well-established commercial tenant occupying the fully renovated main level and two beautifully updated, fully furnished, charming & well-kept apartments above (one 1-bedroom and one 2-bedroom), this is the kind of turnkey investment that's becoming increasingly difficult to find.
Whether you're looking to expand your investment portfolio, operate a successful short- or mid-term rental business, or enjoy owner-occupancy while offsetting your expenses with rental income, this property offers incredible versatility. The current owner has poured years of care, thoughtful improvements, and significant investment into the building, creating a property that's ready for its next chapter-allowing you to step in and immediately enjoy the rewards.
One of the standout features is the full basement with a rare tuck-under garage and overhead door, an amenity seldom found in historic downtown buildings. The lower level provides abundant storage and has even served as a private workout room and retreat for a previous commercial occupant, offering endless possibilities for future use. The main-floor commercial space has been extensively renovated, including an ADA-accessible restroom, creating a welcoming and functional environment for today's businesses. Upstairs, the apartments blend historic character with modern finishes, offering stylish, move-in-ready living spaces that appeal to both long- and short-term tenants. Located on one of Faribault's most vibrant downtown blocks, you'll be surrounded by locally loved shops, restaurants, coffee houses, and entertainment, all within walking distance. The property's proximity to popular destinations like the area's wedding venues and Shattuck-St. Mary's creates strong demand for quality housing and rental opportunities year-round. Properties like this don't come along often, a lovingly restored, income-producing downtown building with multiple revenue streams, exceptional updates, and endless possibilities for both investors and owner-occupants. Come experience the charm, opportunity, and potential this remarkable property has to offer.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$409,000
Property Type:
Commercial
City:
Faribault
Garage Spaces:
1
County:
Rice
Year Built:
1910
State:
MN
Property Style:
2 Stories
Zip Code:
55021
Interior
Bedrooms:
0
Bathrooms:
0
Refrigerators:
One
Appliances Included:
- Cooktop
- Dryer
- Microwave
- Refrigerator
- Stainless Steel Appliances
- Washer
Basement Details:
- Full
- Shared Access
- Storage Space
Exterior
Stories:
Two
Garage Spaces:
1
Foundation Size:
2,310 ft2
Foundation Dimensions:
22x105
Handicap Accessible:
Other
Road Responsibility:
Public Maintained Road
Heating System:
Boiler
Parking Features:
- Attached Garage
- Storage
- Tuckunder Garage
Road Frontage:
- City Street
- Curbs
- Paved Streets
- Sidewalks
- Storm Sewer
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.08
Geolocation:
44.2930652223, -93.2682281192
Inclusions:
Building, Other
Lot Dimensions:
148 x 22
Zoning:
Business/Commercial
Schools
School District:
656
District Phone:
5073336016
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$5,972
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$5,972
Income
Annual Gross Income:
$51,360
Units
Total Units:
3
Miscellaneous
Current Use:
- Commercial
- Residential
- Retail
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Separate
- Hot Water Separate
Water System:
City Water/Connected
Power Company Name:
Xcel Energy
Mortgage Calculator
Use this calculator to estimate your monthly mortgage payment, including taxes and insurance. Simply enter
the price of the home, your down payment and loan term. Property taxes are based on the last
known value for this property or 0.012 of property
price when data is unavailable. Your interest rate and insurance rates will vary based on
credit score, loan type, etc.
This amortization schedule shows how much of your monthly payment will go towards the principle and how
much will go towards the interest.
| Month | Principal | Interest | P&I | Balance |
|---|---|---|---|---|
| Year | Principal | Interest | P&I | Balance |
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 eXp Realty.
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.