For Sale: Faribault MLS# 6704864
Active
NEW!
$319,000
Commercial: 2 Stories
Built 1920
0.25 acres
Faribault schools
MLS# 6704864
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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 Minnesotaâ??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 doesnâ??t come around often. Schedule your showing today and claim your piece of Faribaultâ??s future!
Listing
Listing Status:
Active
Contingency:
None
List Price:
$319,000
Property Type:
Commercial
City:
Faribault
Garage Spaces:
0
County:
Rice
Year Built:
1920
State:
MN
Property Style:
2 Stories
Zip Code:
55021
Subdivision Name:
City/Faribault
Interior
Basement Details:
- Full
- Unfinished
Exterior
Stories:
Two
Garage Spaces:
0
Other Parking Spaces:
2
Air Conditioning:
Central Air
Foundation Size:
1,890 ft2
Foundation Dimensions:
45x42
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
Forced Air
Parking Features:
Unassigned
Shared Amenities:
Concrete Floors & Walls
Road Frontage:
- City Street
- Curbs
- Paved Streets
- Sidewalks
- Storm Sewer
- Street Lights
Exterior Material:
Brick/Stone
Lot & Land
Acres:
0.25
Geolocation:
44.293832, -93.267899
Inclusions:
Building
Lot Dimensions:
45 x 48
Zoning:
Business/Commercial
Schools
School District:
656
District Phone:
507-333-6016
Expenses
Tenant Expenses:
All Utilities
Financial & Taxes
Tax Year:
2024
Annual Taxes:
$7,984
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$7,984
Income
Annual Gross Income:
$15,600
Units
Total Units:
5
Miscellaneous
Current Use:
Other
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
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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.