For Sale: Faribault MLS# 6701607
Active
NEW!
$715,000
Commercial: Apartments
Built 1973
0.49 acres
Faribault schools
MLS# 6701607
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Property Description
Endless Potential in Prime Faribault Location �?? Ideal for Student Housing, Assisted Living, or Hospitality Use.
Positioned directly across from South Central College�??s Faribault Campus, this versatile property presents a rare opportunity for a wide range of commercial or residential applications. Previously utilized as both an assisted living facility and a group home, the building is perfectly suited for conversion into student housing, a small boutique hotel, or other multi-tenant residential or service-oriented use.
Zoned R-4, the property supports a variety of higher-density residential or institutional uses, giving investors and developers the flexibility to realize their vision. A newly installed roof (Spring 2025), well-maintained mechanical systems, and an ADA-compliant handicap ramp from the parking area to the upper level make this an accessible and functional space right from day one.
Whether you're looking to expand your portfolio in the healthcare, housing, or hospitality sectors, this property is a solid investment with outstanding location benefits, strong infrastructure, and room for creative development. The sky truly is the limit.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$715,000
Property Type:
Commercial
City:
Faribault
Garage Spaces:
2
County:
Rice
Year Built:
1973
State:
MN
Property Style:
Apartments
Zip Code:
55021
Subdivision Name:
State
Interior
Basement Details:
Block
Exterior
Garage Spaces:
2
Other Parking Spaces:
7
Air Conditioning:
Ductless Mini-Split
Foundation Size:
2,975 ft2
Foundation Dimensions:
87.6x34
Handicap Accessible:
Fully Wheelchair, Wheelchair Ramp(s)
Heating System:
- Boiler
- Ductless Mini-Split
Parking Features:
- Asphalt
- Detached
- Garage Door Opener
- No Int Access to Dwelling
- Paved
Shared Amenities:
- Deck
- Patio
Unit Amenities:
Washer/Dryer Hookup
Road Frontage:
City Street
Exterior Material:
Vinyl Siding
Roof Details:
Age 8 Years or Less
Lot & Land
Acres:
0.49
Geolocation:
44.287601, -93.286405
Inclusions:
Building
Lot Dimensions:
1 x 1
Zoning:
Residential-Multi-Family
Lot Description:
Some Trees
Schools
School District:
656
District Phone:
507-333-6016
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$8,266
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$8,506
Units
Total Units:
16
Miscellaneous
Current Use:
Residential
Fuel System:
Natural Gas
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Common
- Heating Common
- Hot Water Common
Water System:
City Water/Connected
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Listing provided by RMLS,
courtesy of Edina Realty, Inc..
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.