Log In/Sign Up
Your email has been sent.
14 3rd St NW 3,300 SF 11% Leased Retail Building Faribault, MN 55021 $1,095,000 ($331.82/SF)
Executive Summary
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.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,300 SF
Building Class
C
Year Built/Renovated
1910/2011
Price
$1,095,000
Price Per SF
$331.82
Percent Leased
11%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.00
Lot Size
0.08 AC
Opportunity Zone
Yes
Zoning
Commercial
Frontage
56’ on 3rd St NW
Amenities
- Signage
Very walkable
80/100
Very drivable
80/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 18.31.1.26.282 | Improvements Assessment | $321,600 |
| Land Assessment | $49,900 | Total Assessment | $371,500 |
Property Taxes
Parcel Number
18.31.1.26.282
Land Assessment
$49,900
Improvements Assessment
$321,600
Total Assessment
$371,500
1 of 17
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
