TBD NW 8th Ave
Faribault, MN 55021
Land For Sale · 0.98 AC

Located at 818 4th St NW in Faribault, Minnesota, this 0.99-acre parcel (Parcel ID: 1831227002) offers a prime opportunity for the development of a 55-unit market-rate apartment complex with outdoor parking. The project is shovel-ready, with all necessary permits and plans in place, including approved foundation permits, completed building/structural/civil plans, and finalized renderings. The stormwater retention pond and soil engineering has been completed, ensuring compliance with environmental regulations. This site is zoned for business/commercial use, providing flexibility for various development options. Utilities such as natural gas, electricity, and sewer are available, facilitating a smooth development process. The property is offering a competitive price for its location and development readiness.
Highlights:
Shovel-Ready Development: All necessary permits and plans are in place, including approved foundation permits and completed building/structural/civil plans, allowing for immediate commencement of construction.
High Demand for Market-Rate Housing: Faribault's rental market is experiencing a significant shortage of market-rate units, with vacancy rates below the desired 5% threshold. The average rental rate across all market-rate general occupancy properties is $740 per month, indicating strong demand for additional housing options.
Faribault MN Official Website
Strategic Location: Situated in a business/commercial zoned area, the property offers flexibility for various development options and is well-positioned to attract potential tenants.
Completed Infrastructure: The stormwater retention pond is complete, and utilities such as natural gas, electricity, and sewer are available, ensuring compliance with environmental regulations and facilitating a smooth development process.
Competitive Pricing: The property offers a competitive price for its location and development readiness, presenting a compelling investment opportunity.
This property presents a unique opportunity to capitalize on the growing demand for market-rate housing in Faribault, with all necessary preparations completed for immediate development.