UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 7115327
Year Built 1910
Annual Tax Amount $5,972
Tax Year 2026
Contingent None
Lot Size 3,484 Sqft
Lot Dimensions 148x22
Property Description
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.
Location
State MN
County Rice
Zoning Business/Commercial
Rooms
Basement Full, Shared Access, Storage Space
Interior
Heating Boiler
Inclusions Building, Other
Fireplace No
Appliance Cooktop, Dryer, Microwave, Refrigerator, Stainless Steel Appliances, Washer
Exterior
Parking Features Attached Garage, Storage, Tuckunder Garage
Garage Spaces 1.0
Utilities Available Electric Separate, Heating Separate, Hot Water Separate
Present Use Commercial,Residential,Retail
Building
Story Two
Foundation 2310
Sewer City Sewer/Connected
Water City Water/Connected
Level or Stories Two
New Construction false
Schools
School District Faribault
Nearby School & Business
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REMAX TEAM
Full Service Brokerage | License ID: 40471702
Full Service Brokerage License ID: 40471702