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For Sale:  Faribault MLS# 6676105

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Active Contingent
$800,000
/mo Edit
Commercial:  Apartments
Built 1982
0.47 acres
Faribault schools
MLS# 6676105
763-576-8286
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    Property Description

    **Prime Investment Opportunity: Eight-Unit Apartment Building in Faribault, MN** This eight-plex apartment building presents a compelling investment prospect in the highly desirable location of Faribault, Minnesota. Situated in the heart of the city, the property offers exceptional convenience to shopping, dining, and entertainment venues, making it an attractive residential choice. This multi-family building, comprised of eight units, features below-market rental rates, providing significant potential for future revenue growth. Each unit boasts a functional floor plan with two bedrooms, one bathroom, and access to a shared detached garage. Notably, two units have been fully renovated, demonstrably increasing income potential within this high-demand rental market. Identical floorplans across all eight units include a living room, coat closet, kitchen equipped with an electric stove and refrigerator, a full bathroom, and two bedrooms. Furthermore, all units benefit from newly installed windows in 2022. Each unit is allocated a dedicated garage space and an additional surface lot parking spot, ensuring ample parking for residents. The building also offers the convenience of coin-operated laundry facilities. Ongoing renovations are underway in one additional unit, further enhancing the property's value. Currently operating with month-to-month leases, this building allows a new owner to assess and optimize rental rates and tenant occupancy strategically. Located in close proximity to restaurants, gas stations, schools, highways, and other key regional amenities, this property represents a profitable opportunity to capitalize on the growing demand for rental housing in Faribault.

    Listing

    Listing Status: Active Contingent
    Contingency: Inspection
    List Price: $800,000
    Property Type: Commercial
    City: Faribault
    Garage Spaces: 8
    County: Rice
    Year Built: 1982
    State: MN
    Property Style: Apartments
    Zip Code: 55021
    Subdivision Name: State

    Interior

    Appliances Included:
    • Electric Water Heater
    • Range
    • Refrigerator
    • Water Softener Owned

    Exterior

    Garage Spaces: 8
    Garage Dimensions: 96x22
    Garage Size: 2,112 ft2
    Other Parking Spaces: 8
    Air Conditioning: Window Unit(s)
    Foundation Size: 3,600 ft2
    Foundation Dimensions: 48x75
    Handicap Accessible: None
    Road Responsibility: Public Maintained Road
    Heating System: Baseboard
    Parking Features: Detached
    Shared Amenities: Coin-op Laundry Owned
    Road Frontage: Paved Streets
    Exterior Material: Metal Siding
    Roof Details:
    • Age Over 8 Years
    • Asphalt

    Lot & Land

    Acres: 0.47
    Geolocation: 44.290855, -93.288822
    Inclusions: Building, Fixture/Equipment, Leases, Rental License
    Lot Dimensions: 135 x 151'
    Zoning: Residential-Multi-Family
    Lot Description: Tree Coverage - Light

    Schools

    School District: 656
    District Phone: 507-333-6016

    Expenses

    Tenant Expenses: Cable TV, Electricity

    Financial & Taxes

    Tax Year: 2025
    Annual Taxes: $9,764
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $10,004

    Units

    Total Units: 8

    Miscellaneous

    Current Use: Residential
    Fuel System: Electric
    Owner Occupied: No
    Sewer System: City Sewer/Connected
    Available Utilities:
    • Electric Common
    • Electric Separate
    • Heating Common
    • Heating Separate
    • Hot Water Common
    Water System: City Water/Connected

    Mortgage Calculator

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    Payment:  /mo

    Listing provided by RMLS, courtesy of Keller Williams Preferred Rlty.
    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.