For Sale: Faribault MLS# 7061689
Active
$525,000
Commercial: 2 Stories
6 br • Built 1890
0.348 acres
Faribault schools
MLS# 7061689
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Property Description
This stately 1890s multi-family residence is a standout example of craftsmanship and opportunity in the heart of Faribault. Configured as a unique seven-unit property, it offers strong income potential with a proven rental layout.
Timeless character shines throughout, highlighted by classic hardwood floors and distinctive architectural details. A large open-frame porch and striking exterior create impressive curb appeal, while the corner lot setting adds to its presence. The property also features a spacious basement, ideal for storage or maintenance, along with convenient gravel driveway parking.
Designed for efficient management, the building includes common heating and separate electric utilities for each unit. Recent assessments reflect increasing value, and the solid stone foundation underscores its long-term durability. With the right vision and updates, there is an excellent opportunity to further enhance both value and appeal.
Located near local amenities with easy highway access, this property presents a rare opportunity to own a piece of Faribault’s history while maximizing its investment potential.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$525,000
Property Type:
Commercial
City:
Faribault
Garage Spaces:
0
County:
Rice
Year Built:
1890
State:
MN
Property Style:
2 Stories
Zip Code:
55021
Subdivision Name:
Mcclellands 2nd Add
Interior
Bedrooms:
6
Bathrooms:
0
Flooring:
Wood
Refrigerators:
Six or More
Appliances Included:
- Range
- Refrigerator
Basement Details:
- Block
- Full
- Unfinished
Exterior
Stories:
Two
Garage Spaces:
0
Air Conditioning:
None
Foundation Size:
1,800 ft2
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
- Forced Air
- Hot Water
Parking Features:
- Gravel
- Open
Unit Amenities:
- Hardwood Floors
- Porch
- Walk-In Closet
Road Frontage:
- City Street
- Curbs
- Paved Streets
Exterior Material:
Block
Pool:
None
Roof Details:
Pitched
Lot & Land
Acres:
0.348
Geolocation:
44.293312, -93.279969
Inclusions:
Building, Leases
Lot Dimensions:
132 X 115
Zoning:
Residential-Multi-Family
Lot Description:
- Corner Lot
- Tree Coverage - Light
Schools
School District:
656
District Phone:
5073336016
Expenses
Annual Fuel Expense:
$6,000
Annual Maintenance Expense:
$2,160
Annual Water/Sewer Expense:
$1,200
Tenant Expenses:
Electricity
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$5,150
Lender-owned:
No
Assessment Pending:
Unknown
Taxes w/ Assessments:
$5,390
Income
Annual Gross Income:
$68,760
Units
Total Units:
7
Miscellaneous
Current Use:
Residential
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Heating Common
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
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.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.