1402 Division ST W Pending Save Request In-Person Tour Request Virtual Tour
Faribault,MN 55021
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
Subdivision State
MLS Listing ID 6676105
Year Built 1982
Annual Tax Amount $9,764
Tax Year 2025
Lot Size 0.470 Acres
Property Sub-Type Apartment
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.
Location
State MN
County Rice
Zoning Residential-Multi-Family
Interior
Heating Baseboard
Cooling Window Unit(s)
Inclusions Building,Fixture/Equipment,Leases,Rental License
Exterior
Parking Features Detached
Garage Spaces 8.0
Utilities Available Electric Common,Electric Separate,Heating Common,Heating Separate,Hot Water Common
Roof Type Age Over 8 Years,Asphalt
Building
Lot Description Tree Coverage - Light
Foundation 3600
Sewer City Sewer/Connected
Water City Water/Connected
Structure Type Metal Siding
Schools
School District Faribault