1150 3rd ST SW, Faribault, MN 55021 - MLS#6701607

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Nick Leavy

nick@ermetro.com +1(612) 236-5331

$715,000

Est. payment - /mo

5,950 Sqft Lot

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UPDATED:

Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

Subdivision State

MLS Listing ID 6701607

Year Built 1973

Annual Tax Amount $8,506

Lot Size 5,950 Sqft

Acres 0.48

Lot Dimensions 1x1

Property Description

Endless Potential in Prime Faribault Location – Ideal for Student Housing, Assisted Living, or Hospitality Use.
Positioned directly across from South Central College's Faribault Campus, this versatile property presents a rare opportunity for a wide range of commercial or residential applications. Previously utilized as both an assisted living facility and a group home, the building is perfectly suited for conversion into student housing, a small boutique hotel, or other multi-tenant residential or service-oriented use.
Zoned R-4, the property supports a variety of higher-density residential or institutional uses, giving investors and developers the flexibility to realize their vision. A newly installed roof (Spring 2025), well-maintained mechanical systems, and an ADA-compliant handicap ramp from the parking area to the upper level make this an accessible and functional space right from day one.
Whether you're looking to expand your portfolio in the healthcare, housing, or hospitality sectors, this property is a solid investment with outstanding location benefits, strong infrastructure, and room for creative development. The sky truly is the limit.

Location

State MN

County Rice

Community State

Direction From Lyndale Ave South turn East on Division Street West turn South on Prairie Ave turn East on Third St SW

Rooms

Basement Concrete Block

Interior

Heating Boiler

Exterior

Parking Features Garage Door Opener, No Int Access to Dwelling, Paved Lot

Garage Spaces 2.0

Utilities Available Electric Common, Heating Common, Hot Water Common

Roof Type Age 8 Years or Less

Accessibility Fully Wheelchair, Wheelchair Ramp

Total Parking Spaces 2

Building

Lot Description Tree Coverage - Light

Water City Water/Connected

Others

Senior Community No

Tax ID 1836400003

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Listed by Edina Realty, Inc.

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