118 1st Avenue NE, Faribault, MN 55021 (MLS# 7071760)

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Other Parking Spaces: 7
Owner Occupied: Yes
Waterfront Present: No
Year Built: 1900
Yearly/Seasonal: Yearly
Zoning: Business/Commercial
Foundation Size: 6450
Power Company: Xcel Energy
For Sale or Lease: For Sale
Acres: 0.25
Lot Dimensions: 10,890 SF
Assessment Pending: No
Garage Stalls: 0

Property Features

Accessible: Grab Bars In Bathroom; Hallways 42"+; No Stairs Internal; Wheelchair Ramp Air Conditioning: Central Air Basement: None CMU Style: Freestanding; Office Construction Status: Previously Owned Current Use: Commercial; Office; Professional Service Exterior: Brick/Stone; Stucco Foundation: Slab Fuel: Natural Gas Heating: Forced Air Loan Terms: Cash; Conventional Location Description: Downtown; Free Standing Lock Box Type: Combo Miscellaneous Information: 2+ Lavatories; Building Sign; Exterior Lighting; Pole Sign On Site Utilities: Electric Common; Heating Common; Hot Water Common Parking Characteristics: Parking Lot; Paved Lot; Uncovered/Open; Other Potential Use: Diversified; Office; Other; Professional; Retail Road Frontage: City Street; Paved Streets Road Responsibility: Public Maintained Road Roof: Flat Sewer: City Sewer/Connected Stories: One Tenant Pays: Electricity; Gas; Snow Removal; Trash Collection; Water; Other Water: City Water/Connected

Contract Information

Contingency: None
ListPrice: 850000
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

House Number: 118
Street Name: 1st
Street Suffix: Avenue
Street Direction Suffix: NE
Postal City: Faribault
County: Rice
State: MN
Zip Code: 55021
Complex/Dev/Subdivision: City/Faribault

Assessments

Assessment Balance: 360
Tax With Assessments: 13222

Building Information

Building Finished SqFt: 6450
Building SqFt: 6450

More Information

Income and Expenses

Annual Gross Income: 87000

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

Homestead: No
2+ Lavatories: Yes
Building Sign: Yes
Exterior Lighting: Yes
Pole Sign: Yes

Ownership

Fractional Ownership: No

Sale Options

Sale Includes: Building, Leases

Unit 1

Unit Number: 104
Monthly Rent: 2153
Total Rooms: Yes
Level: Main Level
Unit Total SqFt: 206
Leased?: Yes
Lease Expiration Date: 2026-08-31

Unit 10

Leased?: No
Level: Main Level
Total Rooms: Yes
Unit Number: 156
Unit Total SqFt: 300

Unit 2

Lease Expiration Date: 2026-08-31
Leased?: Yes
Level: Main Level
Total Rooms: Yes
Unit Number: 105
Unit Total SqFt: 195

Unit 3

Lease Expiration Date: 2026-08-31
Leased?: Yes
Level: Main Level
Total Rooms: Yes
Unit Number: 106
Unit Total SqFt: 208

Unit 4

Lease Expiration Date: 2026-06-30
Leased?: Yes
Level: Main Level
Monthly Rent: 550
Total Rooms: Yes
Unit Number: 107
Unit Total SqFt: 206

Unit 5

Lease Expiration Date: 2026-08-31
Leased?: Yes
Level: Main Level
Total Rooms: Yes
Unit Number: 108
Unit Total SqFt: 213

Unit 6

Lease Expiration Date: 2026-12-31
Leased?: Yes
Level: Main Level
Monthly Rent: 1300
Total Rooms: Yes
Unit Number: 152
Unit Total SqFt: 290

Unit 7

Lease Expiration Date: 2026-08-31
Leased?: Yes
Level: Main Level
Monthly Rent: 1200
Total Rooms: Yes
Unit Number: 153
Unit Total SqFt: 206

Unit 8

Lease Expiration Date: 2026-06-30
Leased?: Yes
Level: Main Level
Monthly Rent: 550
Total Rooms: Yes
Unit Number: 154
Unit Total SqFt: 206

Unit 9

Lease Expiration Date: 2026-08-31
Leased?: Yes
Level: Main Level
Total Rooms: Yes
Unit Number: 155
Unit Total SqFt: 206

Unit Details

Total Units: 10

Office/Member Info

Association: SPAAR

Location, Tax and Other Information

Legal Description: LOT 3 BLOCK 69 OF ORIGINAL TOWN FARIBAULT
Listing City: Faribault
Map Page: 999
Municipality: Faribault
School District: Faribault
School District Phone: 507-333-6016
Zip Plus 4: 5225
Property ID Number: 1831126485
Tax Year: 2026
Tax Amount: 12862
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: Located in Historic Downtown Faribault, this income-generating commercial office building with established tenancy offers a strong opportunity for investors and owner-users. Significant renovation and capital investment have supported the property’s transformation into its current office configuration. The property features 6,450 finished square feet with strong downtown visibility, 9 occupied suites, and 1 available suite offering immediate leasing upside. Configured for professional office use, the building includes a functional one-level layout with shared conference and reception areas, front ramp entry, off-street asphalt parking, and prominent pole signage. Existing occupancy includes a mix of professional and business users, contributing to operational continuity and stable occupancy.
Directions: From I-35 southbound from the Twin Cities, MN-60 exit. Continue east on MN-60/4th Street NW into Faribault. Turn right onto 1st Avenue NE.

Accessible

Grab Bars In Bathroom: Yes
Hallways 42"+: Yes
No Stairs Internal: Yes
Wheelchair Ramp: Yes

Air Conditioning

Central Air: Yes

Basement

None: Yes

Construction Status

Previously Owned: Yes

Exterior

Brick/Stone: Yes
Stucco: Yes

Foundation

Slab: Yes

Fuel

Natural Gas: Yes

Heating

Forced Air: Yes

Lock Box Type

Combo: Yes

Parking Characteristics

Parking Lot: Yes
Paved Lot: Yes
Uncovered/Open: Yes
Other: Yes

Road Frontage

City Street: Yes
Paved Streets: Yes

Road Responsibility

Public Maintained Road: Yes

Roof

Flat: Yes

Sewer

City Sewer/Connected: Yes

Stories

One: Yes

Water

City Water/Connected: Yes

No. of Refrigerators

One: Yes

Tenant Pays

Electricity: Yes
Gas: Yes
Other: Yes
Snow Removal: Yes
Trash Collection: Yes
Water: Yes

On Site Utilities

Electric Common: Yes
Heating Common: Yes
Hot Water Common: Yes

CMU Style

Freestanding: Yes
Office: Yes

Current Use

Commercial: Yes
Office: Yes
Professional Service: Yes

Loan Terms

Cash: Yes
Conventional: Yes

Location Description

Downtown: Yes
Free Standing: Yes

Potential Use

Diversified: Yes
Office: Yes
Other: Yes
Professional: Yes
Retail: Yes