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$ 850,000
Est. payment /mo
Active
118 1st AVE NE Faribault, MN 55021
0.25 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Subdivision City/Faribault
MLS Listing ID 7071760
Year Built 1900
Annual Tax Amount $12,862
Tax Year 2026
Contingent None
Lot Size 10,890 Sqft
Lot Dimensions 10,890 SF
Property Description
DOWNTOWN CHARACTER. STREET VISIBILITY. MAJOR IMPROVEMENTS. Located along high-traffic 1st Avenue NE in historic downtown Faribault, this office building combines strong street visibility with the charm and convenience of a walkable downtown setting. Warm brick, signature red awnings, generous windows, and prominent pole signage give the property a distinctive identity, while off-street asphalt parking and a front ramp entry welcome tenants and their clients. A major roof replacement completed in 2026 represents a significant capital investment: replacement of deteriorated decking, reinforcement of existing rafters, all-new insulation, a new membrane roof system, and drainage improvements. Extensive renovations in 2015, along with recent electrical updates and additional commercial improvements, further support the building's professional presentation. The building offers 10 distinct office suites, with eight currently leased and two available for leasing, plus shared conference and reception areas. Existing occupancy provides current income, while the available suites offer an opportunity to grow rental revenue. The downtown setting adds everyday appeal. Restaurants, boutiques, and the Paradise Center for the Arts are within walking distance, and Viaduct Park sits directly across the street. Lunch with a client, coffee between appointments, or a walk after work—all part of a location that connects business with the surrounding community. An income-producing office property with established occupants, visible frontage, downtown amenities, and substantial recent investment in the building.
Location
State MN
County Rice
Zoning Business/Commercial
Rooms
Basement None
Interior
Heating Forced Air
Cooling Central Air
Inclusions Building, Leases
Fireplace No
Exterior
Parking Features Guest Parking, Other, Parking Lot, Paved Lot, Open
Utilities Available Electric Common, Heating Common, Hot Water Common
Roof Type Flat
Present Use Commercial,Office,Professional Service
Building
Story One
Foundation 6450
Sewer City Sewer/Connected
Water City Water/Connected
Level or Stories One
New Construction false
Schools
School District Faribault
Listed by James Barta • RE/MAX Experts
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