Homes for sale - 1402 Division ST W, Faribault, MN 55021

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United Country Midwest Lifestyle Properties

dream@midwestlifestyleproperties.com +1(608) 399-1013

$800,000

Est. payment - /mo

0.47 Acres Lot

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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

Contingent None

Lot Size 0.470 Acres

Acres 0.47

Lot Dimensions 135x151'

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

Fireplace No

Appliance Electric Water Heater, Range, Refrigerator, Water Softener Owned

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

Present Use Residential

Building

Lot Description Tree Coverage - Light

Foundation 3600

Sewer City Sewer/Connected

Water City Water/Connected

Structure Type Metal Siding

Schools

School District Faribault

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Listed by Bryce Schuenke • Keller Williams Preferred Rlty

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United Country Midwest Lifestyle Properties

+1(608) 399-1013

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1402 Division ST W Faribault, MN 55021

United Country Midwest Lifestyle Properties

Key Details

Location

Interior

Exterior

Building

Schools

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