UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision State
MLS Listing ID 6701607
Year Built 1973
Annual Tax Amount $8,266
Tax Year 2025
Contingent None
Lot Size 0.490 Acres
Acres 0.49
Lot Dimensions 1x1
Property Sub-Type Apartment
Property Description
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
Zoning Residential-Multi-Family
Rooms
Basement Block
Kitchen Prep Station, Refrigerator, Oven
Interior
Heating Boiler, Ductless Mini-Split
Cooling Ductless Mini-Split
Inclusions Building
Fireplace No
Exterior
Parking Features Detached, Asphalt, Garage Door Opener, No Int Access to Dwelling, Paved
Garage Spaces 2.0
Utilities Available Electric Common, Heating Common, Hot Water Common
Roof Type Age 8 Years or Less
Present Use Residential
Building
Lot Description Some Trees
Foundation 2975
Sewer City Sewer/Connected
Water City Water/Connected
Structure Type Vinyl Siding
Schools
School District Faribault