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

118 1st Avenue NE, Faribault, MN 55021

$850,000

Property Type: Commercial Square Footage: 6,450 Lot Size (sq. ft.): 10,890 Status: Active

Current Price: $850,000 List Date: 5/12/2026 Last Modified: 9/03/2026

Overview

Description

DOWNTOWN FARIBAULT OFFICE BUILDING — Income Today, Positioned for Tomorrow. Faribault is having a moment. This building has a front-row seat. Step into one of Southern Minnesota's smartest investment opportunities — a high-visibility office building in historic downtown Faribault, just 35 minutes south of the Twin Cities on I-35. A standout in every sense — doing exactly what a strong asset should: holding quality tenants and generating reliable income. In 2015, a significant capital investment went into a top-to-bottom transformation — and it shows. The result is a building that presents with pride: warm brick, signature red awnings, generous windows, and a professionally finished interior that tenants are proud to work in. This wasn't tinkering. This was a reinvention. And the investment didn't stop there. A major roof replacement was completed in 2026, including replacement of deteriorated decking, reinforcement of existing rafters, all-new insulation, a new membrane roof sy ... (Read more) DOWNTOWN FARIBAULT OFFICE BUILDING — Income Today, Positioned for Tomorrow. Faribault is having a moment. This building has a front-row seat. Step into one of Southern Minnesota's smartest investment opportunities — a high-visibility office building in historic downtown Faribault, just 35 minutes south of the Twin Cities on I-35. A standout in every sense — doing exactly what a strong asset should: holding quality tenants and generating reliable income. In 2015, a significant capital investment went into a top-to-bottom transformation — and it shows. The result is a building that presents with pride: warm brick, signature red awnings, generous windows, and a professionally finished interior that tenants are proud to work in. This wasn't tinkering. This was a reinvention. And the investment didn't stop there. A major roof replacement was completed in 2026, including replacement of deteriorated decking, reinforcement of existing rafters, all-new insulation, a new membrane roof system, and drainage improvements. Recent electrical updates and additional commercial improvements further tell the story of a building thoughtfully maintained for the long term. Nine leased suites, tenants who keep renewing, and one available suite — the occupancy picture is strong. Everything you'd expect is here — shared conference and reception areas, front ramp entry, off-street asphalt parking, and prominent pole signage. Step outside, take a stroll, and discover a downtown that looks like a Hallmark card — beloved restaurants, boutiques, and the Paradise Center for the Arts all within walking distance. And right across the street is the city's newest gathering space, Viaduct Park — an all-season recreation destination with a splash pad, fire pit, and indoor gathering areas. The city calls it "Spaces of Real Joy," and it shows. It's the kind of civic investment that signals a community betting on itself. This is a town where people know your name, shop local by choice, and show up for their community. This building is your seat at that table. Whether you're an investor seeking reliable returns, an entrepreneur with a bold vision for the space, or both — this is a rare chance to plant roots in a town on the rise. The renovation is done. The tenants are in. The income is flowing. Rare is an overused word in real estate. This time it applies.

Listing Details MLS# 7071760

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Other Parking Spaces: 7
Owner Occupied: Yes
Waterfront YN: 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

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; Insurance; Maintenance/Repair; Snow Removal; Taxes; 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

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

Homestead: No

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

Listing Office: RE/MAX Experts

Last Updated: September - 03 - 2026

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2026 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.

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