420 1st Street, Farmington, MN 55024 (MLS# 7156060)

420 1st Street, Farmington, MN 55024

New Listing
$349,900
Property Type: Multi-Family Bedrooms: 4 Baths: 2 Square Footage: 2,681 Lot Size (sq. ft.): 14,375 Status: Active
Current Price: $349,900 List Date: 10/08/2026 Last Modified: 10/09/2026

Overview

Description

Opportunity Knocks in Downtown Farmington! Whether you’re looking for an owner-occupied property or the next addition to your rental portfolio, this duplex offers plenty of potential. Ideally located in downtown Farmington and situated on a large corner lot, the property provides room to expand and maximize its investment potential. The main-level unit has been updated and is ready to rent. The upper-level unit needs just a few finishing touches before it can be placed on the rental market. Both units feature 2 bedrooms and 1 bathroom, offering a desirable layout for tenants. The basement provides shared laundry facilities and additional storage space. Outside, the property offers a large driveway, a 2-car garage, and an additional shed, providing excellent parking and storage options. The extra space may also offer an opportunity for additional rental income. With its downtown location, spacious lot, multiple storage options, and value-add potential, this property is a great opportu ...

Listing Details MLS# 7156060

General Property Information

Lot Measurement
Acres
Multiple PIDs?
No
Waterfront YN
No
Year Built
1940
Yearly/Seasonal
Yearly
Zoning
Residential-Multi-Family
Main Floor Total SqFt
947
Above Ground SqFt
1766
Below Grd Total SqFt
915
Total SqFt
2681
Foundation Size
915
Style
(MF) Duplex Up and Down
Total Finished Sqft
1766.00
Garage Stalls
2
Lot Dimensions
120x120x120x120
Acres
0.33
Assessment Pending
No

Property Features

Accessible: None Basement: Full; Unfinished Construction Status: Previously Owned Exterior: Vinyl Foundation: Poured Concrete Fuel: Natural Gas Heating: Forced Air Sellers Terms: Cash; Conventional; FHA; VA Sewer: City Sewer/Connected Stories: Two Unit 1 Cooling: Window Unit 2 Cooling: Window Water: City Water/Connected

Contract Information

Contingency
None
Original List Price
349900
ListPrice
349900
Owner is an Agent?
No
Auction?
No

Location Tax and Other Information

House Number
420
Street Name
1st
Street Suffix
Street
Postal City
Farmington
County
Dakota
State
MN
Zip Code
55024
Complex/Dev/Subdivision
Town Of Farmington

Assessments

Tax With Assessments
3968

Building Information

Finished SqFt Above Ground
1766

More Information

Income and Expenses

Annual Electric Expense
1800
Annual Fuel Expense
1800
Annual Gross Expenses
10068
Annual Insurance Expense
2500
Annual Trash Expense
1200
Annual Water/Sewer Expense
720
Total Annual Expenses
10068

Lease Details

Land Leased
Not Applicable

Miscellaneous Information

DP Resource
Yes
Homestead
Yes

Ownership

Fractional Ownership
No

Parking Characteristics

Garage Square Feet
520

Public Survey Info

Range#
19
Section#
31
Township#
114

Unit 1

Furnished?
No
Leased?
No
Unit Number
Yes
Finished SqFt
915
Full Baths
Yes
Monthly Expense
840
No. of Units Like This
Yes
Total Baths
Yes
Total Bedrooms
2
Total Rooms
5

Unit 2

Furnished?
No
Leased?
No
Unit Number
2
Finished SqFt
819
Full Baths
Yes
Monthly Expense
840
No. of Units Like This
Yes
Total Baths
Yes
Total Bedrooms
2
Total Rooms
5

Unit Details

Total Units
2
IDX
Listing Office: Top Notch Properties & Realty Services
Last Updated: October - 09 - 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.
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