508 Central Avenue N, Faribault, MN 55021 (MLS# 7142833)

508 Central Avenue N, Faribault, MN 55021

$350,000
Property Type: Commercial Lot Size (sq. ft.): 6,970 Status: Active
Current Price: $350,000 List Date: 9/15/2026 Last Modified: 9/15/2026

Overview

Description

Prime Downtown Faribault Commercial & Mixed-Use Opportunity. Discover the possibilities in the heart of downtown Faribault with this versatile commercial property offering a unique opportunity for an owner-user, entrepreneur, or investor. The main-level commercial space is currently vacant and ready for its next chapter, with a layout and location well suited for a variety of business concepts. Previously operated as a restaurant, the space could be ideal for a new dining establishment, retail business, office, personal service, entertainment venue, or even a food-truck operator ready to establish a permanent brick-and-mortar location. Adding to the appeal, the property includes a fully leased apartment above the commercial space, providing immediate rental income while offering the potential for future owner occupancy. The property is zoned Central Business District (CBD), allowing for a broad range of commercial uses, including retail, financial services, office space, personal servi ...

Listing Details MLS# 7142833

General Property Information

Lot Measurement
Acres
Multiple PIDs?
No
Owner Occupied
No
Waterfront YN
No
Year Built
1910
Yearly/Seasonal
Yearly
Zoning
Business/Commercial
Foundation Size
1920
Garage Stalls
Yes
For Sale or Lease
For Sale
Acres
0.16
Lot Dimensions
1x1
Assessment Pending
No

Property Features

Accessible: Fully Wheelchair; Grab Bars In Bathroom Air Conditioning: Central Air CMU Style: Apartments and Retail; Attached Building; Common Wall; Mixed Use Construction Status: Previously Owned Current Use: Vacant Exterior: Brick/Stone Foundation: Brick/Mortar Fuel: Natural Gas Heating: Forced Air Loan Terms: Cash; Conventional Lock Box Type: Combo On Site Utilities: Electric Separate; Heating Separate Potential Use: Office; Professional; Restaurant; Retail Road Frontage: City Street Road Responsibility: Public Maintained Road Sewer: City Sewer/Connected Water: City Water/Connected

Contract Information

Contingency
None
ListPrice
350000
Owner is an Agent?
No
Auction?
No

Location Tax and Other Information

House Number
508
Street Name
Central
Street Suffix
Avenue
Street Direction Suffix
N
Postal City
Faribault
County
Rice
State
MN
Zip Code
55021
Complex/Dev/Subdivision
City/Faribault

Assessments

Assessment Balance
300
Tax With Assessments
6584

Building Information

Building Finished SqFt
3300

More Information

Lease Details

Land Leased
Not Applicable

Miscellaneous Information

Homestead
No

Ownership

Fractional Ownership
No

Parking Characteristics

Garage Square Feet
350

Sale Options

Sale Includes
Building

Unit 1

No. of 1 Bedroom Units
Yes

Unit Details

Total Units
2
IDX
Listing Office: Edina Realty, Inc.
Last Updated: September - 15 - 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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