For Sale: Faribault MLS# 6825777
Active
$259,900
Multi-family: Fourplex
6 br • 4 ba • Built 1900
2,736 sqft • 0.402 acres
MLS# 6825777
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Property Description
Excellent investment opportunity priced to meet the 1% rule in a highly convenient location just minutes from downtown Faribault, with quick access to I-35 and Highway 60. This property is now a fixer-upper with strong value-add potential. The building features four units: two 2-bed/1-bath units and two 1-bed/1-bath units, with only 2 units currently rented. Rents are below market, offering significant upside for a new owner willing to renovate and stabilize the property. With tall ceilings and plenty of character throughout, this property has great bones and long-term potential. Additional amenities include ample on-site parking, a garage, and a storage shed. The price has been discounted to reflect the condition, giving the next owner an excellent opportunity to create instant equity through improvements and increased rental income.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$259,900
Price per sq ft:
$95
Property Type:
Multi-family
City:
Faribault
Garage Spaces:
1
County:
Rice
Year Built:
1900
State:
MN
Property Style:
Fourplex
Zip Code:
55021
Subdivision Name:
Paquins 2nd Add
Interior
Bedrooms:
6
Bathrooms:
4
Finished Area:
2,736 ft2
Living Area:
2,736 ft2
Basement Details:
Partial
Exterior
Stories:
Two
Garage Spaces:
1
Garage Dimensions:
12x21.5
Garage Size:
324 ft2
Foundation Size:
1,380 ft2
Handicap Accessible:
None
Heating System:
Forced Air
Roof Details:
Asphalt
Lot & Land
Acres:
0.402
Geolocation:
44.299555, -93.275446
Lot Dimensions:
99 x 177
Schools
School District:
2145
District Phone:
5073336016
Expenses
Annual Caretaker Expense:
None
Annual Electric Expense:
None
Annual Fuel Expense:
None
Annual Insurance Expense:
None
Annual Maintenance Expense:
None
Annual Trash Expense:
None
Annual Water/Sewer Expense:
None
Tenant Expenses:
Electricity, Gas
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$3,806
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$3,806
Income
Annual Gross Income:
$37,800
Rent
Annual Net Income:
$26,583
Units
Total Units:
4
Miscellaneous
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Premier Real Estate Services.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.