Hotel Faribault Apartments 429 Central Ave N

Marcus & Millichap is pleased to announce the exclusive listing of Hotel Faribault Apartments, a mix-use building in the heart of downtown Faribault, MN. Located at 429 Central Avenue N, Hotel Faribault Apartments are being offered on a free-and-clear basis.
Built in 1910, the historic five story building was converted into an apartment complex in the late 1980’s and was fully renovated in 2012. Situated on 0.30 acres, the building is comprised of 35 apartment units, 24 self-storage units, and 1 commercial unit. Hotel Faribault Apartments consists of 35 one-bedroom/one-bathroom units estimated at 500 square feet. The building is equipped with forced air gas furnaces and A/C condensers for heating and cooling. All apartment homes have received continued as-needed updates as units turn. These updates include, but are not limited to flooring, counter tops, cabinets, appliances, and bathroom vanities. Hotel Faribault Apartments features off-street parking, secured entry, surveillance system, and on-site laundry. The 24 self-storage units vary in size located in the building’s basement and are offered to tenants and members of the community. The retail unit is located on the building’s first floor and is approximately 7,500 square feet. The space has housed Boxers, a locally owned bar and grill, for twenty-seven years.
Located in Downtown Faribault, Hotel Faribault Apartment’s gives tenants quick access to the many nearby stores, restaurants, schools, and businesses. The City of Faribault has a population exceeding 25,000 residents and sits right off Interstate 35, 30 minutes south of the Twin Cities metropolitan area. It is home to many businesses and attractions including Cry Baby Craigs, Faribault Mill, Jennie-O Turkey Store plant, Faribault Foods / Butter Kernel products, Shattuck St. Mary’s, and Minnesota State Academy for the Blind and the Deaf. The City also has many recreational parks and lakes. The location gives its residents the conveniences of being near a large metropolitan area while providing the advantages of small-town living.
Hotel Faribault Apartments offers investors the opportunity to acquire a well-maintained and stabilized property in the City of Faribault with immediate up-side through leasing operations.