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Hotel Faribault Apartments 429 Central Ave N

35 Unit Block of Flats £1,958,250 (£55,950/Unit) 7.96% Net Initial Yield Faribault, MN 55021

Investment Highlights

  • Historical High Occupancy
  • Immediate Upside Through Increased Storage Occupancy
  • Long-Term Commercial Tenant
  • Located Within Faribault’s 2040 Dowtown Master Plan

Executive Summary

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.

Financial Summary (Actual - 2024) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2024) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual $99,999
Annual Per SF $9.99
Vacancy Loss
Annual $99,999
Annual Per SF $9.99
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price £1,958,250
Price Per Unit £55,950
Sale Type Investment
Net Initial Yield 7.96%
No. Units 35
Property Type Residential
Property Subtype
Apartment
  • General Retail Storefront Retail/Residential
Apartment Style Mid Rise
Building Class C
Lot Size 0.31 AC
Building Size 48,935 SF
Average Occupancy 100%
Number of Floors 5
Year Built/Renovated 1910/1984
Cross Streets 5th St NE
Opportunity Zone Yes

Unit Amenities

  • Microwave
  • Heating
  • Kitchen
  • Oven
  • Range

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
1+1 35 £665.80 500 - 550
Walk Score ®
Very Walkable (78)
Bike Score ®
Very Bikeable (71)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
18.31.1.26.179
Land Assessment
£65,014
Improvements Assessment
£679,513
Total Assessment
£744,527
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2024
  • Listing ID: 33435460

  • Date on Market: 07/10/2024

  • Last Updated:

  • Address: 429 Central Ave N, Faribault, MN 55021

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