1150 3rd St SW

Baths
5,950 Sq. Ft.
$109 / Sq. Ft.
5,950
Sq. Ft.
$109
per Sq. Ft.

Description

Endless Potential in Prime Faribault Location – Ideal for Student Housing, Assisted Living, or Hospitality Use. Positioned directly across from South Central College’s Faribault Campus, this versatile property presents a rare opportunity for a wide range of commercial or residential applications. Previously utilized as both an assisted living facility and a group home, the building is perfectly suited for conversion into student housing, a small boutique hotel, or other multi-tenant residential or...Endless Potential in Prime Faribault Location – Ideal for Student Housing, Assisted Living, or Hospitality Use. Positioned directly across from South Central College’s Faribault Campus, this versatile property presents a rare opportunity for a wide range of commercial or residential applications. Previously utilized as both an assisted living facility and a group home, the building is perfectly suited for conversion into student housing, a small boutique hotel, or other multi-tenant residential or service-oriented use. Zoned R-4, the property supports a variety of higher-density residential or institutional uses, giving investors and developers the flexibility to realize their vision. A newly installed roof (Spring 2025), well-maintained mechanical systems, and an ADA-compliant handicap ramp from the parking area to the upper level make this an accessible and functional space right from day one. Whether you're looking to expand your portfolio in the healthcare, housing, or hospitality sectors, this property is a solid investment with outstanding location benefits, strong infrastructure, and room for creative development. The sky truly is the limit.
  1. Listed by Edina Realty, Inc.

Property Details for 1150 3rd Street Southwest

Subdivision Name
State
Zoning Jurisdiction
Residential-Multi-Family
LISTING UPDATED: 11/12/2025 04:43 PM

Property Details for 1150 3rd Street Southwest

StatusActive Under Contract
MLS #6701607
Days on Compass204
Taxes$8,266 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeApartment
MLS TypeCommercial Sale / Apartment
Year Built1973
Lot Size0.49 AC / 21,344 SF
CountyRice County

Location

Listing Courtesy of Edina Realty, Inc.
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Building Information for 1150 3rd Street Southwest

Stories-Residences16Year Built1973Lot Size0.49 AC / 21,344 SF

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Principal and Interest

$3,155

Property Taxes

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Property Information for 1150 3rd Street Southwest

Summary
Location and General Information
  • City Name: Faribault
  • County Or Parish: Rice
  • County: Rice-MN
  • Directions: From Lyndale Ave South turn East on Division Street West turn South on Prairie Ave turn East on Third St SW
  • Latitude: 44.287601
  • Longitude: -93.286405
  • Map Coordinate: 999-A1
  • Map Coordinate Source: King's Street Atlas
  • City and Location: Faribault
  • City and Location Text: Faribault(MN)
  • Postal Code: 55021
  • State Or Province: MN
  • Public Survey Township: 110
Taxes and HOA Information
  • Additional Parcels: No
  • Parcel Number: 1836400003
  • Tax Annual Amount: $8,266.00
  • Tax Legal Description: PART L30 S & E RY EX N330FT & S145FT & EX ELY246FT 10 UNITS
  • Tax Other Annual Assessment Amount: $240.00
  • Tax Year: 2025
  • Tax With Assessments: 8506.0000
School Information
  • High School District: 656 - Faribault
  • School District Number: 656
  • School District Phone: 507-333-6016
Property
Lot Information
  • Current Use: Residential
  • Lot Features: Some Trees
  • Lot Size Area: 0.49
  • Lot Size Dimensions: 1x1
  • Lot Size Units: Acres
  • Property Sub Type: Apartment
  • Property Type: Commercial Sale
  • Building Area Total: 5950.0
Property and Assessments
  • Age Of Property: 52
Utilities
  • Sewer: City Sewer/Connected
  • Utilities: Electric Common, Heating Common, Hot Water Common
  • Water Source: City Water/Connected
Interior and Exterior Features
Exterior Features
  • Accessibility Features: Fully Wheelchair, Wheelchair Ramp(s)
  • Association Amenities: Deck, Patio
  • Foundation Area: 2975.0
  • Fuel: Natural Gas
  • Road Frontage Type: City Street
  • Roof: Age 8 Years or Less
Interior Features
  • Basement Type: Block
  • Amenities Unit: Washer/Dryer Hookup
  • Cooling: Ductless Mini-Split
  • Com Kitchen Amen Desc: Prep Station,Refrigerator,Oven
  • Heating: Boiler, Ductless Mini-Split
  • Basement YN: Yes

Property History for 1150 3rd Street Southwest

DateEvent & SourcePriceAppreciation
Nov 12, 2025

In Contract

NorthStar #6701607

Oct 1, 2025

Price Change

NorthStar #6701607

$650,000
Aug 14, 2025

Listed (Active)

NorthStar #6701607

Aug 11, 2025

Price Change

NorthStar #6701607

$675,000
Aug 11, 2025

In Contract

NorthStar #6701607

Apr 22, 2025

Price Change

NorthStar #6701607

$715,000
Apr 22, 2025

Listed (Active)

NorthStar #6701607

Aug 16, 2004

Sold (Public Record)

Public Record #426267004

$262,500
DateEvent & SourcePrice
11/12/2025

In Contract

NorthStar #6701607

10/01/2025

Price Change

NorthStar #6701607

$650,000
08/14/2025

Listed (Active)

NorthStar #6701607

08/11/2025

Price Change

NorthStar #6701607

$675,000
08/11/2025

In Contract

NorthStar #6701607

04/22/2025

Price Change

NorthStar #6701607

$715,000
04/22/2025

Listed (Active)

NorthStar #6701607

08/16/2004

Sold (Public Record)

Public Record #426267004

$262,500

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1150 3rd Street Southwest

Taxable ValueLand$120,000Additions$448,500Total$568,500
Tax Record2025$8,506 ($709 / month)
Home Facts
Total Finished SqFt2,975 SqFtAbove Grade Finished SqFt2,975 SqFtStories2Lot Size21,153 SqFtStyleMulti-Family Res (5+ Units)Year Built1973CountyRICEAPN18.36.4.00.003

Schools near 1150 3rd Street Southwest

This home is within Faribault Public School District.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - 6 to 8
Public - 9 to 12
Public - K to 5
Rating
School
Distance
Jefferson Elementary School
PublicPK to 5

Faribault Middle School
Public6 to 8

Faribault Senior High School
Public9 to 12

Falcons Online Academy-Elementary
PublicK to 5

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Edina Realty, Inc.

Based on information submitted to the MLS GRID as of 11/12/2025 04:43 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Properties displayed may be listed or sold by various participants in the MLS. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed by MLS GRID. Use of the MLS GRID data may be subject to an end user license agreement prescribed by the applicable MLS of the Member Participant, if any, and as amended from time to time.