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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.

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Street Address: 1150 3rd Street

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City: Faribault

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State: Minnesota

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Postal Code: 55021

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County: Rice

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MLS Number: 6701607

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Year Built: 1973

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Courtesy of Edina Realty, Inc.

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