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$395,000 Just Listed

  • For Sale
  • Active
  • Commercial
  • 2,340 Sq. Ft.
  • 0.024 Acres
  • Updated 17 hours ago
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Prime Downtown Austin Commercial Opportunity This two unit commercial property is located in the heart of downtown Austin, MN and offers excellent visibility and strong foot traffic. The building includes two separate commercial spaces, providing flexibility for investors or owner occupants. One unit is currently occupied by a month to month tenant, offering immediate income with flexibility for future use. Low annual operating fees help keep ownership costs efficient and attractive. The space is suitable for retail, office, or service based businesses and features large street facing windows that provide great natural light and exposure. Located just steps from downtown shops, restaurants, and amenities, this property offers a strong combination of location, functionality, and potential.

Full Property Details for 507 1st St NW #B&C

General

  • Price: $395,000
  • Taxes: $8,634 (2025)
  • Status: Active
  • Type: Commercial
  • Source: NorthStarMLS_RMLS
  • MLS ID: 7017737
  • Updated: 2/6/2026
  • Added to Site: 2 day(s) ago

Parking

  • Parking Features: Parking Lot

Location

  • County: Mower
  • Township: Austin
  • Subdivision: Larson Bus Condo
  • Driving Directions: From 4th St NW turn left onto 5th PL NW, Business complex is on the corner of 5th PL and 1st St NW.

School Information

  • School District: 1825 - Austin
  • High School District: Austin

Heating & Cooling

  • Central air: Yes
  • Cooling Type: Central Air
  • Heating Type: Forced Air
  • Heating Fuel: Natural Gas

Utilities

  • Sewer: City Sewer Connected
  • Water: City Water (Connected)
  • Utility Description: Electric Common, Heating Common, Hot Water Common

Structural Information

  • Foundation Size: 2340
  • Roof: Flat
  • Disability Access: Other
  • Square Feet: 2,340
  • Finished Down/Base.: 2,340 Sq. Ft.
  • Current Bldg. Use: Office
  • Year Built: 1950

Lot Features

  • Lot Size (Acres): 0.024
  • Lot Dimensions: irr
  • Frontage: City Street, Sidewalks, Street Lights, Storm Sewer
  • Potential Use: Office, Professional Service, Restaurant, Retail, Grocery, Lounge/Bar, Medical/Dental
  • Zoning: Business/Commercial

Financial Considerations

  • Tax Amount: $8,634
  • Tax Year: 2025
  • Terms: Conventional, Cash
  • Owner Pays: Insurance
  • Tenant Pays: All Utilities, Lawn Care, Snow Removal

Disclosures and Reports

  • Legal Description: LARSON BUSINESS CONDOMINIUMS OF AUSTIN UNIT 3
  • Inclusions: Building, Fixture/Equipment, Land, Leases
  • Property ID: 344020030

Listed by Dwell Realty Group LLC

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Listing agent

— 507 1st St NW #B&C —

  • Dwell Realty Group LLC

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NMLS#: 1598647

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NMLS#: 1598647

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Save up to an additional 20% by bundling your home and auto together!

Schools serving 507 1st St NW #B&C

School District:Austin Public School District
NameGradesDistance
Sumner Elementary School
805 8th Avenue Northwest, Austin, MN 55912
1-40.4 mi
Woodson Kindergarten Center
1601 4th Street Southeast, Austin, MN 55912
K-1.3 mi
Ellis Middle School
1700 4th Avenue Southeast, Austin, MN 55912
5-81.4 mi
Austin Senior High School
301 3rd Street Northwest, Austin, MN 55912
9-120.3 mi
Disclaimer: School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 507 1st St NW #B&C Get Price Alerts and Save Property

Date
Details
Price
Change
Source
2/05/2026
Listed
$395,000
39400%
MLS
5/14/2010
Sold
$1,000
—
Public Record
Get Price Alerts and Save Property
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 507 1st St NW #B&C

Year
Property Taxes
Change
Tax Assessment
Change
2025
$1,916
12%
$95,500
-3%
2022
$1,716
-2%
$98,900
20%
2021
$1,752
2%
$82,200
-9%
2023
$1,716
1%
$90,000
15%
2021
$1,698
-4%
$78,000
—
2020
$1,778
3%
$78,000
100%
2019
$1,732
4%
100%
2018
$1,664
—
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

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NMLS#: 1598647

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Listed by Dwell Realty Group LLC

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507 1st Street NW #B&C, Austin, MN 55912 (MLS# 7017737) is a Commercial property. 507 1st Street NW #B&C is currently listed for $395,000 and was received on February 05, 2026. Want to learn more about 507 1st Street NW #B&C? Do you have questions about finding other Commercial real estate for sale in Austin? You can browse all Austin real estate or contact a Coldwell Banker agent to request more information.

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