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$399,000

  • For Sale
  • Active
  • Commercial
  • 3,300 Sq. Ft.
  • 0.16 Acres
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Prime Downtown Faribault Commercial Opportunity. Situated in the heart of downtown Faribault, this versatile commercial property offers exceptional potential. Formerly operating as a restaurant, the main level is currently vacant and ready for a new business venture. Above the commercial space is a fully leased apartment, providing steady rental income or the option for owner occupancy. Zoned Central Business District (CBD), this property allows for a wide range of uses including retail, financial services, office space, personal services, and entertainment. Residential units are also permitted as an accessory use when located above a first-floor commercial use. Whether you're looking to launch a new business, transition your food truck into a brick-and-mortar location, or invest in a mixed-use property, this is a rare opportunity with unlimited potential.

Full Property Details for 508 Central Ave N

General

  • Price: $399,000
  • Taxes: $5,706 (2025)
  • Status: Active
  • Type: Commercial
  • Source: NorthStarMLS_RMLS
  • MLS ID: 6787785
  • Updated: 9/19/2025
  • Added to Site: 150 day(s) ago

Parking

  • Garage: Yes
  • Attached garage: Yes
  • Garage Spaces: 1
  • Parking Features: Attached Garage

Location

  • County: Rice
  • Subdivision: City/Faribault
  • Driving Directions: From Fourth Street (Highway 60} turn North on Central Avenue From Interstate 35W take Highway 21 exit turn East on Seventh St NW turn South on Central Ave.

School Information

  • School District: 656 - Faribault
  • High School District: Faribault

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 Separate, Heating Separate

Structural Information

  • Exterior Const.: Brick/Stone
  • Foundation Size: 1920
  • Disability Access: Doors 36"+, Fully Wheelchair, Grab Bars In Bathroom
  • Square Feet: 3,300
  • Finished Down/Base.: 3,300 Sq. Ft.
  • Current Bldg. Use: Vacant
  • Year Built: 1910

Lot Features

  • Lot Size (Acres): 0.16
  • Lot Dimensions: 1 x 1
  • Frontage: City Street
  • Potential Use: Office, Professional Service, Restaurant, Retail, Industrial
  • Zoning: Business/Commercial

Financial Considerations

  • Tax Amount: $5,706
  • Tax Year: 2025

Disclosures and Reports

  • Legal Description: ORIG TOWN N22FT E100FT L1 & S12FT E100FT L2 & R/W L2 B19
  • Inclusions: Building
  • Property ID: 1831126170

Listed by Edina Realty, Inc.

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Listing agent

— 508 Central Ave N —

  • Edina Realty, Inc.

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NMLS#: 1598647

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

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Find the right home insurance for your new home!

with our affiliated in-house agency

Request a Quote

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

Schools serving 508 Central Ave N

School District:Faribault Public School District
NameGradesDistance
Lincoln Elementary School, Faribault, MN
510 Lincoln Avenue Northwest, Faribault, MN 55021
K-50.9 mi
Faribault Middle School
704 17th Street Southwest, Faribault, MN 55021
6-81.8 mi
Faribault Senior High School
330 9th Avenue Southwest, Faribault, MN 55021
9-121.1 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 508 Central Ave N Get Price Alerts and Save Property

Date
Details
Price
Change
Source
9/19/2025
Listed
$399,000
99.5%
MLS
9/13/2004
Sold
$200,000
—
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 508 Central Ave N

Year
Property Taxes
Change
Tax Assessment
Change
2025
$5,906
19%
$331,100
20%
2024
$4,946
-2%
$275,800
—
2023
$5,072
—
$275,800
10%
2021
$5,072
6%
$250,500
-4%
2023
$4,782
-3%
$261,400
8%
2020
$4,908
25%
$242,800
15%
2019
$3,940
6%
$211,800
8%
2018
$3,700
-12%
$195,500
7%
2017
$4,214
-2%
$182,800
—
2016
$4,316
-20%
$182,800
-1%
2015
$5,384
-7%
$184,700
—
2014
$5,766
3%
$184,700
—
2013
$5,578
—
$184,700
—
View All
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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Listed by Edina Realty, Inc.

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508 Central Avenue N, Faribault, MN 55021 (MLS# 6787785) is a Commercial property. 508 Central Avenue N is currently listed for $399,000 and was received on September 19, 2025. Want to learn more about 508 Central Avenue N? Do you have questions about finding other Commercial real estate for sale in Faribault? You can browse all Faribault real estate or contact a Coldwell Banker agent to request more information.

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