For Sale: Northfield MLS# 7093064
Active
$1,650,000
Commercial: Other
5 br • 3 ba • Built 1865
0.159 acres
Northfield schools
MLS# 7093064
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Property Description
Agent is Owner. Welcome to Historic downtown Northfield. This property is located at the gateway to the Central Downtown or the Corner of Division Street and 5th Street or Directly East of the Historic Cannon River Area. Property is a three-story multi-tenant building with on street parking on 5th Street, Washington Street and Large Public City parking adjoining the property to the east. The building has been lovingly renovated over the 35 years by current ownership including 100% tuckpointed brick exterior, Carlisle membrane roof system with added roof insulation on exterior and interior. Plumbing services updated throughout as well as sewer piping to the street. The electric is a 1200 amp multi-meter system and the heat and cooling zoned with newer condensers and newer boilers. The building features large Marvin Windows on the exterior with interior transit windows in corridors for natural light. Historic trim had remained intact, but steel framed solid core paneled doors with window glass for marketing. Also, solid panel oak added to meet fire code. High ceilings with modern LED lighting. All units renovated and updated overall span of ownership.
The retail service areas are on Division Street with three retail spaces. On 5th Street mid entry for potential subdivided rental area and to the rear additional storage area, entry to another potential subdivided area and one lofted apartment. Building has a 5th street directory to second level professional offices with bathrooms and coffee center. This same area includes a historic staircase to third level apartments and professional artist center with large lounge and bathroom area. Many long-term tenants dating back 30 + years. Very healthy mix of retail, service, professional office, apartments and professional office. This building is only offered for sale due to owner’s retirement and relocation. The building has been 100% occupied short of change over due to owner’s desire to update or renovate areas when opportunity was created. Wonderful 1031 exchange opportunity for many. Interested parties can request a marketing package with more details and history.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$1,650,000
Property Type:
Commercial
City:
Northfield
Garage Spaces:
0
County:
Rice
Year Built:
1865
State:
MN
Property Style:
Other
Zip Code:
55057
Subdivision Name:
City/Northfield
Interior
Bedrooms:
5
Bathrooms:
3
Ceiling Height:
Varied Heights
Flooring:
Carpet, Floor Drains
Refrigerators:
Four
Appliances Included:
- Dryer
- Electric Water Heater
- Exhaust Fan
- Microwave
- Range
- Refrigerator
Basement Details:
None
Exterior
Stories:
Three Or More
Garage Spaces:
0
Garage Dimensions:
0
Air Conditioning:
Central Air, Window Unit(s), Zoned
Foundation Size:
5,985 ft2
Foundation Dimensions:
66x90
Fencing:
None
Handicap Accessible:
Doors 36"+, Grab Bars In Bathroom, Hallways 42"+, Door Lever Handles
Road Responsibility:
Public Maintained Road
Heating System:
- Boiler
- Forced Air
- Hot Water
- Zoned
Parking Features:
- Electric Vehicle Charging Station(s)
- Off Site
- On-Street Parking Only
- Parking Lot
- Paved Lot
Unit Amenities:
- Balcony
- Ceiling Fan(s)
- City View
- Deck
- Ethernet Wired
- Local Area Network
- Multiple Phone Lines
- Paneled Doors
- Panoramic View
- Security Lights
- Security System
Road Frontage:
- City Street
- Paved Streets
- Sidewalks
- Storm Sewer
- Street Lights
Exterior Material:
- Brick
- Frame
Roof Details:
- Age Over 8 Years
- Pitched
- Rubber
Rooms
Shared Rooms:
Community Room
Lake & Waterfront
Waterfront Present:
N
Lot & Land
Acres:
0.159
Geolocation:
44.455311, -93.159819
Inclusions:
Building, Business, Fixture/Equipment, Land, Leases, Other, Rental License
Lot Dimensions:
66 x 105
Zoning:
Business/Commercial
Lot Description:
- Corner Lot
- Property Adjoins Public Land
- Public Transit (w/in 6 blks)
- Tree Coverage - Light
- Zero Lot Line
Farm
Topography:
Gently Rolling, Level
Schools
School District:
659
District Phone:
5076630629
Expenses
Annual Caretaker Expense:
$12,000
Annual Electric Expense:
$4,700
Annual Fuel Expense:
$6,100
Annual Insurance Expense:
$11,500
Annual Maintenance Expense:
$1,000
Annual Trash Expense:
$3,600
Annual Water/Sewer Expense:
$3,300
Tenant Expenses:
Electricity, Gas, Heat, Hot Water, See Remarks
Financial & Taxes
Tax Year:
2026
Annual Taxes:
$36,638
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$36,998
Income
Annual Gross Income:
$185,000
Rent
Annual Net Income:
$109,100
Units
Total Units:
25
Miscellaneous
Current Use:
- Commercial
- Office
- Professional Service
- Professional/Office
- Residential
- Retail
Fuel System:
Natural Gas
Owner Occupied:
No
Sewer System:
- City Sewer - In Street
- City Sewer/Connected
Available Utilities:
- Electric Common
- Electric Separate
- Heating Common
- Heating Separate
- Hot Water Common
- Hot Water Separate
Water System:
- City Water - In Street
- City Water/Connected
Power Company Name:
Xcel Energy
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of DF & Company, Inc.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.