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311 Heritage Place, Faribault, MN 55021

$1,750,000

Iconic High Value Restaurant located in the Heart of Faribault

Historical Train Depot property, real estate and business included

Property Type: Commercial Lot Size (sq. ft.): 2 Status: Closed

Current Price: $1,750,000 List Date: 4/28/2025 Last Modified: 11/11/2025

Overview

Description

The Depot Bar and Grill in Faribault has long been a Minnesota staple—a top-tier restaurant and destination location known for its high-quality prepared dishes, daily specials, and welcoming atmosphere. Great for business meetings, events, and for family and friend gatherings alike. After 35 years under the same ownership, this iconic dining destination includes real estate & business sale - now available for the next chapter and new owner to carry this legacy establishment forward. Housed in the historic Depot train station in downtown Faribault, this landmark restaurant blends rich local history, ambiance galore and legacy culinary excellence. Owned/operated by a classically trained chef, The Depot is beloved for its warm ambiance and excellent reputation as the perfect place for celebrations & gathering, offering a unique dining experience bringing the past to life.

Listing Details MLS# 6710180

General Property Information

Lot Measurement: Square Feet
Multiple PIDs?: No
Other Parking Spaces: 80
Year Built: 1900
Yearly/Seasonal: Yearly
Zoning: Business/Commercial
Lot Size SqFt: 2
Foundation Size: 6642
Power Company: Xcel Energy
For Sale or Lease: For Sale
Lot Dimensions: 349.5x134
Assessment Pending: Unknown
Garage Stalls: 0

Property Features

Accessible: Doors 36"+; Fully Wheelchair; Roll Under Accessibility; Wheelchair Ramp; Other Air Conditioning: Central Air; Dual Amenities Unit: Hardwood Floors; Natural Woodwork; Patio; Security System; Tile Floors; Vaulted Ceiling(s); Wet Bar Appliances: Cooktop; Dishwasher; Fuel Tank - Owned; Indoor Grill; Microwave; Range; Refrigerator; Wine Cooler; Other Assumable Loan: Not Assumable Basement: Owner Access; Stone; Unfinished; Other CMU Style: Business Opportunity; Freestanding; Single Occupancy Commercial Kitchen Appliances: Cookware/Utensils; Dishwasher; Freezer; Fryer; Grill; Ice Machine; Other; Oven; Prep Station; Refrigerator; Shelving and Racks; Walk-In Cooler/Freezer; Warming Table Construction Materials: Block; Frame; Other Construction Status: Previously Owned Current Use: Restaurant Existing Financing: Free and Clear Exterior: Brick/Stone; Engineered Wood; Fiber Board Fencing: Split Rail; Other Financing Terms: Conventional Flooring: Engineered Wood; Heavy Duty; Tile; Wood Foundation: Stone; Other Fuel: Natural Gas Heating: Boiler Internet Options: Cable; Fiber Optic Loan Terms: Cash; Conventional; Other Location Description: Downtown; Free Standing Lock Box Type: None Lot Description: Irregular Lot; Tree Coverage - Medium; Underground Utilities Miscellaneous Information: 2+ Lavatories; 220 Volt; Alarms; Building Sign; Exterior Lighting; Kitchen Facilities; Out Buildings; Three Phase On Site Utilities: Electric Common Overhead Door Clearance: 0-9 Feet Owner Pays: All Utilities; Cable TV; Electricity; Fuel; Gas; Grounds Care; Heat; Hot Water; HVAC Maintenance; Insurance; Janitorial Service; Janitorial Service; Maintenance/Repair; Management; Repairs Parking Characteristics: Parking Lot; Off Site; Paved Lot; Uncovered/Open Pool Description: None Potential Use: Lounge/Bar; Restaurant Road Frontage: City Street; Curbs; Paved Streets; Storm Sewer Road Responsibility: Private Maintained Road; Public Maintained Road Roof: Age 8 Years or Less; Asphalt Shingles; Pitched Sewer: City Sewer - In Street; City Sewer/Connected Shared Rooms: Amusement/Party Room Stories: Two Topography: Flood Plain; Level Wall Description: Other/See Remarks Water: City Water/Connected; Private Window Features: Double Pane Windows; Insulated Windows

Contract Information

Off Market Date: 2025-11-11
Closed Date: 2025-11-10
Sales Close Price: 1750000
Contingency: None
ListPrice: 2500000
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

House Number: 311
Street Name: Heritage
Street Suffix: Place
Postal City: Faribault
County: Rice
State: MN
Zip Code: 55021
Complex/Dev/Subdivision: Heritage Park

Basement

Foundation Dimensions: 123x54
Owner Access: Yes
Stone: Yes
Unfinished: Yes
Other: Yes

Building Information

Building Finished SqFt: 4892
Building SqFt: 6028
Ceiling Height: Varied Heights

More Information

Income and Expenses

Annual Caretaker Expense: Yes
Annual Electric Expense: Yes
Annual Fuel Expense: Yes
Annual Gross Expenses: Yes
Annual Gross Income: Yes
Annual Insurance Expense: Yes
Annual Maintenance Expense: Yes
Annual Net Income: Yes
Annual Repair Expense: Yes
Annual Trash Expense: Yes
Annual Water/Sewer Expense: Yes
Total Annual Expenses: Yes

Lease Details

Land Leased: Not Applicable

Lock Box Type

Lock Box Source: SPAAR
None: Yes

Miscellaneous Information

Homestead: No
2+ Lavatories: Yes
220 Volt: Yes
Alarms: Yes
Building Sign: Yes
Exterior Lighting: Yes
Kitchen Facilities: Yes
Out Buildings: Yes
Three Phase: Yes

Ownership

Fractional Ownership: No

Sale Options

Sale Includes: Building, Business Assets, Business, Fixture/Equipment, Inventory, Land, Liquor License

Unit Details

Total Units: Yes

Office/Member Info

Association: SPAAR

Location, Tax and Other Information

Legal Description: LOT 1 BLOCK 2 OF HERITAGE PARK
Listing City: Faribault
Map Page: 999
Municipality: Faribault
School District: Faribault
School District Phone: 507-333-6016
Zip Plus 4: 5250
Property ID Number: 1831101007
Tax Year: 2025
Tax Amount: 16392
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: The Depot Bar and Grill in Faribault has long been a Minnesota staple—a top-tier restaurant and destination location known for its high-quality prepared dishes, daily specials, and welcoming atmosphere. Great for business meetings, events, and for family and friend gatherings alike. After 35 years under the same ownership, this iconic dining destination includes real estate & business sale - now available for the next chapter and new owner to carry this legacy establishment forward. Housed in the historic Depot train station in downtown Faribault, this landmark restaurant blends rich local history, ambiance galore and legacy culinary excellence. Owned/operated by a classically trained chef, The Depot is beloved for its warm ambiance and excellent reputation as the perfect place for celebrations & gathering, offering a unique dining experience bringing the past to life.
Directions: 1st Ave NE (MN 60) to Ravine Street - West on Heritage Place

Accessible

Doors 36"+: Yes
Fully Wheelchair: Yes
Roll Under Accessibility: Yes
Wheelchair Ramp: Yes
Other: Yes

Air Conditioning

Central Air: Yes
Dual: Yes

Amenities Unit

Hardwood Floors: Yes
Natural Woodwork: Yes
Patio: Yes
Security System: Yes
Tile Floors: Yes
Vaulted Ceiling(s): Yes
Wet Bar: Yes

Appliances

Cooktop: Yes
Dishwasher: Yes
Fuel Tank - Owned: Yes
Indoor Grill: Yes
Microwave: Yes
Range: Yes
Refrigerator: Yes
Wine Cooler: Yes
Other: Yes

Assessments

Assessment Balance: 0
Tax With Assessments: 0

Assumable Loan

Not Assumable: Yes

Construction Materials

Block: Yes
Frame: Yes
Other: Yes

Construction Status

Previously Owned: Yes

Existing Financing

Free and Clear: Yes

Exterior

Brick/Stone: Yes
Engineered Wood: Yes
Fiber Board: Yes

Fencing

Split Rail: Yes
Other: Yes

Financing Terms

Conventional: Yes

Flooring

Engineered Wood: Yes
Heavy Duty: Yes
Tile: Yes
Wood: Yes

Foundation

Stone: Yes
Other: Yes

Fuel

Natural Gas: Yes

Heating

Boiler: Yes

Internet Options

Cable: Yes
Fiber Optic: Yes

Lot Description

Irregular Lot: Yes
Tree Coverage - Medium: Yes
Underground Utilities: Yes

Owner Pays

All Utilities: Yes
Cable TV: Yes
Electricity: Yes
Fuel: Yes
Gas: Yes
Grounds Care: Yes
Heat: Yes
Hot Water: Yes
HVAC Maintenance: Yes
Insurance: Yes
Janitorial Service: Yes
Maintenance/Repair: Yes
Management: Yes
Repairs: Yes

Parking Characteristics

Parking Lot: Yes
Off Site: Yes
Paved Lot: Yes
Uncovered/Open: Yes

Patio, Porch and Deck Features

Covered: Yes
Glass Enclosed: Yes
Other: Yes
Patio: Yes

Pool Description

None: Yes

Road Frontage

City Street: Yes
Curbs: Yes
Paved Streets: Yes
Storm Sewer: Yes

Road Responsibility

Private Maintained Road: Yes
Public Maintained Road: Yes

Roof

Age 8 Years or Less: Yes
Asphalt Shingles: Yes
Pitched: Yes

Sewer

City Sewer - In Street: Yes
City Sewer/Connected: Yes

Shared Rooms

Amusement/Party Room: Yes

Stories

Two: Yes

Topography

Flood Plain: Yes
Level: Yes

Wall Description

Other/See Remarks: Yes

Water

City Water/Connected: Yes
Private: Yes

Window Features

Double Pane Windows: Yes
Insulated Windows: Yes

No. of Ranges

Two: Yes

No. of Refrigerators

Three: Yes

On Site Utilities

Electric Common: Yes

CMU Style

Business Opportunity: Yes
Freestanding: Yes
Single Occupancy: Yes

Commercial Kitchen Appliances

Cookware/Utensils: Yes
Dishwasher: Yes
Freezer: Yes
Fryer: Yes
Grill: Yes
Ice Machine: Yes
Other: Yes
Oven: Yes
Prep Station: Yes
Refrigerator: Yes
Shelving and Racks: Yes
Walk-In Cooler/Freezer: Yes
Warming Table: Yes

Current Use

Restaurant: Yes

Loan Terms

Cash: Yes
Conventional: Yes
Other: Yes

Location Description

Downtown: Yes
Free Standing: Yes

Overhead Door Clearance

0-9 Feet: Yes

Potential Use

Lounge/Bar: Yes
Restaurant: Yes

Listing Office: RE/MAX Advantage Plus

Last Updated: November - 11 - 2025

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