Prime Development Opportunity in Peterson, Minnesota Located at 116 Mill Street, Peterson, MN, this 40x36 unfinished wood-frame building, constructed in 2018, is currently classified by the city and county as a garage and is being sold as-is. The structure sits on a concrete slab foundation and features a steel roof, white vinyl siding, multiple windows providing natural light, an overhead garage door, and a separate pedestrian entry. The property offers ample off-street parking on a spacious lot. Water Line, electric and sewer lines piped into building, providing a blank slate for future use. Subject to local zoning and permitting, the building offers potential for completion as a custom residence, workshop, storage facility, or other permitted use. The property is located in the Village of Peterson, a scenic community along the Root River and directly adjacent to the Root River State Trail, a paved multi-use trail spanning approximately 60 miles. The area is known for outdoor recreation including biking, hiking, fishing, kayaking, and tubing, and is situated in Minnesota’s Driftless Region with limestone bluffs and rolling terrain. Lanesboro, MN, is just minutes away and offers additional dining, lodging, and tourist amenities. With its size, existing structure, and desirable location near trail and river access, this property presents a unique opportunity for buyers seeking a flexible development or investment option in Southeast Minnesota. There is a new campground going in right behind this properties boundary line as well. Buyer to verify all intended uses with the city and county.
Single-familyProperty Type
2018Year Built
0.3 acresLot Size
$63Price/Sq.Ft.
1 car garageParking
Listed by Jennifer Busch• Midwest Home and Farm Realty
Three bedroom one bath starter home with main floor laundry, gracious sized rooms. On a large lot. Build equity with a little TLC.
NORTHSTARMLS as Distributed by MLS Grid #5074930
Dec 10, 2018
Listing Removed
—
Apr 10, 2014
Sold
$10,850
$8/sq ft
Oct 11, 2013
Listed
$29,900
$21/sq ft
+10
Three bedroom one bath starter home with main floor laundry, gracious sized rooms. On a large lot. Build equity with a little TLC. This is aFannie Mae HomePath property. This property is approved for Homepath renovation mortgage Financing.
NORTHSTARMLS as Distributed by MLS Grid #SEMN4052838
Oct 15, 2014
Pending
—
Oct 8, 2014
Price Changed
$19,900
$14/sq ft
Aug 19, 2014
Price Changed
$21,000
$15/sq ft
Jul 30, 2014
Price Changed
$21,500
$15/sq ft
Jul 9, 2014
Price Changed
$22,000
$15/sq ft
Jun 17, 2014
Price Changed
$22,500
$16/sq ft
May 28, 2014
Price Changed
$23,500
$16/sq ft
May 9, 2014
Price Changed
$24,000
$17/sq ft
May 5, 2014
Price Changed
$25,500
$18/sq ft
Apr 17, 2014
Listed
$26,500
$18/sq ft
LSAR as distributed by WIREX #2165157
Oct 15, 2014
Sold
$17,000
$12/sq ft
Apr 15, 2014
Listed
$19,900
$14/sq ft
RASM #4604731
Oct 15, 2014
Sold
$17,000
$12/sq ft
Apr 15, 2014
Listed
$19,900
$14/sq ft
NORTHSTARMLS as Distributed by MLS Grid #SEMN4049273
Feb 25, 2014
Listed
$29,900
$21/sq ft
Public Records
Jul 30, 2004
Sold
$55,700
$39/sq ft
Year
Property tax
Land + Additions
Assessment*
2025
$1,334 (+2.5%)
$23,700 + $65,300
$89,000
2024
$1,302 (+10.5%)
$23,700 + $65,300
$89,000
2023
$1,178 (+2.4%)
2022
$1,150 (+86.7%)
2021
$616 (+3.0%)
$23,700 + $52,200
$75,900
2020
$598 (+107.6%)
$16,800 + $19,800
$36,600
2019
$288 (+12.5%)
$16,800
2018
$256 (−50.8%)
$12,900
2017
$520 (−37.8%)
$7,740 + $17,160
$24,900
2015
$836 (+56.6%)
$12,900 + $35,300
$48,200
2014
$534
$7,744 + $27,256
$35,000
Public record
Beds
1
Baths
1
Stories
—
Lot width
86 ft.
Lot depth
—
Lot size
0.3 Acres
Year renovated
2019
Finished Sq. Ft.
—
Unfinished Sq. Ft.
—
Total Sq. Ft.
—
Year built
2018
Style
Single Family Residential
County
Fillmore County
APN
070022000
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Aug 10, 2026.
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
2/10 Heat Factor
7 days above 98° expected this year, 16 days in 30 years
2/10 Wind Factor
Minor risk of severe winds over next 30 years
1/10 Air Factor
0 unhealthy days expected this year, 0 days in 30 years
Provided by First Street
Historical weather
Peterson, MN • 55962
Average low and high temperatures (°F)
23
8
31
15
50
29
57
39
69
48
78
60
81
65
77
60
75
55
64
44
44
31
30
16
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
84/ 100
Very good sunlight
Sunscore
There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
9.7 hrs
5.3 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 116 Mill St
$82,263
$7,737 under list price of $90K
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $175K to $300K.