Prime Development Land in Northfield, MN
Discover a unique investment opportunity with this approximately 5-acre parcel, ideal for multifamily development in Northfield, MN. Perfectly positioned close to schools, shopping, dining, and major highways, this property offers convenience and growth potential.
- **Location:** Centrally located with easy access to amenities.
- **Zoning:** N2-B – Neighborhood General - Ready for multifamily development.
- **Utilities:** Water, sewer, electricity, and gas available at the site. New connections to water & sewer will need to be installed.
- **Topography:** On high-ground
- **Attractions:** Near St. Olaf and Carleton Colleges, downtown Northfield, and scenic parks.
#### Development Potential:
With a growing demand for quality housing, this land is perfect for apartments, townhomes, or condos. Northfield's thriving community, strong economy, and beautiful surroundings make this an ideal investment.
Active
$479,999
440 Water St N, Northfield, MN 55057
--beds
--baths
4.8Acres
Unimproved Land
Built in ----
4.8 Acres Lot
$-- Zestimate®
$--/sqft
$-- HOA
What's special
On high-ground
- 148 days |
- 49 |
- 1 |
Zillow last checked:
Listing updated:
Listed by:
David Aase 612-440-9775,
Revival Commercial Real Estate
Source: NorthstarMLS as distributed by MLS GRID,MLS#: 7024205
Facts & features
Interior
Features
- Has basement: No
Property
Features
- Waterfront features: Creek/Stream
Lot
- Size: 4.8 Acres
- Dimensions: 816 x 669
- Topography: High Ground,Hilly,Ravine,Scattered Timber
Details
- Parcel number: 2231250005
- Zoning description: Business/Commercial,Residential-Multi-Family
Utilities & green energy
- Utilities for property: Broadband Connected, Cable Connected, Electricity Connected, Natural Gas Connected, Private Septic Connected, Private Well Connected, Sewer Available, Phone Connected
Community & HOA
Community
- Features: Yes
HOA
- Has HOA: No
Location
- Region: Northfield
Financial & listing details
- Tax assessed value: $300,400
- Annual tax amount: $5,068
- Date on market: 2/20/2026
- Inclusions: For Sale Sign
- Electric utility on property: Yes
Estimated market value
Not available
Estimated sales range
Not available
$2,194/mo
Price history
| Date | Event | Price |
|---|---|---|
| 2/20/2026 | Listed for sale | $479,999 |
Source:  NorthstarMLS as distributed by MLS GRID #7024205 Report a problem | ||
| 1/1/2026 | Listing removed | $479,999 |
Source: NorthstarMLS as distributed by MLS GRID #6654901 Report a problem | ||
| 12/19/2025 | Price change | $479,999-12.6% |
Source: NorthstarMLS as distributed by MLS GRID #6654901 Report a problem | ||
| 1/30/2025 | Listed for sale | $549,000+107.2% |
Source: NorthstarMLS as distributed by MLS GRID #6654901 Report a problem | ||
| 2/23/2021 | Sold | $265,000-24.3% |
Source: NorthstarMLS as distributed by MLS GRID #5637408 Report a problem | ||
| 1/13/2021 | Pending sale | $350,000 |
Source:  NorthstarMLS as distributed by MLS GRID #5637408 Report a problem | ||
| 1/13/2021 | Listed for sale | $350,000 |
Source: NorthstarMLS as distributed by MLS GRID #5637408 Report a problem | ||
| 1/13/2021 | Pending sale | $350,000 |
Source: NorthstarMLS as distributed by MLS GRID #5637408 Report a problem | ||
| 8/7/2020 | Listed for sale | $350,000 |
Source: RE/MAX Advantage Plus #5637408 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $5,116 -3.4% | $300,400 +3.3% |
| 2024 | $5,294 +4.5% | $290,700 -13.9% |
| 2023 | $5,068 +27% | $337,500 +7.8% |
| 2022 | $3,990 +16.3% | $313,000 +13.7% |
| 2021 | $3,432 +3.8% | $275,400 +14.3% |
| 2020 | $3,306 | $241,000 +4.8% |
| 2019 | $3,306 -0.1% | $229,900 +1.1% |
| 2018 | $3,308 +4.3% | $227,400 +4.9% |
| 2017 | $3,172 -2.9% | $216,700 +3.2% |
| 2016 | $3,266 | $210,000 +4.1% |
| 2015 | $3,266 +2.4% | $201,700 +1.6% |
| 2014 | $3,190 +11.5% | $198,500 |
| 2013 | $2,860 -1.3% | -- |
| 2012 | $2,898 | -- |
| 2011 | $2,898 +2.6% | -- |
| 2010 | $2,824 -1.4% | -- |
| 2009 | $2,864 +3% | -- |
| 2008 | $2,780 -1.1% | -- |
| 2007 | $2,812 +25.9% | -- |
| 2006 | $2,234 +17.5% | -- |
| 2004 | $1,902 +37% | -- |
| 2002 | $1,388 -16% | -- |
| 2001 | $1,652 | -- |
Find assessor info on the county website
Monthly payment
Climate risks
Neighborhood: 55057
Nearby schools
GreatSchools rating
- 9/10Spring Creek Elementary SchoolGrades: PK-5Distance: 1.4 mi
- 8/10Northfield Middle SchoolGrades: 6-8Distance: 2.1 mi
- 9/10Northfield Senior High SchoolGrades: 9-12Distance: 1.4 mi
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A local agent can set up tours, give advice and negotiate with sellers.
A local lender can help you make sure your offer is ready when you are.
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