Waterford District School #72 represents a vanishing breed of buildings on the Dakota County prairie – the small rural schoolhouse. Built in 1882 at a cost of $800, it replaced Waterford’s first school. Unlike many rural schoolhouses which have been moved, the Waterford School remains well-preserved on its original site .It is a white clapboard rectangular building with a high gabled roof and bell tower.

Pediments adorn its transom and windows. In 1944 when many rural schools consolidated, the township purchased the school for $1.00 and converted it into a community center and township hall. It was remodeled and redecorated in 1976. According to John Dudley, chair of the Waterford Township board, the school continues to be a community focal point, where the town board meets monthly and many civic functions are held.