FR3 ($\approx$7-24 GHz), also referred to as the upper mid-band, has recently emerged as promising spectrum for 6G; however, its propagation and MIMO characteristics vary significantly with frequency and environment, and spectrum availability may be intermittent due to incumbents. Using site-specific ray tracing (Sionna RT) in representative indoor and outdoor scenarios, we evaluate 7, 10, 14, 20, and 24 GHz under SISO and MIMO configurations. The results show that FR3 exhibits propagation characteristics intermediate between sub-6 GHz and mmWave bands while supporting meaningful spatial multiplexing, albeit with strong site dependence. Motivated by these findings, we propose a fully digital frequency-adaptive multi-band MIMO architecture that repurposes ADCs/DACs and baseband processing resources across FR3 subbands via switching, enabling dynamic trade-offs between bandwidth (spectrum gain) and antenna consolidation (MIMO gain) under availability and channel constraints. Simulation results demonstrate that exploiting additional spectrum is often optimal, while adaptive resource repurposing becomes beneficial when subbands are unavailable or when multiplexing gains are concentrated at specific frequencies.