Golden Heights

Multi-Family for Sale
Catylist Listing ID: 29933769
Property Subtypes: Low-Rise/Garden
Number of Units: 24 Units
Building Size (RSF): 25,000 SF
Gross Land Area: 4.48 Acres
Sale Price: $4,689,000
Unit Price: $195,375 Per Unit
Property Use Type: Investment
Building Name: Golden Heights Apartments
Usable Size (USF): 1,100 SF
Sale Terms: Cash to Seller, Purchase Money Mortgage, Owner Financing
Cap Rate: 6.0%
Average Occupancy Rate: 100
Last Updated: 10/10/2017

Overview / Comments

Golden heights consists of three , 8 unit buildings with private assigned parking and a storage facility for each. The layouts are all two bedrooms and one bath and feature, hardwood through out, custom cabinets and appliances, paddle fans , over size Trek Decks, vinyl exterior and trim, efficient gas heaters and hot water services with public water, sewer and gas. Tenants pay for utilities except for water and sewer.
They are a class A product that were designed for Condominiums and can be converted at any future date and time. The complex includes a recreational Bocci Ball court .
Project is set up as a future Condominium conversion.

Financials

Finance Data Year 2015
Real Estate Taxes - Annual($) $37,000 (Annual)
Potential Rental Income $352,000 (Annual)
Net Operating Income $232,000 (Annual)
Gross Operating Income $338,000 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Portland-South Portland
County: York
Taxing Authority: Biddeford
Tax ID/APN: 119772
Zoning: RESIDENTIAL
Percent Occupied: 100%
Community Amenities: Play Ground
Property Located Between: Located 10 minutes off the Biddeford exit from Rt 95.
Highway Access: Three miles
Airports: Small airport 4 miles and Portland Internantional 20 minutes.
Site Description: The site slopes up at the approach and levels off to a flat area of development. It has an esthetic look and is up high with views.
Area Description: The area is the newest up and coming growth area of the this quickly moving pocket near the ocean and all its attractions and downtown redevelopment areas with new restaurants n retail shops and businesses. The AMTRACK stop that goes to Boston is only 15 minutes.
Total Number of Buildings: 3
Property Condition: Excellent
Number of Stories: 2
Year Built: 2010
Roof Type: Gable
Construction/Siding: Vinyl Siding
Exterior Description: The exterior is comprised of vinyl exterior components, vinyl encased energy efficient windows and vinyl coated balusters and rails with TREK Decking throughout.
Parking Type: Surface
Parking Description: Two assigned spaces and extra visitor parking
Total Parking Spaces: 58
Laundry: In Each Unit
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Baseboard
Fuel: Gas
Air Conditioning: Other
Internet Access: Cable
Interior Description: The units are well insulated and have a high degree of sound barriers. They all have gas fireplaces, hardwood floors, spacious kitchens, quality appliances, and access to their own private deck.
Zoning Description: R3
Water Service: Municipal
Sewer Type: Municipal
Easements: Electric Lines, Utilities
Land Ownership: owned

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,589 28,023 44,131
Median Age: 43.92 39.46 41.51
Households: 1,980 12,041 18,821

Contact

Photograph of Listing Agent

Arthur J Pappas

Keller Williams Coastal Realty
NECPE Member
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