Grandview Apartments

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30769167
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 37 Units
Building Size (RSF): 26,912 SF
Gross Land Area: 3.12 Acres
Sale Price: $3,199,000
Unit Price: $86,459.46 Per Unit
Property Use Type: Investment
Building Name: Grandview Apartments
Usable Size (USF): 26,912 SF
Sale Terms: Cash to Seller
Cap Rate: 7.2%
Last Updated: 11/23/2021

Overview / Comments

The Grandview Apartments consists of a 1,111± SF Cape-style, 3-bedroom home, and a 26,912± SF, 37-unit apartment complex. The property is 100% occupied and has been family owned and operated for over 40 years. Its location just off Exit 80 of the Maine Turnpike in addition to the major bus stops at each entrance to the property offers convenient and easy access for tenants.

• 100% occupied value add opportunity
• Family owned and operated for over 40 years with only one previous owner
• Immediate access to Maine Turnpike Exit 80
• Surrounded by national/local retailers with bus stops at each entrance
• Lewiston is the second largest city in Maine located halfway between Augusta and Portland.

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $28,624 (Annual)
Net Operating Income $230,223 (Annual)

Additional Details

Nearest MSA: Lewiston-Auburn
County: Androscoggin
Tax ID/APN: Map 150, Lots 411 & 291
Zoning: HIGHWAY BUSINESS (HB)
Percent Occupied: 100%
Highway Access: Immediate access to Maine Turnpike Exit 80
Airports: Portland International Jetport
Site Description: Its location just off Exit 80 of the Maine Turnpike in addition to the major bus stops at each entrance to the property offers convenient and easy access for tenants.
Area Description: Surrounded by national/local retailers with bus stops at each entrance.
Total Number of Buildings: 3
Number of Stories: 2
Year Built: 1967
Construction/Siding: Wood Frame
Parking Type: Surface
Parking Description: 61± dedicated, on-site parking spaces plus 10± additional spaces in overflow parking lot.
Total Parking Spaces: 71
Laundry: Shared
Heat Type: Natural Gas, Oil, Hot Water
Zoning Description: Highway Business (HB)
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,630 47,493 64,369
Median Age: 42.26 36.99 38.34
Households: 2,569 20,035 27,155

Contact

Photograph of Listing Agent

Noah Stebbins

The Boulos Company
NECPE Member
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