Washington Ave 12 - units

Multi-Family for Sale
Catylist Listing ID: 30816392
Property Subtypes: Mid-Rise
Number of Units: 12 Units
Building Size (RSF): 11,896 SF
Gross Building Area: See Agent
Gross Land Area: 24,818 SF
Sale Price: $2,100,000
Unit Price: $175,000 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/21/2022

Overview / Comments

12-units on a huge lot close to downtown, Portland's Back Cove, and the future Roux Institute campus. These side-by-side 6-unit buildings enjoy a large yard and parking lot for 16 +/- cars. There is good stabilized cash flow and additional income potential simply by increasing existing subsidized units to the allowable maximum. Both buildings are in remarkably good shape, one having had a fire some years ago was essentially rebuilt from the studs with a sprinkler system. Tenants love the sunny 2 & 3 bedroom layouts, decks, green space, ample parking for two cars per apartment, proximity to Payson Park and easy access to 295. Potential to add two more units on the parcel means even more upside potential.

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Additional Details

Nearest MSA: Portland-South Portland
County: Cumberland
Tax ID/APN: 05170_429 C002
Zoning: R5
Property Condition: Good
Number of Stories: 3
Roof Type: Flat
Construction/Siding: Vinyl Siding
Parking Type: Surface
Total Parking Spaces: 16
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Other
Fuel: Gas
Zoning Description: R5
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,796 71,481 111,169
Median Age: 35.99 37.77 39.24
Households: 3,676 33,438 49,800

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