Mixed Use Investment

Multi-Family for Sale
Catylist Listing ID: 30842930
Property Subtypes: High-Rise, Mixed Use
Number of Units: 6 Units
Building Size (RSF): 29,349 SF
Gross Land Area: 0.26 SF
Sale Price: $720,000
Unit Price: $120,000 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Usable Size (USF): 28,837 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/24/2023

Overview / Comments

Five story building located in downtown Rumford. Seller has plans for renovating the building via three phases. Phase one is expected to be completed in the summer of 2023. The renovations include five apartment units, upgrades to the electrical system, sprinkler system, plumbing, new windows and mechanical systems for the five units. Phase two includes adding an additional four units and Phase three includes the addition of 15 to 22 units. Seller is not planning to move on with Phase 2 and 3. There is the opportunity for a Buyer to undertake that development. On the first floor is a bank lease with approximately twelve years remaining and a new lease on the front retail space

This property must be sold with the fully renovated five-unit building located next door at 91 Canal Street. (Combine asking price for both is $1,400,000)

Additional Details

Nearest MSA: Augusta-Waterville
County: Oxford
Submarket/Township: ME-Other
Submarket Type: Central Business District
Taxing Authority: Rumford
Tax ID/APN: 117-286-Bldg 2
Percent Occupied: 23%
Property Located Between: Congress & Canal
Site Description: Property is flat and to grade and has frontage on three streets - Congress, Hartford and Canal Streets
Area Description: Property is located immediately downtown Rumford. Congress is considered to be the main road to downtown. Property is surrounded by banks, restaurants, shops, post office and a hotel.
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 5
Year Built: 1894
Year Renovated: 2023
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Brick
Parking Type: Surface
Sprinklers: Wet, Dry
Heat Type: Electricity, Oil, Hot Water, Other
Fuel: Oil, Electric
Internet Access: Cable
Zoning Description: Rumford does not have zoning per se. The town considers the property to be located within "General Development Area"
Lot Frontage: 189.3
Water Service: Municipal
Sewer Type: Municipal
Easements: Electric Lines

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,866 6,526 8,711
Median Age: 39.78 43.98 44.8
Households: 1,358 2,979 3,911


Photograph of Listing Agent

Douglas M. Erickson

SVN The Masiello Group
NECPE Member
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