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 |
| Zoning: |
GENERAL DEVELOPMENT |
| 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 |
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 |
|
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