Merriam Street Apartments

Multi-Family for Sale
Catylist Listing ID: 30656978
Property Subtypes: Low-Rise/Garden
Number of Units: 12 Units
Building Size (RSF): 6,930 SF
Gross Building Area: See Agent
Sale Price: $1,475,000
Unit Price: $122,916.67 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 7.0%
Average Occupancy Rate: 100
Last Updated: 10/8/2020

Overview / Comments

This heavy timbered building on concrete piers was converted to apartments in 1988, thus there is no lead paint. Flooring is carpet or vinyl on gypcrete over 2” thick wood planking, 2” x 6” exterior walls with fiberglass insulation, 6” insulation under floors, 9” in ceiling and 2”x 8” separation walls between units with 6” insulation. 5/8” fireguard sheetrock between units and two one-hour fire separations in attic. Exterior features vinyl siding, double pane tilt-in windows and freshly painted trim. Totally re-roofed in 2016. Each unit has pull down steps to individual attic storage.

Cathedral ceiling in living rooms, open to bar top counter to galley kitchen. Kitchens have electric range and exhaust hood, frost free refrigerator, double bowl stainless steel sinks, 14’ of oak cabinets with Formica countertops. Baths have vanity and one-piece tub and shower unit and are plumbed and wired for a stackable washer and dryer (not supplied by landlord). Each bedroom features a double size lighted closet. Individual electric water heaters and propane forced hot air furnaces in each unit. Ground fault interrupters and combination smoke / carbon monoxide detectors to code. Entrance doors have peep hole, deadbolt and adjustable threshold plus storm door with removable glass and screen panel. Very economical to heat. Underground propane tanks feed gas meters along rear wall, and Rymes bills the tenant directly for what was consumed the previous month. High speed internet. Paved parking for 18-20 cars. Only landlord electric bill is for two streetlights in parking lot for $13 per month. No common area to heat or maintain. Only 4 entry alcoves 4’ x 7’ make up 112 SF of unrentable space. Building is 98.41% efficient. Master keyed. Easy to show and quick to turn around vacant units. Interior units have only three windows.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $9,087 (Annual)
Assessed Value - Total($) $543,100 (Annual)
Gross Operating Income $135,960 (Annual)
Net Operating Income $104,720 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Portland-South Portland
County: York
Tax ID/APN: U001-103
Zoning: R-1 URBAN RESIDENTIAL
Percent Occupied: 100%
Property Located Between: Corner of Rte 236 and Merriam St.
Site Description: Corner Lot
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 1
Year Built: 1945
Year Renovated: 1988
Construction/Siding: Vinyl Siding
Parking Type: Surface
Parking Description: Off Street Paved
Total Parking Spaces: 20
Laundry: In Each Unit
Sprinklers: None
Heat Type: Propane
Fuel: Propane
Air Conditioning: Window Unit
Internet Access: Cable, DSL
Zoning Description: Residential
Lot Frontage: 330
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,615 19,482 51,835
Median Age: 33.49 37.89 38.57
Households: 1,895 7,890 20,744
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