91 Canal Street, LLC
Multi-Family
for Sale
| Catylist Listing ID: |
30840251 |
| Property Subtypes: |
Mid-Rise
|
| Number of Units: |
5 Units |
| Building Size (RSF): |
6,000 SF |
| Gross Building Area: |
6,375 SF |
| Gross Land Area: |
0.05 Acres
|
| Sale Price: |
$680,000 |
| Unit Price: |
$136,000 Per Unit |
| In Opportunity Zone? |
Yes |
| Property Use Type: |
Investment |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
8.7% |
| Average Occupancy Rate: |
100 |
| Last Updated: |
5/22/2023 |
Overview / Comments
Completely renovated three story brick building originally built in the early 1800's. Over the course of the past three years the owners removed all of the interior improvements down to the brick walls. The improvements include new plumbing, electrical systems, insulation, walls, kitchens with quartz countertops, bathrooms, wifi system and heat pumps for cooling and heating. There is a furnace in the basement providing heat for the first floor. New membrane roof was installed in 2019. All of the finishes in the apartments are considered to be superior to any other apartment complex in Rumford. Building is under a two-year master lease with prominent company who is well known through the United States. Androscoggin River is just across Canal Street of the subject property. Owner has received approvals from the Town of Rumford to build two additional one bedroom, one bath units in the basement with a separate walk-out access. Seller would consider building the two additional units with the price being increased to $899,000. The units would provide an additional estimated annual rental income of $26,600.
This property must be sold with the fully renovated five unit building located next door at 106-118 Congress 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 |
| Tax ID/APN: |
003747 RE |
| Zoning: |
SHORELAND |
| Percent Occupied: |
100% |
| Property Located Between: |
Canal Street near the intersection of Hartford Street |
| Site Description: |
Property is flat and to grade. |
| Area Description: |
Property is located immediately downtown in Rumford within a very short distance of restaurants, retail stores, professional offices, post office and financial institutions. |
| Property Condition: |
Excellent |
| Number of Stories: |
3 |
| Year Built: |
1800 |
| Year Renovated: |
2022 |
| Roof Type: |
Flat |
| Construction/Siding: |
Brick |
| Exterior Description: |
Brick construction on fieldstone foundation |
| Parking Description: |
On street. |
| Sprinklers: |
Wet |
| Heat Type: |
Electricity, Oil |
| Heat Source: |
Heat Pump, Other |
| Fuel: |
Oil, Electric |
| Air Conditioning: |
Other |
| Internet Access: |
Cable |
| Interior Description: |
All very new. |
| Zoning Description: |
There is no zoning in Rumford to speak of. Being near the Androscoggin River it is considered to be in shoreland. |
| Lot Frontage: |
25 |
| Lot Depth: |
80 |
| Water Service: |
Municipal |
| Sewer Type: |
Municipal |
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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The information presented herein is provided as is, without warranty of any kind.
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