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
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

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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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