Biddeford Seven-Unit

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30855741
Property Subtypes: Low-Rise/Garden, Student Housing
Status: Pending/Contingent
Number of Units: 7 Units
Building Size (RSF): 4,856 SF
Gross Building Area: See Agent
Gross Land Area: 0.50 Acres
Sale Price: $930,000
Unit Price: $132,857.14 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/24/2023

Overview / Comments

It's the first time on the market in nearly 70 years! The half-acre lot is improved with a seven-unit building, three-bay garage and two driveways. With the MSRD2 district requiring a density of 2,000 SF/unit, there is potential to add up to three units for a total of ten, subject to approvals.

There are five 1BRs, one studio and a three-story unit potentially capable of adding two BRs to yield four BRs. Rents and expenses are projected, not actual. Four units are vacant and two are TAW, as the recently deceased owner's trust decided not to renew leases, thereby allowing the new buyer maximum rent and renovation flexibility.

Purchaser will submit timeline plan of correction to CEO for remaining code violations detailed in August 24, 2023, CEO letter. It's a trustee sale to be sold AS-IS, WHERE-IS.

Its proximity to Downtown Biddeford and UNE is appealing. Numerous UNE students were tenants over the past twenty years.

Open showings this Thursday and Friday, September 14 and 15, from 11:00 AM to 1:00.


Finance Data Year 2023
Real Estate Taxes - Annual($) $8,568 (Annual)

Additional Details

Nearest MSA: Portland-South Portland
County: York
Tax ID/APN: 4461
Zoning: MSRD2
Total Number of Buildings: 2
Number of Stories: 3
Year Built: 1850
Parking Type: Surface
Zoning Description: MSRD2 requires 2,000 SF per unit.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,671 33,925 53,033
Median Age: 37.26 41.03 41.63
Households: 7,113 14,694 22,559


Photograph of Listing Agent

Michael Rogers

Bean Group NECPE Member
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