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: |
$132,857.14 Per Unit |
| Property Use Type: |
Investment |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
Undisclosed |
| Last Updated: |
9/24/2023 |
Overview / Comments
It's the first time on the market in nearly 70 years! The half-acre lot is improved with a seven-unit building, three-bay garage and two driveways. With the MSRD2 district requiring a density of 2,000 SF/unit, there is potential to add up to three units for a total of ten, subject to approvals.
There are five 1BRs, one studio and a three-story unit potentially capable of adding two BRs to yield four BRs. Rents and expenses are projected, not actual. Four units are vacant and two are TAW, as the recently deceased owner's trust decided not to renew leases, thereby allowing the new buyer maximum rent and renovation flexibility.
Purchaser will submit timeline plan of correction to CEO for remaining code violations detailed in August 24, 2023, CEO letter. It's a trustee sale to be sold AS-IS, WHERE-IS.
Its proximity to Downtown Biddeford and UNE is appealing. Numerous UNE students were tenants over the past twenty years.
Open showings this Thursday and Friday, September 14 and 15, from 11:00 AM to 1:00.
|
Financials
| Finance Data Year |
2023 |
| Real Estate Taxes - Annual($) |
$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. |
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 |
|
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