Glenridge Gardens - Multi-Unit Investment, Augusta

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30660085
Property Subtypes: Low-Rise/Garden, Other
Status: Pending
Number of Units: 120 Units
Building Size (RSF): 999,999 SF
Gross Building Area: See Agent
Gross Land Area: 14.67 Acres
Sale Price: $9,000,000
Unit Price: $75,000 Per Unit
Property Use Type: Investment
Building Name: Glenridge Gardens
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/23/2021

Overview / Comments

Glenridge Gardens is a 120-unit affordable housing project located in Augusta, Maine, the state capitol. Originally capitalized under the Low Income Housing Tax Credit (LIHTC) program, the project compliance period has expired, although rental income restrictions remain in place. The property has been well maintained and has strong historical operations. Consisting of nine (9) two-story buildings, the property includes the 120 townhouse style direct-entry rental units, an on-site management office, laundry and maintenance facilities.


Additional Details

Nearest MSA: Augusta-Waterville
County: Kennebec
Tax ID/APN: Map 60, Lots 9 & 11
Zoning: RA
Community Amenities: Play Ground
Property Located Between: Minutes to retail, medical facilities, and to I-95
Highway Access: I-95
Airports: Augusta State Airport
Total Number of Buildings: 9
Property Condition: Good
Number of Stories: 2
Year Built: 1975
Year Renovated: 2004
Roof Type: Gable
Construction/Siding: Brick, Vinyl Siding, Wood Frame
Parking Type: Surface
Parking Description: On-site, paved parking
Laundry: Shared
Heat Type: Natural Gas, Hot Water
Fuel: Gas
Zoning Description: Low Density Residential District
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,922 18,071 29,096
Median Age: 42.03 43.73 43.7
Households: 2,044 8,416 13,167


Photograph of Listing Agent

Tony McDonald, CCIM/SIOR

The Boulos Company NECPE Member
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