Auburn Value-Add 7 Unit

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30757069
Property Subtypes: Duplex/Fourplex, Low-Rise/Garden, Mid-Rise, Other
Status: Pending
Number of Units: 7 Units
Building Size (RSF): 3,712 SF
Gross Building Area: See Agent
Gross Land Area: 0.17 Acres
Sale Price: $375,000
Unit Price: $53,571.43 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 9/7/2021

Overview / Comments

- Seven (7) one (1) bedroom unit multifamily building
- Value add through unit improvements and under market rents
- Ideal owner-user or investment opportunity
- 0.17± AC site
- In close vicinity to Downtown, Washburn School, Auburn Middle School and Edward Little High School
- Recent major capital improvements including roof, boiler, exterior stairs, vinyl replacement windows and more
- Current Gross: $44,640.00 ($531/month/unit)
- Potential Gross: $63,900.00 ($760/month/unit)
- Current NOI (8% reserves): $22,652.84
- Current Cap Rate: 6.04%
- Proforma Cap Rate: 11.18%
- Sale Price: $375,000 ($53,571/unit)

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $4,400 (Annual)
Potential Rental Income $63,900 (Annual)
Gross Operating Income $44,640 (Annual)
Net Operating Income $22,652 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Lewiston-Auburn
County: Androscoggin
Tax ID/APN: 01010_250-395
Zoning: MFU
Percent Occupied: 100%
Site Description: Adjacent to Chestnut Park, equipped with basket ball courts and a playground
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 3
Year Built: 1920
Roof Type: Arched
Construction/Siding: Wood Frame
Parking Type: Surface
Parking Description: 3-4 off street spots are available
Total Parking Spaces: 4
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Baseboard
Fuel: Gas
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,106 46,914 59,530
Median Age: 35.56 37.13 38.35
Households: 5,955 20,030 25,186

Contact

Photograph of Listing Agent

Timothy J. Millett

Porta & Company NECPE Member
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