5 Unit-Old Orchard Beach, Maine

Multi-Family for Sale
Catylist Listing ID: 30806378
Property Subtypes: Mid-Rise
Number of Units: 5 Units
Building Size (RSF): 2,869 SF
Gross Building Area: See Agent
Gross Land Area: 4,775 SF
Sale Price: $1,100,000
Unit Price: $220,000 Per Unit
Property Use Type: Investment
Usable Size (USF): 2,430 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 9/28/2022

Overview / Comments

Year-round 5-unit apartment building within two blocks of the beach. Good mix of one and two bedroom units. Office could be converted into a studio apartment. Currently units are rented year-round month to month. Tenants pay heat, electricity, hot water and cable. All units separately metered. Good on-site parking.
Good opportunity to capture summer rentals as an AirB&B, J-1 housing or monthly vacationeers. Many options.

Additional Details

Nearest MSA: Portland-South Portland
County: York
Tax ID/APN: OOBH-000312-000010-000016
Zoning: R-2
Percent Occupied: 100%
Property Located Between: West Grand Ave. & Saco Ave.
Highway Access: I-195 access ramp to the Maine Turnpike is approx., 2 miles away.
Airports: Portland International Jetport
Site Description: The property is a corner lot.
Area Description: The area is residential with a mixture of single and multi-family properties. The beach is two blocks away.
Total Number of Buildings: 1
Property Condition: Fair
Number of Stories: 2
Year Built: 1925
Year Renovated: 1995
Roof Type: Gable
Construction/Siding: Wood Frame
Exterior Description: Cedar shingles-painted
Parking Type: Surface
Parking Description: Parking in the rear of the building and across the street.
Total Parking Spaces: 10
Laundry: Laundromat Nearby
Sprinklers: None
Heat Type: Electricity
Heat Source: Baseboard
Fuel: Electric
Air Conditioning: Window Unit
Internet Access: Cable
Zoning Description: R-2
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,132 21,270 50,925
Median Age: 47.83 45.7 42.66
Households: 2,155 9,778 21,992

Contact

Photograph of Listing Agent

Donald Pilon

Bean Group
NECPE Member
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