16 Unit Multi-Family Investment

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30790973
Property Subtypes: Government Subsidized, Mid-Rise
Status: Pending
Number of Units: 16 Units
Building Size (RSF): 12,496 SF
Gross Building Area: 15,620 SF
Gross Land Area: 0.10 Acres
Sale Price: $2,995,000
Unit Price: $187,187.50 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 9.22%
Average Occupancy Rate: 100
Last Updated: 5/4/2022

Overview / Comments

- 16 exempt, value-add units for sale on Portland's peninsula.
- Exempt from City of Portland Rental Control Ordinance
- Multi-Family building comprised of 16 units totaling 12,496± SF
- Spacious and efficient layout, all units with three-bedrooms on 4-stories
- Exceptional cash-flow opportunity at an opportune time to invest in a growing neighborhood on Portland's peninsula
- Professionally managed building protected by code-compliant, centrally monitored alarm and sprinkler system
- Walkable to Old Port, Downtown Business District District and Whole Foods/Bayside Area

- Projected Cap Rate: 9.22%
- Sale Price: $2,995,000

Financials

Finance Data Year 2022
Real Estate Taxes - Annual($) $32,243 (Annual)
Potential Rental Income $419,136 (Annual)
Net Operating Income $276,042 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Portland-South Portland
County: Cumberland
Tax ID/APN: 05170_026 F013
Zoning: R6
Percent Occupied: 100%
Property Located Between: Cumberland Ave and Oxford Street
Total Number of Buildings: 1
Property Condition: Fair
Number of Stories: 4
Year Built: 1910
Roof Type: Flat
Parking Description: One off-street parking spot available
Total Parking Spaces: 1
Laundry: Shared
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Baseboard
Fuel: Gas
Interior Description: 16 Three-bedroom one-bath units
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 26,297 77,804 111,973
Median Age: 33.75 38.13 39.29
Households: 13,638 36,203 50,379

Contact

Photograph of Listing Agent

Timothy J. Millett

Porta & Company NECPE Member
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