Catylist ID:
#30876585
| Catylist Listing ID: | 30876585 |
| Property Subtypes: | Mid-Rise |
| Number of Units: | 10 Units |
| Building Size (RSF): | 4,580 SF |
| Gross Building Area: | See Agent |
| Sale Price: | $1,250,000 |
| Unit Price: | $125,000 Per Unit |
| In Opportunity Zone? | Yes |
| Property Use Type: | Investment |
| Sale Terms: | Cash to Seller, Purchase Money Mortgage |
| Cap Rate: | Undisclosed |
| Last Updated: | 8/20/2024 |
Overview / Comments
|
Discover an exceptional investment opportunity with this completely renovated 10-unit building in the heart of Lewiston, Maine. Ideal for the discerning investor, this property offers a hassle-free, turn-key solution with modern amenities and low maintenance demands. Property includes eight one-bedroom apartments, one three-bedroom unit and one well-appointed studio apartment. Renovations include comprehensive updates from studs in to studs out and roof to basement. Please see attached addendum for the extensive list of renovations. The building was designed and built to have low maintenance and even lower expenses. Built with separate utilities, highly efficient heating and cooling heat pumps, as well as closed cell insulation on all outer walls, and Roxul insulation between every room for soundproofing. This investment property has been meticulously upgraded to ensure a superior living experience for tenants while minimizing upkeep for the owner. Each unit boasts contemporary finishes and functional layouts, making it a highly desirable residence in a thriving community. Please note open showings on Wednesday 8/21 from 12:00 -1:30 PM. Please call Andrea to schedule. |
Financials
| Finance Data Year | 2024 |
|---|---|
| Real Estate Taxes - Annual($) | $5,720 (Annual) |
Additional Details
| Nearest MSA: | Lewiston-Auburn |
| County: | Androscoggin |
| Tax ID/APN: | RE00002042 |
| Zoning: | DR |
| Percent Occupied: | 100% |
| Site Description: | The beautiful building is located on Pine Street, which feeds access to the waterfront which is where there are various eating establishments, retail stores, public parks and lodging facilities. The subject street is a standard two-lane downtown side street with moderate traffic. The location is built up with various uses that include Drouin Baseball Field, The Colisee Hockey Rink, Wards and Webb neighborhood markets, the fire department and other various small retail, service uses. Outlying areas along this route are similar inner city residential neighborhoods, Bates College and Lewiston High School. |
| Area Description: | The subject is located in The City of Lewiston, Maine. Lewiston is Maine's second largest city and is located on the banks of the Androscoggin River. Lewiston's diverse economy includes world-class health care facilities/providers/LifeFlight medical transport; manufacturing; financial institutions; technology; and telecommunications. It is a growing community of arts, culture, diversity, and business. Deemed "Certified Business Friendly" by the City of Maine, Lewiston is also home to the thriving LA Metro Chamber, as well as entrepreneurs of all ages and interests making their mark! Lewiston and neighboring City of Auburn form the business and cultural center of Androscoggin County. Lewiston is also home to the nationally recognized Bates College, University of Southern Maine Lewiston-Auburn College (USM LA), the Maine College of Health Professions, and is home to a dynamic pre-K through grade 12 school system. Recognized as a leader in fine arts and cultural offerings, venues include LA Arts, The Public Theatre, Schaeffer Theatre, Olin Arts Center, Museum LA, Maine Music Society, Midcoast Symphony Orchestra, Franco-American Collection at USM Lewiston, the Riverfront Performing Arts and Events Center, and the world-acclaimed Bates Dance Festival. In addition to multiple annual festivals/events such as the Liberty Festival, Riverfest, Great Falls Balloon Festival, Brewfest, Greek Festival, World Refugee Day, and Holiday at the Plaza, Lewiston is known for its diverse restaurants, recreational access to the Androscoggin River, walking trails, parks, historic landmarks, and proximity to Maine's coastline and Western mountains seasonal opportunities. In addition, Lewiston's multi-faceted downtown Riverfront Island Master Plan continues to move forward. |
| Total Number of Buildings: | 1 |
| Property Condition: | Excellent |
| Number of Stories: | 3 |
| Year Built: | 1910 |
| Year Renovated: | 2024 |
| Construction/Siding: | Wood Frame |
| Parking Type: | Surface |
| Parking Description: | The site is accessed from one driveway on the left side of the site facing the building. |
| Total Parking Spaces: | 4 |
| Sprinklers: | Wet |
| Heat Type: | Electricity |
| Heat Source: | Heat Pump |
| Air Conditioning: | Other |
| Interior Description: | 10 Unit Multi Family building with one studio apt and three one-bedroom apartments on the first level, three 1-bedroom apartments on the 2nd level and two 1-bedroom and one 3-bedroom apartments on the 3rd level. The subject has two common stairways with access to each level. There are two entrances to the property: one in front and the other on the side from parking area. |
| Zoning Description: | DR/ Growth Area Overlay District. This district is intended to be those areas providing sites for Business and commercial development. Permitted uses are outlined in the Zoning Ordinance. |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Easements: | Utilities |
| Easements Description: | Right of way to maintain sewer pipe. |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 20,508 | 46,754 | 59,530 |
| Median Age: | 32.29 | 36.57 | 38.35 |
| Households: | 8,843 | 19,842 | 25,186 |
| © Copyright 2024 Moody's. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither New England Commercial Property Exchange nor Moody's assume any liability for errors or omissions. |
