80 to 88 Elm Street in Waterville offers an outstanding multifamily and commercial opportunity with scale. The property includes three buildings totaling 22 apartment units, plus approximately 2,000 square feet of commercial warehouse space, and a standalone laundromat with a long term lease in place. Located just off downtown Waterville… Read More and within Waterville's Opportunity Zone, this asset provides multiple paths to increase income and long term value. Significant recent capital improvements have already been completed, including new separately metered natural gas Rinnai heaters in all 22 apartments, a new roof on 88 Elm St, new gas commercial hot water heaters, and approximately half of the residential units have been recently renovated. Separate electrical meters are also in place. With separate heat and electric metering, a buyer may be able to transition the apartments toward resident paid utilities over time, improving expense control and net operating income. A large shared parking lot supports the residential and commercial components. A TIF is in place and may be able to transfer with the property if the Buyer assumes the current entity, subject to municipal approval and verification. The property may also be a strong candidate for bonus depreciation through a cost segregation study. Exisitng management in place. Read Less
Courtesy of New England Realty Group LLC 207-289-2336
Listing Snapshot
Days Online
2
Last Updated
Property Type
Multi Family
Square Ft.
9,829
Lot Size
0.89 Acres
MLS Number
1658626
Additional Details
Basement
Basement: "Walk-Out Access", "Full", "Unfinished"
Building
Building Area Total: 9,829, Construction Materials: "Vinyl Siding"
Cooling
Cooling: "None"
Expenses
Operating Expense: $88,876
Floors
Flooring: "Wood", "Vinyl", "Carpet"
Heating
Heating: "Zoned", "Direct Vent Heater", Heating Included
Listing data is derived in whole or in part from the Maine IDX and is for consumers' personal, noncommercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified.
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