602 Maine Avenue

Farmingdale, ME 04344

MLS ID# 1504587 Closed

Get directions

Closed $235,000

2000 sqft

• Images
• Map

View Larger

 

• Description
• Location Information
• Property Information
• Compensation & Misc Info
• Details

Description

Looking for a turnkey multi unit rental property in a great Central Maine location? Then check out this 4 unit building in Farmingdale, Maine. This building has a great, longterm rental history, and is conveniently located less than 10 minutes south of Augusta, ME. The building features two 1 bedroom units, and two 2 bedroom units. This building has had many recent updates both inside and out, including a new roof in 2019, and has been professionally managed and maintained (a full list of repairs and updates is available upon request). Totally monthly gross rents from all four units is $2600/month, or $31,200/year. Astute investors will quickly be able to calculate that the ratio of gross rents to sales price exceeds the often used ''1% rule,'' and that the net cash flow after all expenses is over $200 per door (a complete P&L is available upon request). Current rents are under market, and all tenants are on a month to month lease, so there is room for a new owner to maximize the cash flow. One unit was also just vacated, so this might also be a great opportunity for a ''house hack'' for a potential owner occupant. Looking for a turnkey multi unit rental property in a great Central Maine location? Then check out this 4 unit building in Farmingdale, Maine. This building has a great, longterm rental history, and is conveniently located less than 10 minutes south... show more

Location Information

• Street # 602
• Street Name Maine
• Street Type Avenue
• County Kennebec
• Town Farmingdale
• State/Province ME
• Zip Code 04344
• Zip +4 1662
• Leased Land No
• Book 13309
• Page 114-115
• Map 31
• Lot 103-1
• Zoning Res
• Zoning Overlay Unknown
• Tax ID FARE-000031-000000-000103-000001
• Association No
• Full Tax Amount 2046
• Tax Year 2020

Property Information

• Surveyed Unknown
• Seasonal No
• Owner Occupied No
• Deed/Conveyance Type Offered Warranty
• Number of Units 4
• Total Baths 4
• Total Full Baths 4
• Total Half Baths 0
• Color White
• Year Built 1933
• SqFt Finished Above Grade 2000
• SqFt Finished Below Grade 0
• SqFt Finished Total 2000
• SqFt Source Public Records
• Garage No
• Lot Size Acres +/- 0.13
• Source of Acreage Public Records
• Road Frontage Yes
• Road Frontage +/- 59
• Source of Road Frontage Public Records

Compensation & Misc Info

• Buyer Agency 2.5%

Details

• Site

  Level, Open

• Roads

  Paved, Public

• Transportation

  Major Road Access

• Water Info

  No Water Frontage, No Water View

• Recreational Water

  Nearby, River/Brook/Stream

• Building Info

  # Stories:2, # Heating Units:3, # Water Heaters:1

• Income & Expenses

  Gross Income:28750, Operating Expenses:16856

• Units

  # of 1 BD Units:2, # of 2 BD Units:2, # of 3 BD Units:0, # of 4+ BD Units:0

• Unit 1

  No Lease, Level:First, Security Deposit, Monthly Rent:675, # Full Baths:1, # of Half Baths:0, Dedicated Electric Meter, No Dedicated Gas Meter, No Dedicated Water Heater, No Electric, Heat, Range, Refrigerator, Sewer, Water

• Unit 2

  No Lease, Level:Second, Security Deposit, Monthly Rent:575, # Full Baths:1, # Half Baths:0, Dedicated Electric Meter, No Dedicated Gas Meter, No Dedicated Water Heater, No Electric, Heat, Range, Refrigerator, Sewer, Water

• Unit 3

  No Lease, Level:Second, Security Deposit, Monthly Rent:650, # Full Baths:1, # Half Baths:0, Dedicated Electric Meter, No Dedicated Gas Meter, No Dedicated Water Heater, No Electric, Heat, Range, Refrigerator, Sewer, Water

• Unit 4

  No Lease, Level:Second, Security Deposit, Monthly Rent:700, # Full Baths:1, # Half Baths:0, Dedicated Electric Meter, No Dedicated Gas Meter, No Dedicated Water Heater, No Electric, Heat, Range, Refrigerator, Sewer, Water

• Style

  Multi-Level

• Construction

  Wood Frame

• Basement

  Unfinished

• Basement Entry

  Bulkhead

• Foundation Materials

  Poured Concrete

• Exterior

  Vinyl Siding

• Roof

  Shingle

• Heat System

  Baseboard, Hot Water

• Heat Fuel

  Oil

• Water Heater

  Electric

• Cooling

  None

• Floors

  Carpet, Vinyl

• Driveway

  Paved

• Parking

  5 - 10 Spaces, On Site

• Vehicle Storage

  No Vehicle Storage

• Electric

  Circuit Breakers

• Utilities

  Utilities On

• Gas

  No Gas

• Sewer

  Public Sewer

• Water

  Public

• Sold Info

  Buyer's Zip Code:04250, Appraiser:010087, Appraiser Name:William Chapman, Appraiser Phone Number:207-712-6833, Appraiser Email Address:[email protected]

• Sold Terms

  Conventional

• Sold Terms Other

  Not Applicable