PORTLAND – These two adjacent multi-units in the desirable East End neighborhood represent a rare investment opportunity. They are available for sale as a package by Malone Commercial Brokers.
The buildings have a total of 15 units, eight in 55 Atlantic Street (brick building) and seven in 80 Wilson Street (wood frame building).
The larger building, 55 Atlantic Street, was completely renovated following a fire in July 2017 when the building was cleared of tenants. Improvements include all new electrical, plumbing, insulation, sheetrock and a new sprinkler system.
With new, well-appointed kitchens and bathrooms, the units are now very attractive. Combining the building improvements with significant increases in city-wide rental rates, the post-renovation income is 47% higher than prior to their rehab.
The second building, 80 Wilson Street, has rental income similar to the pre-renovation rental rates at Atlantic Street, primarily due to several long-term tenants. A new buyer could bring rents up to market and receive approximately 30% increase on the gross income.
Other features and advantages shared by the two addresses include a quiet neighborhood with immediate access to Portland’s Old Port and thriving business community. There are ocean views from some upper-level units as well as off-street and ample on-street parking, further increasing their appeal.
Investment properties with these qualities are difficult to find and should continue to appreciate as the Portland Peninsula continues to boom. New and planned construction in the immediate vicinity will likely produce over 2,000 new high paying job opportunities.
These two East End multi-unit properties currently have a net operating annual income (NOI) of approximately $180,000. A new buyer could increase that NOI to approximately $215,000 in the very near future.
These properties are offered for sale at $3,295,000 by Andrew Ingalls, Malone Commercial Brokers in Portland. Please contact Andrew at 207-358-7024(o) or 207-671-6162(c) or andrew@malonecb.com; and visit www.malonecb.com.
Comments are not available on this story.
Send questions/comments to the editors.
