602 Maine Avenue, Farmingdale, ME
Presented By:
The Real Property Team
EXP Realty
207-506-0459
Licensed In: ME
$ Click for current price
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 is expected to be vacated at the end of August 2021, so this might also be a great opportunity for a ”house hack” for a potential owner occupant. Showings are available by appointment only.
