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. Â 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.
