602 Maine AvenueFarmingdale, ME 04344MLS Number 1504587

  • Price: $265,000
  • Est. Mortgage of $/month
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$
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Federal 30-year interest rate: 2.88% last updated on Sep 23, 2021
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
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  • 4Bathrooms
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.
Listed by EXP Realty,LLC

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Hallowell, ME 04347

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Location Information

  • Building Number602
  • StreetMaine Avenue

Building

  • Bathroom4
  • Square Feet2,000
  • Foundation MaterialsPoured Concrete
  • BasementUnfinished
  • 2 Bedroom Units2
  • 1 Bedroom Units2
  • Stories2
  • Building ConstructionWood Frame
  • Num Heating Units3
  • Num Water Heaters1
  • RoofShingle

Property Information

  • ColorWhite

Water Body

  • Water FrontageNo

Rooms

  • Full Bath4

Location

  • StateME
  • LocationNear Town
  • Zip04344
  • Address602 Maine Avenue
  • CountyKennebec
  • DrivewayPaved
  • Map31
  • Road Frontage DescriptionPaved, Public
  • SiteLevel, Open
  • TownFarmingdale
  • TransportationMajor Road Access

Exterior

  • ExteriorVinyl Siding

Utilities

  • WaterPublic
  • Heating FuelOil
  • Heat SystemBaseboard, Hot Water
  • CoolingNone
  • ElectricCircuit Breakers
  • GasNo Gas
  • Waste Water DisposalPublic Sewer

Basic Information

  • StyleMulti-Level
  • SeasonalNo
  • MLS Number1504587
  • Agent ID019849
  • Broker NameEXP Realty, LLC
  • Broker ID2742
  • List Price$265,000
  • MLS StatusActive
  • Property SubTypeMulti Family

Property

  • Road Frontage59
  • Acreage0.13
  • Leased LandNo
  • Sq Ft SourcePublic Records
  • Vehicle StorageNo Vehicle Storage
  • Water ViewNo

Amenities

  • Recreational WaterNearby, River/Brook/Stream
  • Other AmenitiesBasement

Photos

  • Number of Photos29

Other

  • Last Img Trans Date08/10/2021
  • Modification Date09/13/2021
  • Lot103-1
  • Parking Spaces5 - 10 Spaces, On Site
  • Year Built1933
  • View Count9

Listing data is derived in whole or in part from the Maine IDX & is for consumers' personal, non commercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified. ©2021 Maine Real Estate Information System, Inc. All Rights Reserved. equal opportunity housing logo   Privacy Policy

All Maine Homes participates in ©2021 Maine Listings Internet Data Exchange program, allowing us to display other Maine IDX Participants' listings. This website does not display complete listings. Certain listings of other real estate brokerage firms have been excluded. Mortgage figures are estimates. Check with your bank or proposed mortgage company for actual interest rates. This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.

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