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Listed by Bruce Ludka Maine Realty 2000
$ 9,999,500
Est. payment /mo
Active
1390 Forest AVE Portland, ME 04103
39,592 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Square Footage 39,592 sqft
Price per Sqft $252
MLS Listing ID 1660908
HOA Y/N No
Year Built 1985
Tax Year 2025
Lot Size 3.800 Acres
Acres 3.8
Property Sub-Type Investment
Source Maine Listings
Land Area 39592
Property Description
''MAJOR INVESTMENT OPPORTUNITY'' This is a rare opportunity to own this well maintained 44 unit apartment complex featuring 5 separate buildings on a beautiful 3.8 Acre lot that is extremely convenient to everything including public transportation. The 5 buildings consist of 3 three story 12 unit buildings and 2 two story 4 unit buildings, all units are 2 bedroom, 3 different styles with some including a laundry, heat & hot water included with natural gas, an additional extensive shop area / storage / office spaces with a half bath below unit #5, large shed, ample parking with guest spaces, nice lawn area, lots of updates & improvements including windows, excellent rental history, currently fully occupied with mostly long term tenants & great payment history. THIS IS A VERY SOLID ALL AROUND MULTIUNIT RENTAL PROPERTY WITH GREAT OVERALL NUMBERS, MOSTLY LONG TERM TENANTS, LOW TURNOVER, RARE VACANCIES, THE POTENTIAL FOR INCREASED RENTS, SUBSTANTIALLY MORE VERSATILITY & SIGNIFICANTLY HIGHER FINANCIAL YEILDS IN THE FUTURE WHEN THE CURRENT AFFORDABLE HOUSING USE, WITH 100% PROPERTY TAX EXEMPTION, MAY BE DISCONTINUED AND ALLOW FOR MULTIPLE OTHER OPTIONS....CALL BRUCE LUDKA FOR MORE INFORMATION.
Location
State ME
County Cumberland
Zoning 54
Rooms
Other Rooms Shed(s)
Basement Other
Interior
Heating Gas Natural, Baseboard, Hot Water
Cooling None
Flooring Carpet, Laminate, Other, Luxury Vinyl
Exterior
Parking Features 21+ Spaces, On Site, Paved
Roof Type Shingle
Building
Entry Level Multi-Level
Water Public
Others
Tax ID PTLD-000294-C000068-000001
Virtual Tour https://www.propertypanorama.com/instaview/mreis/1660908
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