7 Mill St

Sanford ME 04083

7057 sq. ft.

28749.6 sq. ft.

Multi-Family

Currently for sale - view listing

Overview

Rare multi-family portfolio opportunity in Springvale, Maine! Presenting a fully renovated five-unit residential complex (5plex) offered as a turnkey investment, package sale, and ideal 1031 exchange target in York County, Southern Maine. Encompassing over seven thousand square feet of newly redeveloped apartment building space with zero deferred maintenance and zero CapEx required, this rare multi family asset combines immediate cash flow and pro forma strength with massive cost segregation potential. Nearly Finalized condo conversion master documentation and individual unit floor plans establish a pre-mapped exit strategy, allowing an investor to operate the entire complex as a stabilized multi-family rental portfolio today or execute a bulk condo or piecemeal retail unit sell-off down the road. Driven by a tight Southern Maine rental market with historically low vacancy rates, this asset delivers an attractive pro forma cap rate over seven based on conservative average area rents. The property features five distinct floor plans that eliminate internal unit competition and protect aggregate portfolio occupancy. Layouts in this fully renovated multi-family include a sprawling single-level end residence with a private deck, a ground-floor suite with dual home office bonus rooms, a premier riverfront waterfront flagship suite, a sunlit upper residence with soaring vaulted ceilings, and a showcase two-story waterfront loft. Operational overhead will remain exceptionally low with brand-new mechanicals and separately metered utilities, as tenants are individually metered for electric and dedicated propane heat, leaving landlord coverage limited to public water and common grounds. Security System hardwired and cameras installed. Conveniently situated steps from Meeting Grounds Cafe, Number 3 Pond, and Springvale Park in Sanford, this turnkey Maine investment property represents a low-overhead, high-performing asset in a prime Southern Maine location.

Features

10 bathrooms

7057 sq. ft. floor area

28749.6 sq. ft. lot size

Multi-Family

Property history for 7 Mill St

2019

Sold

$325,000

30 Apr 2019 by Tucker Smith, of Better Homes & Gardens Real Estate/The Masiello Group

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