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298 Spruce St
Rumford, ME 04276
Swainbrook Apartments · Multifamily Property For Sale
·
24 Units
Executive Summary
This 24-unit garden-style apartment community consists of two-bedroom, one-bath units and has historically been leased to tenants participating in the USDA Rural Development Rental Assistance Program, while offering flexibility for future tenancy to remain subsidized or transition to market-rate housing. The property presents a compelling value-add opportunity, with eight currently vacant units providing immediate upside through renovation and lease-up at market rents. Ownership can execute a phased renovation strategy to enhance unit quality and rental income while maintaining in-place cash flow from occupied units.
Property Facts
| Price Per Unit | $50,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 13.31 AC |
| Cap Rate | 5.05% | Building Size | 24,000 SF |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1990 |
| Property Subtype | Apartment | Parking Ratio | 1.25/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | RESIDE | ||
| Price Per Unit | $50,000 |
| Sale Type | Investment |
| Cap Rate | 5.05% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 13.31 AC |
| Building Size | 24,000 SF |
| No. Stories | 2 |
| Year Built | 1990 |
| Parking Ratio | 1.25/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RESIDE |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Disposal
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Recycling
- Trash Pickup - Curbside
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 24 | - | 897 |
Property Taxes
| Parcel Number | RUMF-000116-000000-000045 | Improvements Assessment | $786,300 |
| Land Assessment | $54,700 | Total Assessment | $841,000 |
Property Taxes
Parcel Number
RUMF-000116-000000-000045
Land Assessment
$54,700
Improvements Assessment
$786,300
Total Assessment
$841,000
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