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42 Spruce St 6 Unit Apartment Building $749,999 ($125,000/Unit) 9.15% Cap Rate Sanford, ME 04073
INVESTMENT HIGHLIGHTS
- Heavy Cashflow, solid rental history
EXECUTIVE SUMMARY
Exceptional investment opportunity in the heart of Sanford! This well-maintained and recently updated six-unit features a desirable unit mix and extensive recent improvements, making it a low-maintenance addition to any portfolio. Property includes four (4) 2BR/1BA apartments, one (1) 1BR/1BA, and one (1) studio—ideal for strong, diversified rental demand. Major exterior upgrades: new roof, vinyl siding, and decks! With over $100K in annual rental income, a strong proven rental history and Cap Rate of 8.3% makes this a great investment to any portfolio!
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$102,000
|
$29.03
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$102,000
|
$29.03
|
| Taxes |
$5,990
|
$1.70
|
| Operating Expenses |
$28,160
|
$8.01
|
| Total Expenses |
$34,150
|
$9.72
|
| Net Operating Income |
$67,850
|
$19.31
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $102,000 |
| Annual Per SF | $29.03 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $102,000 |
| Annual Per SF | $29.03 |
| Taxes | |
|---|---|
| Annual | $5,990 |
| Annual Per SF | $1.70 |
| Operating Expenses | |
|---|---|
| Annual | $28,160 |
| Annual Per SF | $8.01 |
| Total Expenses | |
|---|---|
| Annual | $34,150 |
| Annual Per SF | $9.72 |
| Net Operating Income | |
|---|---|
| Annual | $67,850 |
| Annual Per SF | $19.31 |
PROPERTY FACTS
| Price | $749,999 | Apartment Style | Low-Rise |
| Price Per Unit | $125,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 9.15% | Building Size | 3,514 SF |
| Gross Rent Multiplier | 8.03 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1900/2025 |
| Property Subtype | Apartment | ||
| Zoning | U | ||
| Price | $749,999 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| Cap Rate | 9.15% |
| Gross Rent Multiplier | 8.03 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 3,514 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1900/2025 |
| Zoning | U |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | - | 680 |
1 1
Walk Score®
Very Walkable (78)
PROPERTY TAXES
| Parcel Number | SANF-000027-J000028 | Total Assessment | $371,100 |
| Land Assessment | $25,100 | Annual Taxes | $5,990 ($1.70/SF) |
| Improvements Assessment | $346,000 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
SANF-000027-J000028
Land Assessment
$25,100
Improvements Assessment
$346,000
Total Assessment
$371,100
Annual Taxes
$5,990 ($1.70/SF)
Tax Year
2024
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42 Spruce St
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