$ 300,000
-
$300,000
Price -
0
Bed -
3
Bath -
1,697
SqFt
NEW! Buy and sell safely with virtual options - Learn More
About the Listing 3237 - 014729
Discover an outstanding opportunity to expand your investment portfolio with this well-located three-unit property in the heart of Farmingdale. Situated just across the street from the Kennebec Rail Trail, this multi-family offers a strong combination of current rental income, value-add potential, and an exceptional location just minutes from downtown Gardiner and Hallowell. The property consists of three units, including a fully rented first-floor 2-bedroom, 1-bath apartment, a fully rented second-floor 1-bedroom, 1-bath apartment with a long-term tenant, and a vacant third-floor studio. The vacant unit presents an excellent opportunity for an owner-occupant looking to move in immediately after closing while offsetting their mortgage with rental income, or for an investor to lease the unit and maximize the property's income potential. A major benefit for investors is that each apartment is equipped with its own Rinnai propane heater, allowing each tenant to be responsible for their own heating costs. Electricity is currently combined and paid by the landlord, but a future owner could explore separating the electrical service for each apartment. Doing so may reduce operating expenses, improve net operating income, and further enhance the property's cash flow potential. Conveniently located just one-half mile from downtown Gardiner and only four miles from downtown Hallowell, tenants enjoy easy access to restaurants, shopping, entertainment, the Rail Trail, and Interstate 95. Additional features include public water and sewer, low-maintenance vinyl siding, a full walk-out basement offering valuable storage space, and ample off-street parking. Whether you're looking for your first investment property, an owner-occupied opportunity, or an addition to an existing portfolio, this versatile three-unit building offers immediate rental income, future upside, and a location that continues to attract tenants. Schedule your showing today!
Listing Highlights
Status
Active
Days on Site
2
Property Type
Multi-Family
MLS ®
1672159
Year Built
1890
Total Square Footage
1,697
Lot/Acreage
0.08
County
Kennebec
Interior Details
- Bedrooms: 0
- Bathrooms: 3 Full
- Appliances:
- Air Cond:
- Heating: Propane,Direct Vent Heater
- Fireplaces:
- Floor: Carpet,Laminate,Vinyl,Linoleum
- Above Ground Sq Ft: 1697
- Below Ground Sq Ft: 0
- Basement: Exterior Entry,Walk-Out Access,Full,Sump Pump,Unfinished
- Other:
- Water: Public
Exterior Details
- Lot Description: Near Shopping,Near Turnpike/Interstate,Near Town,Neighborhood,Level,Rolling Slope,Sidewalks
- Garage Capacity: N/A
- Zoning: Residential
- Roof: Shingle
- Others:
- Sewer: Public Sewer
- Parking Features: Gravel,5 - 10 Spaces,On Site
Financial Details
- Tax Amount: $2,125
- Taxes w/Assessments: N/A
- Tax/Property ID: FARE-000022-000000-000005
- Tax Year: 2025
Payment Calculator
Monthly Payment
- in Principal and Interest
- in Taxes
Years
% Down Payment
% Mortgage Rate
Questions About..
16 Northern Ave Farmingdale, ME 04344
Never Miss A New Property
Get notified any time there's a new home on the market in this neighborhood!
Don't worry! We'll never spam you or sell your details. You can unsubscribe whenever you'd like.
Listing Courtesy of -
