16 Northern AVE Farmingdale, ME 04344
3 Baths
1,697 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Square Footage 1,697 sqft
Price per Sqft $176
MLS Listing ID 1672159
Full Baths 3
HOA Y/N No
Year Built 1890
Tax Year 2025
Lot Size 3,484 Sqft
Acres 0.08
Source Maine Listings
Land Area 1697
Property Description
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!
Location
State ME
County Kennebec
Zoning Residential
Rooms
Basement Exterior Entry, Walk-Out Access, Full, Sump Pump, Unfinished
Interior
Heating Propane, Direct Vent Heater
Cooling None
Flooring Carpet, Laminate, Vinyl, Linoleum
Exterior
Parking Features Gravel, 5 - 10 Spaces, On Site
Roof Type Shingle
Garage No
Building
Lot Description Near Shopping, Near Turnpike/Interstate, Near Town, Neighborhood, Level, Rolling Slope, Sidewalks
Entry Level Multi-Level
Water Public
Architectural Style Other, Split Level
Others
Tax ID FARE-000022-000000-000005
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