Turnkey Multi-Unit Income
42 3rd Street Old Orchard Beach, ME 04064
42 3rd Street, Old Orchard Beach, ME, 04064
$799,000
For Sale
$799,000
Furnished, renovated multi-unit property near Old Orchard Beach with established rental history.
Property Size1,780 SF
Price / SF$448.88
Days on Market129
Property Features for 42 3rd Street
General Information
- Standard status
- Active
- Size
- 1,780 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1950
Listing agency
Century 21 North East
(207) 432-7656
Listed by
Jason Trowbridge
(207) 432-7656
Source
Compass
Added: Mar 16 Updated: Jul 22 at 7:59AM Checked: Jul 22 at 7:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 North East
Investment Insights
Based on property information with market context.
This furnished, turn-key multi-unit income property has been extensively renovated and updated over the past few years. Improvements include updated kitchens, bathrooms, and plumbing, along with the installation of heat pumps to support year-round efficiency and comfort. The property operates with consecutive rental history spanning both summer and off-season periods.
The property is described as being within about five minutes of walking distance to Old Orchard Beach. It generates between $74,000 and $85,000 in income annually from rental activity, based on the consecutive years of history provided in the remarks.
Offered as a multi-unit, furnished setup, the property is presented as suitable for either passive income or use as a second home, according to the provided description.
The property is described as being within about five minutes of walking distance to Old Orchard Beach. It generates between $74,000 and $85,000 in income annually from rental activity, based on the consecutive years of history provided in the remarks.
Offered as a multi-unit, furnished setup, the property is presented as suitable for either passive income or use as a second home, according to the provided description.
Key Highlights
- Furnished multi‑unit income property with established consecutive rental history near Old Orchard Beach
- Generates $74,000–$85,000 in annual income from summer and off‑season rentals
- Renovations/updating include kitchens, bathrooms, and plumbing, plus heat pump installations
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $52.8k | $29.64 |
| − Vacancy | −$2.7k | −$1.54 |
| EGI | $50.0k | $28.10 |
| − OpEx | −$22.5k | −$12.64 |
| NOI | $27.5k | $15.45 |
1,780 SF · lease $29.64/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$393.0K
$343.9K – $458.5K
NOI $27,509 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$564.3K
$493.7K – $658.3K
NOI $39,498 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Short term rental ...
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FAQs
What type of property is this?
Multifamily property - Furnished, renovated multi-unit property near Old Orchard Beach with established rental history.
Where is this multifamily property located?
The property is located at 42 3rd Street Old Orchard Beach, ME.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Furnished multi‑unit income property with established consecutive rental history near Old Orchard Beach; Generates $74,000–$85,000 in annual income from summer and off‑season rentals; Renovations/updating include kitchens, bathrooms, and plumbing, plus heat pump installations
