80-88 Elm St Waterville, ME 04901

Located at 80 to 88 Elm Street in Waterville, this property presents a multifamily and commercial opportunity. The property features three buildings, encompassing a total of 22 apartment units, along with approximately 2,000 square feet of commercial warehouse space, and a standalone laundromat with a long-term lease. Situated just off downtown Waterville and within Waterville’s Opportunity Zone, the asset offers multiple avenues for increasing income and long-term value. Significant capital improvements have been made, including new separately metered natural gas Rinnai heaters in all 22 apartments, a new roof on 88 Elm St, new gas commercial hot water heaters, and renovations to approximately half of the residential units. Separate electrical meters are also installed. The apartments could transition toward resident-paid utilities over time, potentially improving expense control and net operating income. A large shared parking lot serves both the residential and commercial components. A TIF is in place and may be transferable with municipal approval if the Buyer assumes the current entity. The property may also be a strong candidate for bonus depreciation through a cost segregation study. Existing management is in place. The property size is 9,829 square feet.