51 Tanguay St, Sanford, ME 04073

This meticulously updated three-unit apartment building in Sanford, Maine, presents a compelling investment opportunity. Boasting a 10.85% cap rate and a pro-forma cap rate of 11.80%, this stabilized cash-flowing property offers significant return potential. The 3,474 square foot building, constructed in 1925 and extensively renovated in 2024, features nine bedrooms across three units, each with updated kitchens and bathrooms, new electrical, heating, and plumbing systems, modern recess lighting, and luxury vinyl flooring. Residents enjoy scenic balcony views. Separate utilities minimize expenses. The property benefits from excellent curb appeal, including a new roof, new windows, and fresh siding. Situated on a 4,791 square foot lot, it includes seven parking spaces and is conveniently located within walking distance of the Mousam River. The building is zoned GR and has a current 100% occupancy rate. The Net Operating Income (NOI) is $65,089, with a pro-forma NOI of $70,789. The asking price is $599,900, representing a price per square foot of $172.68 and a price per unit of $199,966.67. This is a rare opportunity to acquire a high-performing multifamily property in a desirable location.