Property Details for 952 Bar Harbor Rd

Year built

1985

Property size

10,000 SF

Property type

Apartment buildings

Description

This exceptional 26-unit apartment building presents a compelling investment opportunity in the highly desirable Bar Harbor, Maine market. Located at 952 Bar Harbor Road, Trenton, ME 04605, this property boasts 10,000 square feet across three, two-story buildings, constructed in 1985 and renovated in 2012. The asking price is $2,500,000, representing a price per square foot of $250 and a pro-forma cap rate of 14.59%, yielding a pro-forma NOI of $364,729. Each of the 26 units features kitchen facilities and spacious layouts, catering to both extended-stay and multifamily needs. Fully winterized and insulated, this property allows for year-round operation, unlike its previous seasonal use. Its prime location on Bar Harbor Road ensures high visibility, attracting millions of drivers annually heading to Acadia National Park and Mount Desert Island. Currently generating strong occupancy through a weekly rental model targeting the area's workforce, this property offers significant upside potential by increasing room rates to market averages and capitalizing on the shoulder and off-seasons. The property is in excellent condition with minimal deferred maintenance and no major capital expenditure needs. The significant shortage of workforce housing in the area further enhances the property's long-term viability and rental income potential. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a thriving tourism destination.

Location Insight

City

Trenton

County

Hancock

State

Maine

Longitude

-68.3667

Latitude

44.452