16 Railroad Ave, Sanford, ME 04083

This meticulously maintained three-unit apartment building at 16 Railroad Ave, Sanford, ME, 04083 is a prime investment opportunity. The property, built in 1920 and extensively renovated in 2024, offers a compelling combination of classic charm and modern updates. The 2,442 square foot building sits on a spacious 9,147 square foot lot and features attractive cedar shingle siding, a new roof, and recently replaced windows and doors. The inviting farmer's porch, constructed with durable composite decking, provides a welcoming outdoor space. The three units boast a 100% occupancy rate, generating a pro-forma NOI of $56,506 and a potential cap rate of 10.76%. The lower unit is a one-bedroom apartment with a recently updated kitchen and bathroom. Ample parking is available with 10 spaces on site. The property's convenient location across from the Mousam Way trails offers residents easy access to walking and biking paths. The building is a three-story structure, zoned R2, and includes double egresses with newer back stairs. This stabilized investment property presents a rare opportunity to acquire a high-performing asset in a desirable location. The asking price is $525,000.