21 Cobb Rd Bath, ME 04530

Property Details for 21 Cobb Rd

Year built

1820

Lot size

0.40 lot acres

Property size

5,654 SF

Property type

Commercial real estate

APN

25/13

Description

This exceptional investment opportunity presents a well-maintained, five-unit apartment building located at 21 Cobb Road in Bath, Maine. The property, situated on a 0.4-acre lot, boasts ample parking. Built in 1820 and extensively renovated in 2019, this Class B multifamily building offers 5,654 square feet of living space, with each unit averaging a spacious layout. The asking price is $895,000, translating to $179,000 per unit and a compelling price per square foot of $158.30. The property enjoys a strong net operating income (NOI) of $83,584, resulting in an attractive 9.34% capitalization rate. All units feature in-unit laundry, with three sets owned by the seller. Utilities are separately metered for water and electricity, simplifying management and cost allocation. The building is equipped with a newer Buderus hot water boiler, ensuring efficient and reliable heating. Its convenient location offers close proximity to downtown Bath, Bath Iron Works, and a 40-minute commute to Portland. The property is zoned R-1 and features a two-story building. The property's APN is 25/13. This is a rare opportunity to acquire a well-performing multifamily asset in a desirable Maine location. The current ownership is Bilokonsky Midcoast Properties, LLC.