242 Commercial St, Rockport, ME 04856-5904

This exceptional value-add opportunity presents a 21-unit property in the vibrant coastal town of Rockport, Maine, boasting a compelling 9.61% cap rate. The property, located at 242 Commercial Street, comprises a 20-unit motel and a single apartment, totaling 8,264 square feet on a 3.26-acre lot. Built in 1970 and renovated in 2020, the property currently enjoys 100% occupancy, generating a net operating income (NOI) of $201,746. The asking price is $2,100,000. Situated minutes from the popular tourist destination of Camden, Maine, this property benefits from its proximity to numerous restaurants and shops, catering to a thriving summer community. The property's zoning (MBR) allows for flexibility in its operation, presenting the potential for continued use as a motel or conversion to short-term rentals via platforms like Airbnb, offering significant upside potential. This turnkey investment is an ideal opportunity for those seeking a high-return property in a desirable coastal location. The property features 21 keys and is situated in Knox County, Maine, zip code 04856. This is a single-building property with significant potential for growth and profitability.