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Machias,ME 04654
Key Details
Property Type Commercial Sale
Sub Type Mixed Use
Listing Status Active
Square Footage 13,226 sqft
Price per Sqft $90
MLS Listing ID 1611601
Year Built 1928
Annual Tax Amount $8,065
Tax Year 2024
Lot Size 0.390 Acres
Property Sub-Type Mixed Use
Property Description
Discover a rare opportunity to own a piece of history in the heart of downtown Machias. Built in 1928, this meticulously maintained three-story building spans 13,572 square feet and boasts a prime location with excellent visibility on Route One, known locally as Main Street. This vibrant thoroughfare is the lifeline of Machias, ensuring a steady flow of foot traffic and exposure for businesses.
The building features a perfect blend of residential and commercial spaces, with four charming apartments and six thriving commercial units, all enjoying 100% occupancy. Each space is thoughtfully designed to preserve the historic charm while providing modern functionality, making it an attractive choice for tenants and visitors alike.
Currently, the commercial units are underpriced, averaging just $6 per square foot. However, with leases in place that allow for renewals and rightsizing of rents, this property presents a ripe opportunity for equity growth. By adjusting rents to the market rate of $12 per square foot and achieving an 8% cap rate, the real estate's value could reach an impressive $1.4 million.
Recently refreshed with a new coat of paint, the building stands as a testament to its enduring quality and appeal. Its historic character is evident in every detail, offering a unique ambiance that sets it apart from other properties in the area.
Whether you're an investor seeking a stable income stream with significant upside potential or a business owner looking for a prestigious location, this property offers unparalleled potential. Embrace the opportunity to own a landmark in Machias, where history and modernity meet in perfect harmony.
Don't miss out on this exceptional offering—contact us today to learn more about this iconic property and become a part of its storied legacy.
Location
State ME
County Washington
Interior
Heating Hot Water,Forced Air,Baseboard
Cooling A/C Units
Flooring Wood,Carpet
Equipment Internet Access Available
Exterior
Parking Features Off Street
Utilities Available 1
View Y/N No
Roof Type Flat,Tar/Gravel
Building
Lot Description Water View,Downtown,Business District,Near Shopping,Office Park,Retail Strip
Building Description Wood Siding,Wood Frame, Security System
Story 3
Foundation Concrete Perimeter
Sewer Public Sewer
Water Public
Structure Type Wood Siding,Wood Frame