Property Description

Turnkey 10-unit investment opportunity in the heart of Lewiston. 37 Union Street has undergone an extensive renovation, with all ten apartments receiving significant interior updates including new flooring, updated kitchens, renovated bathrooms, fresh finishes, and modernized living spaces. The unit mix offers a strong blend of 1-bedroom, 2-bedroom, and 3-bedroom apartments, providing broad tenant appeal and helping reduce vacancy risk.Beyond the cosmetic improvements, major capital expenditures have already been completed. The property features two brand-new heating systems, two new hot water heaters, and a roof that has been professionally inspected and deemed to be in good condition. Investors can take comfort knowing many of the costly deferred maintenance items have already been addressed.Currently generating $12,613 per month in rental income, this asset offers immediate cash flow with the potential benefits of a fully stabilized and updated building. Many of the apartments showcase attractive hardwood floors, original architectural details, built-ins, and spacious layouts that tenants appreciate, while the updated systems help minimize future maintenance concerns.Conveniently located in Lewiston, residents enjoy easy access to local employers, restaurants, shopping, public transportation, and the ongoing redevelopment occurring throughout the city. The property is also just minutes from Bates College, Central Maine Medical Center, and the Auburn-Lewiston commercial corridor, making it a desirable location for a wide range of tenants.Whether you're looking to expand an existing portfolio or acquire a large multifamily property with substantial renovations already completed, 37 Union Street presents a rare opportunity to purchase a cash-flowing 10-unit building with major updates already in place.

Property Features