Property Description

80 to 88 Elm Street in Waterville offers an outstanding multifamily and commercial opportunity with scale. The property includes three buildings totaling 22 apartment units, plus approximately 2,000 square feet of commercial warehouse space, and a standalone laundromat with a long term lease in place. Located just off downtown Waterville and within Waterville's Opportunity Zone, this asset provides multiple paths to increase income and long term value. Significant recent capital improvements have already been completed, including new separately metered natural gas Rinnai heaters in all 22 apartments, a new roof on 88 Elm St, new gas commercial hot water heaters, and approximately half of the residential units have been recently renovated. Separate electrical meters are also in place. With separate heat and electric metering, a buyer may be able to transition the apartments toward resident paid utilities over time, improving expense control and net operating income. A large shared parking lot supports the residential and commercial components. A TIF is in place and may be able to transfer with the property if the Buyer assumes the current entity, subject to municipal approval and verification. The property may also be a strong candidate for bonus depreciation through a cost segregation study. Exisitng management in place.

Property Features