13,000 sq ft office building in Maine
In very good condition
60% occupied producing a rental income of $36,600/ year
Rental income when fully rented potential $75,000/ year
Sold with clear title no liens or back taxes
70 Spring St, Millinocket, ME 04462
Large historic office building offering professional space (Building class B)
13,012 Sq ft on 3 floors and 1.5 acres
Great condition and excellent lease/rental income
Low real estate taxes-
Buy and immediately start getting a continuous and steady cash flow
Very good tenants – currently about 60% occupied and producing a gross rental income of $36,600/ year
More lease space available and a conference center.
Plenty of space and parking (1.5 acres)
New property managers appointed to promote the property and increase occupancy to 100%
Gross rental income when fully rented is $75,000/ year
Expenses:
Taxes $5,100 / year
Electric : $6,000 / year
Water $2230 / year including the fire service
Sewer $220 / year
Other expense: maintenance, heating, insurance and plowing.
Many updates:
Building is in very good condition with many updates (2006) which include:
New rubber roof with 10 year warranty
New roof drains and plumbing
New exterior painting
New exterior doors
1st and second floors updates: Lobby areas carpeted, dry walled and painted, and new drop ceilings fitting and energy efficient lighting installed.
Boiler and Sprinkler Systems Overhauled
Basement converted into dance studio with new hardwood floors, new bathroom/changing room and new lighting.
Conference room and catering kitchen built.
Custom wood cabinets, new refrigerator, sink, counters, serving window, linoleum and dropped ceilings.
Miscellaneous fire protection equipment installed in meet State & Local Codes.
Lead Detection system for fuel tank.
Location:
Great location in Near downtown Millinocket, on Central Street, take a right on Congress Street, then left on Spring Street. Building on left.
Property values:
The average listing price for homes for sale in 04462 was $118,373 (Trulia.com)
Potential Rental income:
About 60% of the space is currently rented out for $3,050/ month
The fully rented property could bring around $75,000 in rental income per year.
PROPERTY IS SOLD AS IS, WHERE IS- with clear Title and no liens or back taxes
Note: There is a cell tower lease in place.
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer. Buyer will also be responsible for $500 deed prep and doc fee as well as 8.0 % premium. 10% non-refundable deposit and $500 deed preparation and doc fee are due within 48 hours of auction close. Final Payment to be made within 4 weeks of the Auction close.
All bidders to do their due diligence. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property.