11% Cap Rate, well maintained 2 unit, fully rented 32% COC return

[Kenneth LaVoie]

Updated, energy efficient, cash flowing 2-unit for sale on Carey Ct. in Waterville Maine. Will owner finance 10% of the purchase price. This will most likely mean that you will have to put 15% down with the bank, and finance $58,500. This offer is good ONLY for 100% purchase price. We are not willing to go any lower for this building as we've already brought the price down by almost half.

Fully rented with great tenants and 6 month leases. Building is in great shape. No lawn to mow, updated heating system, fully weatherized via Efficiency Maine. Very simple "turn key" property.

11% CAP RATE

32% Cash on cash return

43% Return on investment

(assuming 25% down payment, 30 year loan, 4.5% interest and other income and expense assumptions)

Full Efficiency Maine energy audit and upgrades

Newer pensotti direct vent boiler

2 electric hot water heaters (tenants each have their own)

Spray foamed entire basement & sealed floor

Caulk and sealed all seams throughout the house, tested with blower door

12-14 inches insulation in attic

Complete energy audit and test out.

Updated shower / tubs, toilets and sinks

Washer / dryer hookups in both apartments

New carpeting, vinyl and luxury plank vinyl flooring and paint throughout. (some older flooring in Kitchen and bathroom)

Apartments: One 2 BR apt (Master bedroom has a little "nursery" or dressing room, with built in bureaus and closets.) and one 3 BR apt. Rents are 695 everything included for the 2 BR and 695 heat inc. for 3 BR.

Tenants have separate hot water heaters and pay their own hot water.

$78,000 absolute rock bottom (was asking 139,000 at one time)

Downpayment $11,700

Bank finance $58,500

We finance $7,800

Sellers would like to retire and eventually sell all buildings. See www.realestateme.com for more.

Letter of credit or proof of funds needed for showing.