About this home
8-unit multifamily investment delivering strong in-place income and substantial value-add potential. Currently operating at a 10.6% cap rate, the property includes 2 vacant units, offering immediate opportunity to renovate and lease at market rents with a projected 16%+ stabilized cap. The asset features a versatile unit mix of (1) 4-bedroom, (3) 3-bedroom, and (4) 1-bedroom units, appealing to a broad tenant base. Separate electric and a solid structure support efficient operations and long-term durability. Several long-term tenants provide consistent cash flow while improvements are executed. Well located just minutes from downtown and major employers, this is a compelling high-yield opportunity with clear upside through unit upgrades and rent optimization.
Listing last checked: Listing updated:
Listed by Listing Agent · Elevate Maine Realty · MLS #1652952
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Details at a glance
Interior3 property facts
- Heating
- Oil, Baseboard, Hot Water
- Cooling
- Window Unit(s)
- Flooring
- Tile, Vinyl
Building4 property facts
- Style
- Other
- Year built
- 1920
- Garage
- 1
- Roof
- Flat
Land & utilities4 property facts
- Lot size
- 0.14 acres
- Water
- Public
- Sewer
- Public Sewer
- Zoning
- Unk
Financial2 property facts
- Annual taxes
- $2,956
- Assessment year
- 2025
Location
Estimated monthly cost
Explore costs at the $400,000 asking price. Adjust the assumptions to your situation.
Known monthly costs$2,269 / monthAdjust
- Principal & interest
- $2,023
- Property tax
- $246
- Insurance
- Not entered
- HOA
- Not entered
Listing annual taxes: $2,956. Initial monthly tax is one twelfth of that amount. HOA amount was not supplied.
Partial estimate: add insurance, monthly HOA to include those costs. Blank amounts are unknown.
The initial 6.5% rate is illustrative, not a current rate or lender quote. Excludes utilities, maintenance, closing costs and mortgage insurance, which may apply with a down payment below 20%. Taxes and insurance can change.
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About 323 Cumberland Street
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