16 Northern Ave, Farmingdale, ME 04344

Property Description

Discover an outstanding opportunity to expand your investment portfolio with this well-located three-unit property in the heart of Farmingdale. Situated just across the street from the Kennebec Rail Trail, this multi-family offers a strong combination of current rental income, value-add potential, and an exceptional location just minutes from downtown Gardiner and Hallowell. The property consists of three units, including a fully rented first-floor 2-bedroom, 1-bath apartment, a fully rented second-floor 1-bedroom, 1-bath apartment with a long-term tenant, and a vacant third-floor studio. The vacant unit presents an excellent opportunity for an owner-occupant looking to move in immediately after closing while offsetting their mortgage with rental income, or for an investor to lease the unit and maximize the property's income potential. A major benefit for investors is that each apartment is equipped with its own Rinnai propane heater, allowing each tenant to be responsible for their own heating costs. Electricity is currently combined and paid by the landlord, but a future owner could explore separating the electrical service for each apartment. Doing so may reduce operating expenses, improve net operating income, and further enhance the property's cash flow potential. Conveniently located just one-half mile from downtown Gardiner and only four miles from downtown Hallowell, tenants enjoy easy access to restaurants, shopping, entertainment, the Rail Trail, and Interstate 95. Additional features include public water and sewer, low-maintenance vinyl siding, a full walk-out basement offering valuable storage space, and ample off-street parking. Whether you're looking for your first investment property, an owner-occupied opportunity, or an addition to an existing portfolio, this versatile three-unit building offers immediate rental income, future upside, and a location that continues to attract tenants. Schedule your showing today!