4 Colonial Way Machias, ME
$1,200,000
Square Footage 13,226
Acres 0.39
Description
Discover a rare opportunity to own a piece of history in the heart of downtown Machias. Built in 1928, this meticulously maintained three-story building spans 13,572 square feet and boasts a prime location with excellent visibility on Route One, known locally as Main Street. This vibrant thoroughfare is the lifeline of Machias, ensuring a steady flow of foot traffic and exposure for businesses.
The building features a perfect blend of residential and commercial spaces, with four charming apartments and six thriving commercial units, all enjoying 100% occupancy. Each space is thoughtfully designed to preserve the historic charm while providing modern functionality, making it an attractive choice for tenants and visitors alike.
Currently, the commercial units are underpriced, averaging just $6 per square foot. However, with leases in place that allow for renewals and rightsizing of rents, this property presents a ripe opportunity for equity growth. By adjusting rents to the market rate of $12 per square foot and achieving an 8% cap rate, the real estate's value could reach an impressive $1.4 million.
Recently refreshed with a new coat of paint, the building stands as a testament to its enduring quality and appeal. Its historic character is evident in every detail, offering a unique ambiance that sets it apart from other properties in the area.
Whether you're an investor seeking a stable income stream with significant upside potential or a business owner looking for a prestigious location, this property offers unparalleled potential. Embrace the opportunity to own a landmark in Machias, where history and modernity meet in perfect harmony.
Don't miss out on this exceptional offering—contact us today to learn more about this iconic property and become a part of its storied legacy.
Listed by Trinity Business Brokers, Jennifer Morin & Gabriel Bamford 207-922-3276
Details
MLS 1611601
Status Active
Price $1,200,000
DOM 44 days
Type Commercial
Square Feet 13,226 sqft
Lot Size 0.39 acres
Year Built 1928
Taxes Paid $8,065
Lot & Building Features
Cooling A/C Units
Tax Year 2024
Taxes Paid $8,065
Room Details
Basement Description Unfinished
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Financing
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6.75%
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per month
Principal & Interest
Monthly Taxes
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Monthly PMI
Based on a fully amortized fixed rate loan. Ask your agent for the tax rates in your area. Insurance estimate is based on an average cost, your final premium cost will be determined by the type of coverage you select. This calculator only provides an estimate.