Belfast,, ME 04915

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Description

This property is offered for sale with Owner Financing available. With Owner Financing, owners can offer flexible terms which allow buyers to purchase property without a traditional bank loan. This leaves more room for negotiation on loan terms and approvals.

This 1870 building has 5 units and our tenants are long term as none have moved out in 4 years and many longer. My wife and I believe in a cooperation of the owner and tenants treating each other with respect and being nice to each other. We do not charge the highest rent but each year we increase based on the individual ability for that increase. My wife and I have owned this building since 2006. The location makes walking to the stores and waterfront 5 to 10 minutes. In 2019 the building brought in $44,501 in rents, in 2020 the rent totals were $50,616 and with our present rents the next year will bring in $54,276 and maybe more. Every apartment has a washer & dryer or access to a common washer/ dryer. We use all Rennui heaters which are efficient and safe. We pay the utilites and all tenants keep the heat totals to $2837 for the complete 5 unit apartment house and electrice useage for the year for all was $3091. Our total expenses for the building including maintenance, taxes, insurance, water, sewer, garbage, electric, and heat was $13,644. The roof is 3 years old, so we expect few extra expenditures in the future. The basement is full, concrete and has no issues. All our leases are monthly and we use Maine Housing for 3 of our places. Maine Housing does a yearly very thorough and very safe inspection. We will show the house with usually a 30 Hour notice but do prefer a drive by first or I will show the outside, basement and common areas with short notice as I live two blocks away. Also every Winter my wife and I go away for up to 2 months with very few issues as the tenants are helpful and self reliant. We will help any new owner and also will consider some owner financing depending on the needs of the prospective owners. Belfast is a wonderful small town with a small town council governing. I have lived here since 1946, served on the school board for 30 years, and my wife grew up here as well.