$699,999
MLS#: 1649465
- Type: Multi-family
- Lot Size: 0.34 Acres
- Year Built: 1858
- Square Feet: 6,700
Property Details
Welcome to 183-185 Main Street, a two-building multifamily investment opportunity in the heart of downtown Belfast. The property totals approximately 6,700± square feet and offers walkable access to the waterfront, restaurants, shops, and local amenities.
Per municipal records, the property is assessed as a four (4) unit multifamily, but it has been operated as an eight (8) unit residential rental for approximately 20 years, consisting of six (6) one-bedroom units and two (2) two-bedroom units. The City of Belfast recently conducted an inspection confirming the current layout exceeds the originally approved unit count. The city has outlined potential paths forward, including working with Code Enforcement to permit additional units where allowable or modifying the configuration to comply with prior approvals. Buyer to perform due diligence regarding unit count, zoning, and life safety requirements.
Current in-place monthly income is approximately $6,850, with one unit owner-occupied. Market rents support approximately $1,100/month for one-bedroom units and $1,400/month for two-bedroom units, supporting a stabilized monthly income of approximately $10,750±.
Two buildings on one parcel, strong downtown rental demand, and Main Street frontage create a compelling value-add opportunity. Property offered as-is.
Property Listed by: Dream Home Realty LLC
Home Features
Below Grade Finished Area ±:
0
Above Grade Finished Area ±:
6700
Land Features
Electric:
Circuit Breakers
Map (approximate)
