For Sale
$895,000

21 Cobb RdBath, ME 04530

Five-unit apartment building, high cap rate.

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional investment opportunity presents a well-maintained, five-unit apartment building located at 21 Cobb Road in Bath, Maine. The property, situated on a 0.4-acre lot, boasts ample parking. Built in 1820 and extensively renovated in 2019, this Class B multifamily building offers 5,654 square feet of living space, with each unit averaging a spacious layout. The asking price is $895,000, translating to $179,000 per unit and a compelling price per square foot of $158.30. The property enjoys a strong net operating income (NOI) of $83,584, resulting in an attractive 9.34% capitalization rate. All units feature in-unit laundry, with three sets owned by the seller. Utilities are separately metered for water and electricity, simplifying management and cost allocation. The building is equipped with a newer Buderus hot water boiler, ensuring efficient and reliable heating. Its convenient location offers close proximity to downtown Bath, Bath Iron Works, and a 40-minute commute to Portland. The property is zoned R-1 and features a two-story building. The property's APN is 25/13. This is a rare opportunity to acquire a well-performing multifamily asset in a desirable Maine location. The current ownership is Bilokonsky Midcoast Properties, LLC.

Highlights

  • Well-maintained, five-unit apartment building in Bath, Maine.
  • Located on a 0.4-acre lot with ample parking.
  • 5,654 square feet, built in 1820, extensively renovated in 2019 (Class B).
  • Asking price: $895,000 ($179,000 per unit, $158.30/SF).
  • Strong NOI of $83,584, 9.34% cap rate.
  • In-unit laundry (three sets owned by seller), separately metered utilities.

Property Details for 21 Cobb Rd

Property type
Apartment buildings
Square Feet
5,654 SF
Class
B
Year Built/Renovated
1820/2019
Buildings
1
Stories
2
Lot Size (sq. ft)
17,424 SF
Units
5

Location Insight

City
Bath
County
Sagadahoc
State
Maine
Latitude
43.9140337
Longitude
-69.8240436
21 Cobb Rd, Bath, Maine

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21 Cobb Rd
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