0 Washington StAuburn, ME 04210

Property Details for 0 Washington St

Year built

2023

Lot size

9.63 AC

Property size (Sq ft)

16,980 SF

Property type

Apartment buildings

Description

Exceptional investment opportunity: Brickyard Commons, a fully approved 96-unit Class A apartment building in Auburn, Maine, is ready for immediate construction. This three-story development boasts 16,980 square feet across eight buildings, situated on a 9.63-acre lot. The property features 167 parking spaces and offers 96 two-bedroom, two-bathroom units, each approximately 177 square feet. With a compelling asking price of $1,500,000 ($88.34/sq ft and $15,625/unit), and a projected NOI of $182,400, this presents a 12.16% cap rate. The property is zoned residential and conveniently located near Interstate access, restaurants, shopping, and golf courses. Residents will enjoy a walking trail and green space. Auburn, a growing community with a population of 24,061 and projected 4.4% growth by 2027, offers a strong rental market. The development's proximity to Portland, Maine (33 miles), further enhances its appeal. This project is also approved for condo conversion, providing added flexibility for the developer. This is a rare opportunity to acquire a fully permitted, shovel-ready multifamily development in a thriving Maine community.

Location Insight

City

Auburn

County

Androscoggin

State

Maine

Latitude

44.0782

Longitude

-70.2386

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