4 Colonial WayMachias, ME 04654

Property Details for 4 Colonial Way

Lot size

0.39 AC

Zone code

NONE

Property type

Commercial real estate

APN

MCHA M:011 L:074

APU

MCHAM011L074

Description

This meticulously maintained three-story building, constructed in 1928, offers a unique blend of commercial and residential space in the heart of downtown Machias, ME. Located on Route One (Main Street), this 13,226 square foot property enjoys excellent visibility and high foot traffic. The building currently houses six commercial units and four apartments, all with 100% occupancy. Commercial units are currently leased at an average of $6 per square foot, significantly below market rate. Leases allow for rent increases upon renewal, presenting a substantial opportunity for equity growth. With a potential market rent of $12 per square foot and an 8% capitalization rate, the property's value could reach $1.4 million. Recently repainted, the building sits on a 0.39-acre lot and retains its historic charm while offering modern functionality. Each unit is thoughtfully designed to appeal to both tenants and visitors. This property is ideal for investors seeking a stable income stream with significant upside potential or business owners desiring a prestigious location. The building's prime location and current lease structure provide a solid foundation for future success.

• Alternative Use

  Use

  Valuation

  Residential

  $3,214,794

  Hospitality

  $2,944,734

  Educational

  $2,449,984

  Medical

  $2,534,243

  Retail

  $3,811,086

Location Insight

City

Machias

County

Washington

State

Maine

Latitude

44.7142

Longitude

-67.4585

Property Tax & Assessments

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