12 Washington St Immeuble residentiel 6 lots 2 409 605 € (401 601 €/Lot) Biddeford, ME 04005

Opportunity to own a 100% renovated positive cash-flow generating, 100% leased building in downtown Biddeford. 12 Washington street was “brought down to the studs” and renovated in 2021-2023. It is home to a successful, proven restaurant operating out of the first floor and the basement levels. The second and third floors are premium apartments which are 100% leased.
The restaurant is leasing ~6K of square footage inside of the front half of a 5-year lease. The restaurant business is owned by a third party and has a proven successful track record of income generation.
The second floor contains (2) three bedroom, two bath apartments. The third floor has (3) two-bedroom, 1 bath apartments. All apartments have premium fixtures and designs including: large open space kitchen living spaces, granite countertops, in-unit laundry, stainless steel appliances, walking in closets, large expanse windows, and featuring various combinations of wood, tile and vinyl flooring. Tenants pay for heat, electric and connectivity. Off-street parking is available for tenants across the street from the building.
Infrastructure Upgrades (2021-2023)
• Installed brand new hood, ventilation, and Ansil fire suppression systems for restaurant
• Expanded and brought to code a sprinkler system through 100% of the building
• Converted to natural gas with a new furnace (provides heat for restaurant and hot water for the full building)
• Installed dedicated multi-head “mini-split” systems for each apartment
• Increased electric service to 800A, installed new main and in-unit panels, newly wired throughout building
• Upgraded ALL apartment windows
• Embedded cable and wifi backbone through building so each unit is connectivity ready
• Addressed any structural deficiencies (building was initially built in the 1950’s)
• New buildout for all apartments
• Overhauled restaurant space to create a fully modern footprint and premium food / drink safety platform
This building commands premium rents, is cashflow positive and the renovation is done!