4 Colonial Way
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4 Colonial Way
13,266 SF 100% Leased Retail Building Machias, ME 04654 $1,200,000 ($90/SF)
Executive Summary
Discover a rare opportunity to own a piece of history in the heart of downtown Machias. Built in 1928, this meticulously maintained three-story building spans 13,266 square feet and boasts a prime location with excellent visibility on Route One, known locally as Main Street. This vibrant thoroughfare is the lifeline of Machias, ensuring a steady flow of foot traffic and exposure for businesses. The building features a perfect blend of residential and commercial spaces, with four charming apartments and six thriving commercial units, all enjoying 100% occupancy. Each space is thoughtfully designed to preserve the historic charm while providing modern functionality, making it an attractive choice for tenants and visitors alike. Currently, the commercial units are underpriced, averaging just $6 per square foot. However, with leases in place that allow for renewals and rightsizing of rents, this property presents a ripe opportunity for equity growth. By adjusting rents to the market rate of $12 per square foot and achieving an 8% cap rate, the real estate's value could reach an impressive $1.4 million. Recently refreshed with a new coat of paint, the building stands as a testament to its enduring quality and appeal. Its historic character is evident in every detail, offering a unique ambiance that sets it apart from other properties in the area. Whether you're an investor seeking a stable income stream with significant upside potential or a business owner looking for a prestigious location, this property offers unparalleled potential. Embrace the opportunity to own a landmark in Machias, where history and modernity meet in perfect harmony. Don't miss out on this exceptional offering—contact us today to learn more about this iconic property and become a part of its storied legacy.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
13,266 SF
Building Class
C
Year Built
1930
Price
$1,200,000
Price Per SF
$90
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
0.78
Lot Size
0.39 AC
Zoning
Commercial
Parking
4 Spaces (0.3 Spaces per 1,000 SF Leased)
Frontage
PROPERTY TAXES
| Parcel Number | MCHA-000011-000000-000074 | Improvements Assessment | $306,000 |
| Land Assessment | $65,500 | Total Assessment | $371,500 |
PROPERTY TAXES
Parcel Number
MCHA-000011-000000-000074
Land Assessment
$65,500
Improvements Assessment
$306,000
Total Assessment
$371,500
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