34 Arundel Road, Arundel, ME 04046 (MLS # 1599977)

PRICE $2,100,000 BEDS 0 BATHS 8 HOME SIZE 15,164 sqft LOT SIZE 2.54 ac Request More Info Schedule a Showing

Diversified Income Property With Income Expansion Availability ! Two large buildings 'fully sprinklered' on 2.54 acres with parking for 42 cars. The front building consists of four levels of commercial or residential space or both offering 6,900 SF above grade & 2,640 SF of a partially finished basement with a full walk out stairway on each end of the building. The front tenant pays the heat & electricity. The rear building consists of 5,936 SF, two levels of living space offering Four-3 bedroom ''loft style'' apartments & a one car garage. The electricity & heat are included in the rear buildings monthly rent. The front building is currently being leased as a daycare mainly occupying the 1st level & the outside playground. The 2nd floor, 3rd floor & basement levels have room for future ''major income expansion'' after the lease terminates. All the current leases are below market rate. The front building has a floor plan for 6 apartments. Zoning will allow for 10 apartments total. This property would also make a great 10 unit condo conversion offering very large loft style units, or an office building, restaurant or a combination of uses. 3 minute drive to Kennebunkport's Dock Square & Beaches. Many different options for the creative investor. Great existing tenants. Very nice property & well maintained. Terrific location. Well worth previewing! Seller will contribute towards buyers closing costs.