20-22 Mount Pleasant StreetBiddeford, ME 04005Sale Price: $475,000

Outstanding Investment Opportunity! Two buildings on a 1/3-acre lot offering $54,000/yr in gross income and over $36,000/yr in net income despite under-market rents and the owner contracting out all property management/maintenance services. This investment property includes off-street parking for 10+ vehicles, separate driveways for each building, a one-car garage, and quality vinyl siding. The property is in a fantastic neighborhood that is within easy walking distance of Biddeford schools and multiple parks and is very accessible to I-295 and Biddeford's Downtown district. 20 Mount Pleasant Street is a 2-unit duplex with 3-bedroom/1-bath apartments on the first and second floors. The electrical system has been completely upgraded including the box and all wiring, and the basement has been professionally insulated with efficient spray foam insulation. These two units currently have 2+ year tenants in place with leases that expire at the end of June. Both tenants are going month-to-month through the listing and sale process but are receptive to re-leasing with new owners. 22 Mount Pleasant Street is a 4-bedroom, 1.5-bath single-family home that has been rented to UNE College of Medicine students for the last four years since the owner moved off-property after owner-occupying. The medical students pass along word of the excellent setup this property offers to incoming medical students, so it essentially fills itself with new tenants once the current set is ready for their next chapter. This building is turning over from one set of UNECOM students to another on July 1 with a 12-month lease in place for the incoming group. This home includes a washer/dryer, large eat-in kitchen with pantry and lots of cabinet space, a front porch off of one of the second-floor bedrooms, as well as a heated one-car garage (with workbench) that, depending on the arrangement, could offer additional income opportunities.