multi unit properties for sale in Maine

Our multi-family portfolio: Upgrades

Upgrades & Repairs: 2009-2014

Please note that these repairs listed are only a summary, and there are many more I have not listed. We are constantly repairing and upgrading properties, and it's hard to keep up.

It should be noted that all buildings have been through some sort of energy audit with follow-up weatherization and heating system retro fitting. We have reduced annual oil usage on two of our 7 unit buildings from 4,500 gals to 2,300 gals. We've decreased usage on our 11 unit from 5,500 gals to 3,300 gals. Additionally, this 11 unit will be converted to natural gas this year resulting in a further reduction of at least 30%. We've upgraded most boilers to Pensotti™ & Trio™ direct vent boilers or similar, which offer easy natural gas conversion.

Flooring is being replaced, unit-by-unit, with Engage Essentials™ luxury plank vinyl with 11 mil wear layer (vs. 4 mil that Home Depot Allure has). All painting is two tone, with either a light beige or bluish slate for wall color, and semi gloss white for trim. (No antique white on our watch!)

If reviewing actual financial reports or schedule E's, please consider that every available dollar of profit has been reinvested in these buildings. Our repairs + capital expenses have been in the 30%-50% range vs. 8%-15%, but we've done this deliberately, with the intention of retiring with largely trouble free buildings. In other words, the schedule E's will show a larger than normal amount of repairs expense, and it might make the buildings look "unprofitable" if not viewed in the proper context that these buildings are being brought up to very high standards. We are nearly 90% done with our desired upgrades. In fact you will see that reflected in 2014's tax returns vs. 2013.

Property #28P (4 Unit)
  • Apt #1: New flooring in kitchen & bath 2019
  • Apt #1: All new appliances 2015-2020
  • Major electrical entrance upgrade 2010 (fuses to 200 amp entrance)
  • New shingles garage 2010
  • New paint and flooring throughout units 2F and 2R
  • Electrical and plumbing upgrades 2010
  • New hot water heater 2010
  • Foam insulated basement 2010
  • Landscaping
  • New ceiling fan # 2F 2011
  • CFLs installed
  • Painting porch and garage 2016. (Siding and trim is vinyl)
  • 2017-18: Complete renovation of apartment #4 (10K~, including new flooring, paint, plumbing, fixtures, appliances, etc. resulting in a $100/mo rent increase)
  • All new Harvey vinyl replacement windows 2013-2016.
Property #60 (4 Unit)
  • Foam insulated basement 2010
  • Exterior paint 2010
  • Unit 2: all new paint, upgrades and flooring throughout 2014
  • Unit 1: all new paint, upgrades and flooring throughout 2016
  • Unit 3: new paint, upgrades and flooring throughout 2015
  • Weatherization 2011 (sealing, caulking, etc.)
  • Landscaping
  • Efficiency Maine air sealing program 2013
  • Heating pipes insulated 2013
  • New limit thermostats, low-flow shower heads & CFL light bulbs (most or all units)
  • New Engage Essentials™ flooring in BR unit 3.
  • Insulated and sealed attic 2016 (R60) which reduced oil consumption another 20% over previous measures. Oil usage has decreased from 2,200 gallons to 1,500 gallons since purchase.
  • Unit 4: completely renovated 2017-2018 (Approximately $13,000 in renovations: Including but not limited to new flooring, cabinets, appliances, paint, kitchen and bathroom.)
Property #169 (7 Unit)
  • Foam insulated basement 2010
  • Many new windows (changed worst ones, repaired or immobilized remaining)
  • Weatherization of doors and existing windows
  • Exterior painting, inc. sealing and caulking: one side of building per year beginning 2011
  • Extra weatherization of attic done to cure ice jams near laundry room
  • New tub surround, bath exhaust and paint #5 2011
  • New paint 2010 & 2015 #6
  • Remove carpets and restore original hardwood in #6 2015
  • 50% shingles replaced 2009
  • 25% shingles replaced 2013, remaining have 10 years life left according to roofer
  • New limit thermostats, low-flow shower heads & CFL light bulbs (most or all units)
  • Oil consumption reduced from 4,500 gallons to ~2,300 gallons.
  • 2018: Reinforcement and jacking of 2 story wrap around balcony.
  • 2019: New tub and surround unit #3
  • 2019: Unit #5: Complete kitchen & bath renovation (Cabinets, counter tops, vanity, toilet, plumbing, flooring & all appliances)
  • 2019: New coin op washer and drier
  • 2019: New shingles (over right wing)
  • 2019: Jacking & reinforcement of 2-story balcony
  • 2019: Unit #7: Complete kitchen & bath renovation (Cabinets, counter tops, vanity, toilet, plumbing, flooring & all appliances)
  • 2020: Unit #4: Complete kitchen renovation (Cabinets, counter tops, plumbing, flooring) & new front entry door
Property #17 (7 Unit)
  • First building to complete Efficiency Maine's Multi unit efficiency program
  • New furnace and boiler mate (72 gallon)
  • Cellulose insulation in attic
  • New front and rear door. New doors in 3-4 apartments.
  • New limit thermostats, low-flow shower heads & CFL light bulbs (most or all units)
  • 2015: New 60 minute fire rated doors on all 3rd floor apartments, emergency lighting and lighted exit signs.
  • Siding and wrapping in needed areas 2015-2016
  • New shingles 2016
  • Unit 1 - 2014: New luxury plank vinyl throughout, new toilet, refrigerator, electric, plumbing, new windows throughout, new paint every surface. New backsplashes, many other minor repairs
  • Unit 2 - 2013: New paint throughout, new tub surround and hardware, new paint throughout, new windows throughout, new door, screen door added, new kitchen cabinets, bathroom vanity.
  • Unit 3-6 2013: New flooring and paint throughout. New doors, some new toilet, some electrical and plumbing upgrades, other minor cosmetic repairs
  • Unit 7: Nothing: unit has been inhabited and maintained beautifully by resident for 21 years. It looks like a vintage 1956 home.
  • Oil consumption reduced from 4,500 gallons to 2,400 gallons.
  • Complete new roof 2017!
  • Complete renovation and repainting of 3 story winding staircase common entrance
  • Complete renovation of unit #4, (3BR, 1,200 s.f.) New luxury plank vinyl in LR, K, BA, Main BR. New kitchen: Cabinets, countertops, sink, exhaust hood. Some bathroom renovations
Pending or planned repairs & upgrades (In general)
This is a difficult category. There's always SOMETHING more we can do to make the buildings more desirable, but I will define the items in this list as items that should be done as soon as possible because of one or more of the following reasons: It's broken, poses a safety concern, looks unattractive, or will quickly get worse or lead to something else breaking. I also list upgrades we are planning in later years.
  • 169 Silver St: 2 apartments to be updated if mult-year tenants (10+ years) move out.
  • 17 Boutelle Ave: A few windows left to replace (7-8)
  • 28 Pleasant St: New heating system. Currently using original 1940's era gravity boiler. Works impeccably and has been maintained annually by same company since mid 1940's, but it deserves retirement!
  • 60 Pleasant St: would like to put vinyl siding but not necessary if some cosmetics are done. Metal roofing is good but unattractive and would like to eventually replace or at least paint.