patriot common...* based on pro forma on existing/current leases demographics radius 1 mile 3 miles...
TRANSCRIPT
73 MULTI-UNIT RESIDENTIAL COMPLEX
Investment residential rental portfolio of 73 units:
• 16 two-level buildings each with four rental units • 56 3-Bedroom units with 1 bath • 8 4-bedroom units with 1.5 baths • Shared carports with one covered parking space for each unit • 9 single-family ranches each with four bedrooms and two baths
Located off Canam Drive, Topsham—close to Mt. Ararat Middle and High Schools
Just 2.5 Miles to Rte 295—easy commute to Portland or Augusta
Topsham Mall, the region’s retail/business hub, is just 2.5 miles away
Please see broker for 64 unit option
PATRIOT COMMON TOPSHAM, MAINE
JOE MALONE, CCIM 207.773.2554 direct
JENNIFER SMALL 207.772.6871 direct [email protected]
Boundary lines shown are for ease of reference only
MALONE COMMERCIAL BROKERS | 5 MOULTON ST, STE 300
PORTLAND, ME 04101 | 207.772.2422 | MALONECB.COM
Exclusive Investment Opportunity
conf ident ia l i ty agreement
The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it
from Malone Commercial Brokers and it should not be made available to any other person or entity without the written consent of Malone Commercial Brokers.
By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The
recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this
time, please return this offering memorandum to Malone Commercial Brokers.
This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective buyers, and to establish only a
preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Malone Com-
mercial Brokers has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the
future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating
substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of improvements thereon, or the financial condition
or business prospects of any tenant or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering
memorandum has been obtained from sources we believe to be reliable; however, Malone Commercial Brokers has not verified and will not verify, any of the
information contained herein, nor has Malone Commercial Brokers conducted any investigation regarding these matters and makes no warranty or representation
whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the
information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. CONTACT THE BROKER BELOW FOR MORE DETAILS.
JOE MALONE, CCIM 207.773.2554 direct [email protected]
JENNIFER SMALL 207.772.6871 direct [email protected]
Price $7,685,696
NOI* $614,855.75
Cap Rate* 8%
Single-family ranch style homes 9
Multi-unit buildings (each with 4 units) 16
Residential Rental Units 73
Year Built 1961
Lot Size 14.29± AC
INVESTMENT SUMMARY
PROPERTY SUMMARY
Malone Commercial Brokers is pleased to offer for sale, Patriot Commons,
a 73-unit residential rental complex located in Topsham, Maine.
The property benefits from an outstanding location close to area schools, including Mt. Ararat Middle and High schools. Topsham is enjoying a robust retail economy with the Topsham Fair Mall area burgeoning with new construction and national credit retailers, such as Target, Dick’s Sporting Goods, Reny’s, Hannaford’s, McDonald’s, Panera Bread, 99 Restaurant, Ruby Tuesday, Tire Warehouse, and The Home Depot, to name just a few. The picturesque town greatly benefits from its location along the bank of the Androscoggin River. It’s sister city, Brunswick, is home to the prestigious Bowdoin
College.
* Based on Pro Forma on existing/current leases
DEMOGRAPHICS
Radius 1 Mile 3 Miles 5 Miles
Population: 1,480 16,085 28,958
Households: 743 6,567 12,111
Avg. Household Income: $79,394 $75,674 $79,459
Total Businesses: 105 1,004 1,472
Total Employees: 1,549 11,091 18,318
EXECUTIVE SUMMARY
PATRIOT COMMON | OVERVIEW
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Source: Copyright 2018 Infogroup, Inc. ESRI Residential Population forecasts for 2018. Source: ESRI 2019
PROPERTY DESCRIPTION
Property Name: Patriot Common, Topsham Maine
Property Owner: Patriot Brunswick Holdings LLC
Land Area: 14.29± AC
Assessors Reference: Map R04 Lot 40F
Deed: Sagadahoc County Book 2017R Page 4370*
Buildings: 16 two-level buildings each with 4 rental units
Rental Units:
73 Rental Units • 56 3-bedroom unit with 1 bath • 8 4-bedroom units with 1.5 baths Floor plans depict both a 4-bedroom and a 3-bedroom unit layout • 9 single-family 4-bedroom with 2 baths
Parking: Each apartment includes one covered parking space in a shared carport (one carport for every 2 units) Single-family homes have one car garage each
Water: Served and provided by Midcoast Regional Redevelopment Authority
Sewer: Midcoast Regional Redevelopment Authority
Gas: Maine Natural Gas
GENERAL OVERVIEW
EXECUTIVE SUMMARY
PATRIOT COMMON | INVESTMENT PROPERTY
This document has been prepared by Malone Commercial Brokers for advertising and general information only. Malone Commercial Brokers makes no guarantees, representations or warranties of any kind, expressed or implied, regarding, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Malone Commercial Brokers excludes unequivocally all informed or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages there from. All data is subject to change of price, error, omissions, other conditions or withdrawal without notice. Malone Commercial Brokers is acting as the Seller’s/Lessor’s agent in the marketing of this property. June 2020
SALE PRICE: $7,685,696 | NOI $614,855.75 | CAP 8
See broker for 64-unit sale option.
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INTERIOR DETAILS:
Floors: Vinyl tile
Walls: Painted gypsum board
Ceiling Painted gypsum board
Front door: Steel, some with screen/storm doors
PROPERTY DESCRIPTION
Built: 1961
Construction: Wood Frame
Foundation: Concrete slab
Stories: 16 buildings are two-story 9 buildings are one-story
Exterior: Vinyl siding
Roof: Asphalt shingles
Ceiling height: 8± ft.
Heat: Natural gas hot water baseboard
Telephone: FairPoint or Comcast
Cable: Comcast
EXECUTIVE SUMMARY
PATRIOT COMMON | INVESTMENT PROPERTY
BUILDING SPECIFICATIONS:
Common Area Finishes
Floor: Vinyl tile
Counters: Formica tops
Cabinets: Oak
Sink: Stainless steel
Refrigerator: Full size
Range/stove: Electric
Dishwasher: Electric
Kitchen
Bathroom:
Flooring: Vinyl tile
Shower: Fiberglass
Vanity: Most with oak vanity
Flooring: Combination of wood and carpet
Living Room/Bedrooms:
Patio: All units have an outside patio
Washer/dryer: All units have hookups
Recreation: On-site community playground
Other:
PROPERTY DESCRIPTION EXECUTIVE SUMMARY
PATRIOT COMMON | INVESTMENT PROPERTY
Quadruplex
3-bedroom 4-bedroom
Ranch
4-bedroom
FLOOR PLANS
PROPERTY DESCRIPTION EXECUTIVE SUMMARY
PATRIOT COMMON | SITE PLAN
EXECUTIVE SUMMARY | P laza Storef ronts EXECUTIVE SUMMARY
PATRIOT COMMON | EXTERIOR PHOTOS
EXECUTIVE SUMMARY | P laza Storef ronts EXECUTIVE SUMMARY
PATRIOT COMMON | INTERIOR PHOTOS
Mt. Ararat High School
Mt. Ararat Middle School
TOPSHAM FAIR MALL
PATRIOT COMMON
JOE MALONE, CCIM 207.773.2554 direct
JENNIFER SMALL 207.772.6871 direct [email protected]
MALONE COMMERCIAL BROKERS | 5 MOULTON ST, STE 300
PORTLAND, ME 04101 | 207.772.2422 | MALONECB.COM
73 MULTI-UNIT RESIDENTIAL COMPLEX
PATRIOT COMMON TOPSHAM, MAINE
Exclusive Investment Opportunity