7 Lynn St. is amulti-family property for lease in Norway, ME.
This 11-unit apartment building located just off of Main Street in Downtown Norway across the street from the police and fire stations and is the recipient of many recent improvements including a brand new heating system and many cosmetic upgrades. With the new improvements there is the potential to increase the rents in this building. 7 Lynn Street has a full fire alarm system which is unique for this type of vintage property. There is more than enough parking for residents of this apartment building with up to 21 parking spaces with the potential to accommodate more with the size of the lot. Cash flow model in brochure.
The unit mix of the building includes four 1-bedroom units and seven 2-bedroom units. Conservatively the rents range from $500 for the 1-bedrooms, $625 for the 2-bedrooms and $700 for the 3-bedroom. Total gross annual income of $78,000.
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- Chris Norwood, agent and Rofo Pro