Waterville, ME 04901 - Spectrum Real Estate

$1,900,000

80 to 88 Elm Street in Waterville offers an outstanding multifamily and commercial opportunity with scale. The property includes three buildings totaling 22 apartment units, plus approximately 2,000 square feet of commercial warehouse space, and a standalone laundromat with a long term lease in place. Located just off downtown Waterville and within Waterville's Opportunity Zone, this asset provides multiple paths to increase income and long term value. Significant recent capital improvements have already been completed, including new separately metered natural gas Rinnai heaters in all 22 apartments, a new roof on 88 Elm St, new gas commercial hot water heaters, and approximately half of the residential units have been recently renovated. Separate electrical meters are also in place. With separate heat and electric metering, a buyer may be able to transition the apartments toward resident paid utilities over time, improving expense control and net operating income. A large shared parking lot supports the residential and commercial components. A TIF is in place and may be able to transfer with the property if the Buyer assumes the current entity, subject to municipal approval and verification. The property may also be a strong candidate for bonus depreciation through… Read MoreRead Less

Courtesy of New England Realty Group LLC 207-289-2336

Listing Snapshot

Days Online

Last Updated

Apr 23, 2026

Full Baths

Square Ft.

9,829

Lot Size

0.89 Acres

Year Built

1900

MLS Number

1658638

Additional Details

Property Access

Road Surface Type: "Paved"

Basement

Basement: "Interior", "Walk-Out Access", "Full", "Exterior Only", "Unfinished"

Building

Architectural Style: "Other", Building Area Total: 9,829, Construction Materials: "Vinyl Siding", "Wood Frame", Number Of Units Total: 22, Year Built: 1900

Cooling

Cooling: "None"

Expenses

Operating Expense: $88,875

Floors

Flooring: "Wood", "Vinyl", "Carpet"

Heating

Heating: "Zoned", "Direct Vent Heater", Heating Included

Income

Gross Income: $270,984

Lot

Features: "Open", "Level", "Intown", "Near Shopping", 0.89 acres, Area: 0.89, 38,768 square feet

Parking

Features: "21+ Spaces", "Paved", "Common"

Property

Parcel Number: 80-88elmstreetwaterville04901, Zoning: CA

Roof

Roof: "Flat", "Metal", "Shingle"

Sewer

Sewer: "Public Sewer"

Taxes

Annual Amount: $14,321, Tax Lot: 249

Utilities

Electric: "Other Electric", "Fuses", "Circuit Breakers", Water Source: "Public"

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$237k

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