$1,200,000
( $90.73Per Sq Foot )
 $6,442 est/mo Sourced by Back At You

4 Colonial Way , Machias, ME 04654

Machias, ME 04654

Share with a friend

PreviousNext

Description

Discover a rare opportunity to own a piece of history in the heart of downtown Machias. Built in 1928, this meticulously maintained three-story building spans 13,572 square feet and boasts a prime location with excellent visibility on Route One, known locally as Main Street. This vibrant thoroughfare is the lifeline of Machias, ensuring a steady flow of foot traffic and exposure for businesses. The building features a perfect blend of residential and commercial spaces, with four charming apartments and six thriving commercial units, all enjoying 100% occupancy. Each space is thoughtfully designed to preserve the historic charm while providing modern functionality, making it an attractive choice for tenants and visitors alike. Currently, the commercial units are underpriced, averaging just $6 per square foot. However, with leases in place that allow for renewals and rightsizing of rents, this property presents a ripe opportunity for equity growth. By adjusting rents to the market rate of $12 per square foot and achieving an 8% cap rate, the real estate's value could reach an impressive $1.4 million. Recently refreshed with a new coat of paint, the building stands as a testament to its enduring quality and appeal. Its historic character is evident in every detail, offering a unique ambiance that sets it apart from other properties in the area. Whether you're an investor seeking a stable income stream with significant upside potential or a business owner looking for a prestigious location, this property offers unparalleled potential. Embrace the opportunity to own a landmark in Machias, where history and modernity meet in perfect harmony. Don't miss out on this exceptional offeringcontact us today to learn more about this iconic property and become a part of its storied legacy.

Details

MLS#1611601
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1928
Days On Site45
Listing Provided ByTrinity Business Brokers | Jennifer Morin

Features

SQ Feet13,226
BasementY
Story(s)3
Units10
ZoningN/A
Acreage0.39

Market Activity 04654

    
Listing data is derived in whole or in part from the Maine IDX and is for consumers' personal, noncommercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified. © 2025 Maine Real Estate Information System, Inc. All Rights Reserved.

Request a showing

Request a showing

Loading Form
Listings Checked: 3 minutes ago

Contact

Learn More About This Property

StateME
CountyWashington
CityMachias
Zip Code04654
Listing VS Median (in 04654)
Price:
$1,200,000
low | high
Med:
$225,000
100% of Average
SqFt:
13,226
low | high
Med:
1,020
100% of Average
$ / SqFt:
$91
low | high
Med:
$221
93.125% of Average
On Site:
45
low | high
Med:
501.000000
8.982035928144% of Average
Sourced by Back At You
Listing Updated: January 3, 2025 at 3:56:06 PM PST