Multi Unit’s

The Porltland Maine Multi Unit market offers the whole range of properties from affordable duplex owner occupied buildings to larger multi unit commercial properties.  Many 3-4 unit properties exist for the entry level and advanced real estate investor.   To date there are 88 properties on the market. Broken down there are 41 duplexes with an average price of 346K, 22 3-unit buildings with a price of 349K, 14 4-unit with an average price of 438K and 11 5+ unit complexes with an average price of 622K.  For the year to date through November 19th, a total of 80 units of all size have sold at an average price of 309K or 109K per unit after sitting on the market for 90 days.  Contrasted with 2007 where 117 units sold at an average price of 339K or 119K per unit after sitting on the market for 89 days.

Thus the Portland multi unit market has lost about 10% of its value over the past year and seen a significant slow down in transaction volume attributed to the general real estate turmoil, but also from the rising oil prices.

Obtaining a Maine mortgage and financing a multi-unit is similar to residential transactions although rates will vary based on if you plan to owner occupy the building or to purchase simply as an investment.

For a more indepth analysis of investment property in Portland Maine. Please feel free to contact me anytime.