Ogunquit Plaza & Apartments731 Main Street, Ogunquit Maine

MULTIFAMILY INVESTMENT OFFERING

OFFERING MEMORANDUM

OFFERED AT $1,500,000.

Investment Highlights

OPPORTUNITY OVERVIEW

• Apartment/Retail property on Route 1 in Ogunquit with Atlantic Ocean views

• Includes 8 apartments and 4 retail commercial units

• Includes owner-operated Laudromat business (see financial statement)

• Core plus investment with stabilized occupancy (100% Occupied)

• 8,000 SF expansion building possible on 1.41 +/- acre existing site

Aerial view of Ogunquit Plaza Apartments.

Investment OverviewLUX Realty (“Broker”) is pleased to exclusively offer for sale to qualified investors the Ogunquit Plaza &

Apartments complex located at 731 Main Street in Ogunquit, Maine 03907 (the “Offering”). The property consists of a

standalone apartment/retail building situated on 1.41 +/- acres with direct views of the Atlantic Ocean. This two-story

building contains 8 residential apartments on the second floor, 4 retail/commercial units on the ground level and

ample surface parking. One of the retail/commercial units contains an owner-operated, fully equipped Laundromat with

stabilized cash flow from several years of operation.

There is also an opportunity to construct an 8,000 SF expansion building on the site, to the rear of the existing

building, shown later in this Memorandum.

The Offering is presented to investors unencumbered by any debt and free of any management contracts, service

contracts or equipment leases. The incoming investor can therefore apply their own desired scheme of equity/debt

capitalization and property management.

OPPORTUNITY OVERVIEW

Easterly views of the Atlantic Ocean from Ogunquit Plaza Apartments.

LocationMARKET OVERVIEW

Ogunquit is located on Maine’s southern Atlantic Ocean coast and is readily accessed via I-95 to Route 1. This submarket is

approximately 75 miles north of Boston and offers one of the most exceptional tourism experiences in southern Maine,

bringing together luxury homes, upscale lodging accommodations, fine dining, art galleries, scenic coastlines and the

charm and intrigue of an active working waterfront. Ogunquit Village is further enhanced by the Marginal Way, a 2-mile

oceanside walking path along the nearby Ogunquit Beach, a 3.5 mile pure white sand beach.

The subject property is located directly on US Route 1 within walking distance to Ogunquit Village. There is also a

trolley station locate across the street with hourly access to points South along US Route 1 during the season.

OPPORTUNITY OVERVIEW

Ogunquit Plaza Apartments is located at 731 Main Street, Ogunquit Maine 03907.

Real EstateSITE LAYOUT

731 Main Street consists of one legal parcel totaling 1.41 +/- acres. The plaza is highly visible and recognizable from

US Route 1 , yet is situated perpinducular to the road to faciltate safe ingress/egress via Brookside Drive. The existing

building is near the road, with parking on three sides. Expansion land at the rear of the site can accommodate up to an

8,000 SF building shown on the following page.

REAL ESTATE

731 Main StreetOgunquit, ME

August 21, 2018

®www.cai-tech.com

0 134 268 403

Data shown on this map is provided for planning and informational purposes only. The municipa lity and CAI Technolog ies are not responsible f or any use f or other purposes or misuse or misrepresentation of this map.

1 inch = 134 Feet

AB

C

A Apartment/Retail Building

B Expansion Land for Optional 2nd Building

C US Route 1

KEY

Assessor’s Map depicting approximate site boundaries of 731 Main Street, Ogunquit.

Real EstateOPTIONAL EXPANSION BUILDING

Expansion land at the rear of the site can accommodate a two-story building containing approximately 8,000 SF.

REAL ESTATE

Architect’s concept drawing of potential expansion building located at the rear portion of site.

Real Estate

REAL ESTATE

APARTMENT/RETAIL BUILDING DETAILS

This two-story, woodframe apartment/retail building was constructed c.1985. This building is a fully insulated

structure operated year round and configured as eight (8) furnished apartments and four (4) ground-level retail suites.

The building is fully occupied by a variety of residential and commerial tenants. Notably, there is an owner-operated

Laundromat business located in Suite 102, all equipment and assets of which are included in this Offering.

The residential apartment units currently pay gross rent, with the landlord paying only for oil heat. The appliances,

fixtures and finishes are original to the building’s construction date. Recipient may consider a capital project to refresh

the quality and appearance of both the building exterior and the units with the idea of increasing the rents.

CONVERSION POTENTIALRecipient could continue with the current tenancy scheme, or conceive of a revised plan for some or all of the build-

ing, including but not limited to converting certain units to residential apartment units, condominiums, or other uses

permitted in the zoning ordinance.

Interior photos of the residential apartment units.

APARTMENT/RETAIL BUILDING

Site Size 1.41 acres

Building(s) Size11,800 +/- SF8,000 SF Expansion Building Permitted

YOC/Reconstructed 1985

Key Amenitites, Features8 1-Bdrm Apartments4 Retail SuitesSmall shed

HVACA/C Units, Electric Baseboard Heat

Road Frontage Approx 150’

Parking Spaces 40+

Zoning GB2, SLR

Topography Variable

Right of Ways None

Water/Sewer Municipal

Real Estate Tax (2018) $8,099/year

FEMA Flood Zone No

Real Estate

REAL ESTATE

REAL ESTATE DATA

14

FinancialsPROFIT AND LOSS STATEMENTS

Financial statements along with tenant leasehold information are available from Broker in connection with signed

Confidentiality Agreement.

REAL ESTATE

DAREN HEBOLD, CCIM

MANAGING DIRECTOR dhebold@luxrealty.com 207.329.5092

L U X R E A LT Y. C O M | M A I N E T O N E W YO R K

Please contact:

CONTACT