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About the Listing 2983 - 017107
Exceptional income-producing package located just one mile from the University of Maine, offering two fully leased and well-maintained properties in a prime in-town setting. This unique opportunity includes a 2-unit duplex at 117 Park Street (2BR/1BA and 3BR/1BA) along with a 4BR/1BA single-family home at 115 Park Street--ideal for investors seeking strong, consistent cash flow in Orono's high-demand rental market. Extensive capital improvements further enhance long-term value and operational efficiency. At 115 Park Street, updates include a new roof (2024), new boiler (2023), new electrical system (2023), and new appliances (2018). At 117 Park Street, renovations include a complete upstairs gut renovation (2012), full downstairs remodel (2013), new electrical system (2013), new appliances (2013), new vinyl siding and trim (2014), and building envelope upgrades with 1'' foam insulation (2014). These substantial improvements help minimize deferred maintenance and support long-term investment stability. Currently generating 63,600 in gross annual income, the property delivers immediate cash flow with clear upside potential as rents are brought to market rates. In addition to its proximity to the University of Maine, shopping, dining, and everyday amenities, the property is positioned in an area experiencing continued investment and development--including a recently approved Starbucks location by the local planning board. The Commercial 11:11 zoning permits up to five unrelated occupants per unit--creating the potential for 15+ tenants across three units and offering compelling value-add and future expansion opportunities.
Listing Highlights
Status
Pending
Days on Site
21
Property Type
Residential
MLS ®
1652216
Year Built
1920
Total Square Footage
3,385
Lot/Acreage
0.58
County
Penobscot
Interior Details
- Bedrooms: 9
- Bathrooms: 3 Full
- Appliances: Washer, Refrigerator, Dryer, Cooktop
- Air Cond:
- Heating: Hot Water,Forced Air,Baseboard
- Fireplaces: 0
- Floor:
- Above Ground Sq Ft: 3385
- Below Ground Sq Ft: 0
- Basement: Interior,Full,Sump Pump,Unfinished
- Other: 1st Floor Bedroom,Bathtub,Shower
- Water: Public
Exterior Details
- Lot Description: Open,Level,Sidewalks,Intown
- Garage Capacity: N/A
- Zoning: Commercial
- Roof: Shingle
- Others:
- Sewer: Public Sewer
- Parking Features: 11 - 20 Spaces,Gravel,On Site
Financial Details
- Tax Amount: $6,581
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: 2024
Payment Calculator
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Questions About..
117 & 115 Park St Orono, ME 04473
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