117 & 115 Park Street, Orono, ME 04473 (MLS # 1652216)

PRICE $525,000 BEDS 9 BATHS 3 HOME SIZE 3,385 sqft LOT SIZE 25,265 sqft Request More Info Schedule a Showing

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.