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Auburn, ME – Victorian Elegance Meets Modern Investment!

New York Property Listings
November 05, 2024•2 min read
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🏡 15 Western Promenade, Auburn, ME – Victorian Charm Meets Investment Potential!

💲 Purchase Price: $225,000
💵 Redfin Estimate: $351,956
📏 Living Space: 2,908 sq ft
🛏️ 5 Bedrooms | 🛁 3 Baths
🚗 2-Car Garage with Wrap-Around Porch
🌿 0.25 Acres

Why Invest Here?

  • Prime Location 🏙️ – Auburn is a growing city with affordable living, low unemployment, and a diverse economy, attracting renters and homeowners alike.

  • Historic Appeal 🌟 – Built in 1900, this Colonial-style home boasts original stained glass windows, beamed ceilings, and classic hardwood floors.

  • Spacious Layout 🛋️ – Three levels, a wrap-around porch, third-floor bonus rooms with a kitchenette, and room for co-living or rental arrangements.

Nearby Comparable Sales

  1. 28 James St, Auburn, ME: Sold for $300,000 | 5 beds, 2 baths, 2,677 sq ft

  2. 75 Orchard St, Auburn, ME: Sold for $435,000 | 4 beds, 1.5 baths, 2,573 sq ft

  3. 124 Western Ave, Auburn, ME: Sold for $336,000 | 4 beds, 2 baths, 1,954 sq ft

These recent sales highlight the competitive value of this property, offering plenty of room for appreciation and rental income potential.

Local Highlights & Amenities

  • Nature & Recreation: Minutes from Lake Auburn 🏞️ and Range Ponds State Park 🌲 for year-round activities.

  • Medical Access: Near Central Maine Medical Center 🏥, ensuring access to healthcare.

  • Education & Schools: Close to University of Southern Maine’s Lewiston-Auburn College 📚 and quality K-12 schools.

  • Shopping & Dining: Auburn and Lewiston offer local shops, cafes, and boutiques, adding convenience for renters and homeowners ☕.

  1.  

    Financial Analysis 📊

    1. Renovation Cost Estimate

      • Cosmetic Interior Renovations Only: $20,000 – $40,000 (painting, floor refinishing, light fixtures, minor kitchen/bathroom upgrades)

    Projected Rental Income

    • Single-Family Rental: $2,500 – $3,000/month

    • Room-by-Room Rental: $3,000 – $3,750/month

    • Short-Term Rental/Airbnb: Approx. $2,700 – $3,500/month based on local occupancy rates and seasonal demand.

  2. Estimated Monthly Expenses

    • Taxes: $343

    • Insurance: $83 – $100

    • Utilities & Maintenance: $280 – $450

    • Property Management (optional): $200 – $300

    Total Monthly Expenses: $1,000 – $1,500

  3. Investment Metrics

    • Cap Rate: 9.6%

    • Cash-on-Cash Return: 10.2%

    • IRR: 15.2% (based on Auburn’s appreciation rate and demand)

Expected Appreciation Rate

  • Conservative Estimate: 3-4% annually

  • Optimistic Estimate: 5-6% annually

With Auburn’s affordable cost of living, population growth, and strong demand for rental properties, this property stands to appreciate steadily, maximizing both short-term rental income and long-term asset value.

📲 Contact JNA Dynamic Holdings LLC for More Information!
Jervon Thompson
📧 Email: [email protected]
📞 Phone: (469) 949-3363

Don’t miss out on this off-market gem in Auburn, ME! This Victorian home combines charm, location, and financial potential, making it a prime addition to any investment portfolio.

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