Property Description

Historic Hannaway Building features a street level commercial space with exceptional visibility and three market-rate residential apartments above.The first floor offers highly visible retail, office, or service space fronting Main Street and is located within the MSRD1 (Main Street Revitalization District 1) zoning district, which permits a wide variety of commercial, retail, restaurant, office, medical office, personal service, and other downtown-oriented uses. While an existing commercial tenant occupies the space, the opportunity exists foran owner-user to occupy the first floor, making this an attractive option for businesses seeking to own rather than lease their location.The second floor consists of three renovated two-bedroom, one-bath apartments, each featuring in-unit laundry and benefiting from continued strength in Biddeford's rental market. Recent capital improvements include a newer EPDM rubber roof, heat pumps, updated flooring, renovations to the commercial space, and improvements throughout the residential units.Offered at a 7% capitalization rate, combining dependable in-place income withlong-term appreciation potential.

Property Features