Multi Family Property Sales on the Rise!
The Portland Press Herald on Friday, January 23rd had a great article about the multi-family real estate market in Portland. It stated that the multi-family market is especially tight this year with fewer units available for sale and a greater demand from investors. The typical sale price of $60,000 – $80,000 per unit has been driven up to $80,000 – $100,000 per unit in that market.
This demand has also brought a stronger multi-family market to Brunswick. Over the past two years the number of multi-unit sales in Brunswick has increased by 50% while the price per unit has stayed relatively steady with an average of $60,000 per unit. So far this year we have five active multi-units for sale, three under contract and one sold with a $63,000 per unit price. The availability of rental units in Brunswick is very low with a high demand from a diverse demographic.
Statistical Information was derived from the Maine Multiple Listing Service.
Photo: 75 Pleasant Street Brunswick (4 unit building). Listed by Morton Real Estate and sold in 2014.