I have a very exclusive luxury estate that is unlisted being offered well below fair market value and with a proven mid 6 figure cash revenue and with untapped 7 figure ROI potential!!! It is Truly an incredible opportunity.
Price: $2.2M
Appraised Value: $2.8M-$3.1M
Equity: $700k+
9,200 square foot renovated Greek Revival Estate on 5.3 acres of private secluded water front land. Nearly 600' of bold beautiful intercoastal River Frontage with Ocean Access.
Property is sold " As Is, Where Is, with Zero Contingencies, and ALL closing costs and 100% of transfer tax paid by the buyer which is very standard. A private viewing can be arranged if your offer is in the acceptable range of what is fair nothing insulting will be entertained.
Video of property:
https://youtu.be/2gcBRgFQcj0
If F. Scott Fitzgerald's Jay Gatsby lived in Maine this would have been his home.
Home Boasts:
· Enormous Rooms
· 9,300 Total Square Feet
. 9,065 Total Square Feet Livable Space
. 230,868 square foot private secluded lot (5.3 private secluded acres)
· 6 Master Bedrooms with 5 full Bathrooms and 2 half baths
. Potential for more bedrooms very easily
· 2,000 feet long by 15' wide Walking Trail Through the Woods to the Water
· Large Great Room perfect for entertaining that is 40' by 35'
· 40’ Veranda Off The Great Room
· 3 car two story detached garage with electric
· Separate Work Studio
· Huge Untapped Investment Potential
· In- Law Apartment Possibilities
· 5.3 Acres of Unparalleled Secluded Privacy right on the water
· 40 Mins from Boston
· 30 mins from Phillips Exeter Academy
· 575’ Feet of Beautiful River Frontage
· Grandfathered Boathouse
· New $40k Roof (5 months Ago w/ 30 year warranty)
· New Septic system (finished two weeks ago)
. New Plumbing
. New Electric
. Every room is cable and Ethernet ready
· Previously owned by Charles Cross Goodrich noted philanthropist and son of B.F. Goodrich Business Magnate & Founder of Goodrich Tire & Rubber Company.
· Also owned by Herbert Feis who was a Pulitzer Prize Winning Author, Cultural Historian, and Chief Economic Advisor for International Affairs to the U.S. Department of the State in the Hoover & Roosevelt administrations
· Can be out quickly
. Tax Card hasn't been updated yet and is much much higher. Town hall is notoriously slow in my area but the tax assessor would be happy to talk with anyone. Current tax card is $2,040,000
The property is valued between $2.8M-$3.1M consistently and the land alone is worth $1.6M easy. A smaller lot that was 1.5 acres smaller sold across the river for $1.4M without any structures on it. Ours has a finished studio that could be converted to a guest suite or single room apartment for rent fairly easily and the two story 3 car garage can also be converted into living space and could be rented out. A loft above someone's garage rents for $1,500/month. The studio converted to a 1 bedroom cottage would rent for $1,500-$2.5k easily all year. If the garage was converted it would easily bring in a $3k-$4.5k easily as that's what are area brings in. Lots of traveling nurses who take up all the rentals.
So you have a potential AirBnb goldmine in the main residence as well as huge potential in the other two buildings. We have had small private weddings here at about $25k a piece, as well as rented it out for a tremendous profit. When it is advertised appropriately it reeps significant profits. We put an add in The New Yorker 2 years ago and rented the home for the entire month of July to a Long Island family for $17,500/week for 4 weeks. That's almost $100k. Last year we got $50k for 4th of July weekend and another $50k for Labor Day Weekend from Thursday to Monday. The numbers I have from AirBnb's North Atlantic corporate office director for our area are impressive as well. From May through October the area is completely slammed with tourists from New England and Montreal & Quebec. No truly comparable home is in the area the largest currently available on AirBnb is 5,000 sq ft and books at $900/$1,100 a night with a two night minimum and doesn't have availability until the middle of October 17th. Our home easily sleeps 12 with no effort and is double the size. According to them and what they see for our area our home would book at $1,800-$3k+ a night and that is $288k-$480K + net for that time period which was his conservative low estimate. The numbers are very good. And this just scratches the surface. Also if the home was condo'd apart it you could potentially do 3 units and with the location right on the water they would easily go between $1.2M-$1.5M each as that is what the market demands.
So looking at potential $3M -$4.5M if you condo'd apart the main residence into 3 units as Luxury condo's that would be of that size on the water are going for $1.2M-$1.5M easy so lots of potential in doing that the home has 14 zones so that is easy ad I have spoken with several builders about that and have more information on it.
$400k+ for rentals if not more, additional 2 acre wooded area can be cleared and has potential for two small family homes or a 2 or 3 unit condo and in the are especially on or near the water your looking at between $650k-$850k (gross profit of $1.3M-$1.7M) as well as being cleared for tiny homes to be rented out which I can speak with you more about.
So you looking at a monster return and at an unbeatable price that is beyond fair and I know you can't get anything remotely close to it for the cash price we can do. Looking to do this deal quickly.
Additional information:
But for luxury rentals and private events it currently pulls in mid 6 figures proven.
The buildable lot with two small family homes on it your looking at $1.3M-$1.7M gross potential. Average family home under 2,500sq. Feet is between $650k-$850k neighbors house to the left sold for $785k and is 1,750 sq. Ft. House to the right sold for $3.4M
If main residence was condo'd apart into 3 luxury units at about 3,000 sq ft each in the area waterfront condos that are 2,500sq ft sell between $1.2M-$1.5M. so your looking at between $3.6M-$4.5M return. Spoken to several builders and they all thought it would be easy to convert because of how much work we have already done and they estimated to convert or close off the separate units would be less than $200k. With that your looking at a $1.4M-$2.3M return.
If studio was converted into 1 bedroom loft cottage would rent all year long easily at $1,500-2,500 your looking at $18k-$30k in extra rental income.
Garage is 2,000 square feet when finished it would go for $3k-$4.5k a month easy.
Which has you looking at $36k-$54k in extra income.
So overall numbers are below:
Rental income from additional structures on the property would be between $54k-$84k extra. Main residence with AirBnb #'s would be $240k-$320k+ on a conservative side. Not including holiday weekends which we have gotten $50k for consistently. And when we have rented it with high end advertisements in the high 5 figure range. Private events $25k each did 12 last year that's $250k
Looking at $500k+ in rentals and private events.
Property can be built upon and have two family homes put on it and would sell between $650k-$850k easily. Main residence can be condoed apart into 3 luxury condo's all with beautiful river views. They would sell between $1.2M-$1.5M each so looking at a tremendous amount of value. I have spoken to a builder very easy job.
Comps (Sold)
11 Hamon Prk $3,700,000
181 Nubble Rd $3,195,000
23 Aldis Lane $2,799,000
17 & 18 Starboard Lane $2,500,00
201 US Route 1 Neighbors House to Right sold in 2006 for $3,400,000