40 E Grand Ave Old Orchard Beach, ME 04064
Estimated payment $7,191/month
Highlights
- Additional Residence on Property
- Public Beach
- Wood Flooring
- Water Views
- Property is near public transit
- No HOA
About This Home
Discover the potential of this remarkable property, featuring five rental units with significant upside for the new owner. The front building includes two spacious 2-bedroom units, each with stunning ocean views, full kitchens, and a front porch that overlooks the lively OOB scene as well as a charming sandwich shop. The rear building offers two recently updated 1-bedroom units, each with a modern kitchen. All units have designated off-street parking spots year-round, plus an extra spot available in the winter months. Located directly across from the sandy beach, with a crosswalk in front and direct beach access via Aldine Terrace, this property is perfectly situated. Enjoy easy walks to the beach, the pier, and all that OOB has to offer. Currently used as an Airbnb, this property generates approximately $80k in summer revenue and an additional $60k from month-to-month rentals in the off-season. Ideal as an income property, a family beach compound, or a combination of both, this is an opportunity not to be missed!
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $9,191
Year Built
- Built in 1910
Lot Details
- 5,663 Sq Ft Lot
- Public Beach
- Level Lot
Property Views
- Water
- Scenic Vista
Home Design
- Wood Frame Construction
- Shingle Roof
- Vinyl Siding
Interior Spaces
- 4 Full Bathrooms
- 2,427 Sq Ft Home
- Multi-Level Property
- Washer and Dryer Hookup
Flooring
- Wood
- Carpet
- Laminate
- Vinyl
Finished Basement
- Walk-Out Basement
- Partial Basement
- Interior Basement Entry
Parking
- Common or Shared Parking
- Shared Driveway
- Paved Parking
- On-Site Parking
Utilities
- Cooling System Mounted To A Wall/Window
- Heating System Uses Gas
- Heating System Uses Oil
- Heating System Mounted To A Wall or Window
- Baseboard Heating
- Hot Water Heating System
- Electric Water Heater
- Internet Available
- Cable TV Available
Additional Features
- Porch
- Additional Residence on Property
- Property is near public transit
Listing and Financial Details
- Legal Lot and Block 3 / 6
- Assessor Parcel Number OOBH-000305-000006-000003
Community Details
Overview
- No Home Owners Association
- 5 Units
- The community has rules related to deed restrictions
Amenities
- Community Storage Space
Pet Policy
- Pets Allowed with Restrictions
Building Details
- Operating Expense $25,000
- Gross Income $138,400
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $9,191 | $844,719 | $512,519 | $332,200 |
| 2023 | $8,685 | $761,823 | $458,223 | $303,600 |
| 2022 | $8,255 | $674,440 | $403,440 | $271,000 |
| 2021 | $8,902 | $628,650 | $367,650 | $261,000 |
| 2020 | $5,531 | $358,700 | $104,000 | $254,700 |
| 2019 | $5,560 | $358,700 | $104,000 | $254,700 |
| 2018 | $4,965 | $324,500 | $94,000 | $230,500 |
| 2017 | $4,869 | $310,100 | $94,000 | $216,100 |
| 2016 | $4,794 | $310,100 | $94,000 | $216,100 |
| 2015 | $4,707 | $310,100 | $94,000 | $216,100 |
| 2014 | $4,614 | $310,100 | $94,000 | $216,100 |
| 2013 | $4,290 | $310,900 | $94,000 | $216,900 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 08/30/2025 08/30/25 | Price Changed | $1,225,000 | -5.8% | $505 / Sq Ft | |
| 07/08/2025 07/08/25 | For Sale | $1,300,000 | +48.7% | $536 / Sq Ft | |
| 02/01/2022 02/01/22 | Sold | $874,000 | -7.9% | $343 / Sq Ft | View Prior Sale |
| 12/04/2021 12/04/21 | Pending | -- | -- | -- | |
| 06/30/2021 06/30/21 | For Sale | $949,000 | +126.0% | $372 / Sq Ft | |
| 05/13/2019 05/13/19 | Sold | $420,000 | -4.3% | $165 / Sq Ft | View Prior Sale |
| 04/16/2019 04/16/19 | Pending | -- | -- | -- | |
| 03/03/2019 03/03/19 | For Sale | $439,000 | -- | $172 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Deed | -- | None Available | |
| Deed | -- | None Available | |
| Deed | -- | None Available | |
| Deed | -- | None Available | |
| Warranty Deed | -- | -- | |
| Warranty Deed | -- | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $786,600 | Purchase Money Mortgage | |
| Closed | $786,600 | Purchase Money Mortgage | |
| Previous Owner | $402,150 | Commercial | |
| Previous Owner | $387,562 | FHA |
Source: Maine Listings
MLS Number: 1629599
APN: OOBH-000305-000006-000003
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Listing data is derived in whole or in part from Maine Real Estate Information System, Inc. (d/b/a Maine Listings) and is for consumers' personal, noncommercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified.
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