Five-building package reflecting Bath's history on market for $1.49M
Courtesy / Magnusson Balfour
The historic Wesley Street Church, built in the late 1800s and located at 662 Washington St. in Bath, is part of a package for sale in the City of Ships. The building is currently rented by Alion Science and Technology, a defense contractor headquartered in McLean, Va., that does work at Bath Iron Works.
Courtesy / Magnusson Balfour
Magnusson Balfour associate Michael Atienza recently listed five historic Bath properties as a package.
Sea captains and their families once lived in homes that line Washington Street, overlooking the Kennebec River in Bath.
Now four of those historic homes, plus a historic church, are up for purchase as a package.
Michael Atienza, an associate with Magnusson Balfour Commercial & Business Brokers, has listed the properties on behalf of owner William Moore, a painting contractor who owns and operates Moore Painting Inc. in Brunswick.
The former homes and former church all date back to 1900 or earlier. Today they house offices and multi-residential units. Across from Bath Iron Works, they’re a combined 13,305 square feet on a combined 1.87 acres. Together, they’re listed at $1.49 million. In all, the properties generate over $250,000 in annual rental income, or $176,000 after expenses, said Atienza.
Atienza lives in Bath and said he’s been honing his focus to the area. He’s handled a number of historic properties, like 4 Colonial Way in downtown Machias, and 151 Broadway in Bangor.
“The fact that you can find historic buildings that make money that generate income for investors is very attractive to me,” he said.
The properties are at 606-682 Washington St.:
- 606 Washington St., Deering House, built approximately 1900, and the Wesley Street Church, at 662 Washington and built in 1880, are rented by Alion Science and Technology. Alion is a defense contractor headquartered in McLean, Va., that last year won a $145 million contract to support the Navy's Arleigh Burke (DDG 51) shipbuilding program at BIW.
- 658 Washington, Rogers House, built in 1880, is a two-unit residential building.
- 676 Washington, Vollner House, built approximately 1900, is a single-family home.
- 682 Washington, Petit House, built in 1928, State Farm Insurance occupies part of the space and two offices are vacant.
The homes feature details like marble fireplaces, original wood beams, tin ceilings and exterior pillars.
“They all have the beautiful, eclectic look, like all the old sea captain’s houses in Bath,” noted Atienza.
Moore, reached at his home in Brunswick, said that, in addition to his painting business, he’s a long-time real estate investor. He bought the properties in 2002 from BIW, which had used the former homes for offices and the former church as a mess hall.
“These seemed like a good deal,” he said. “They needed a lot of work. I did the work.”
Moore said he enjoys commercial real estate investment, but said that for him it was simply time to sell these properties.
Atienza said it should be easy to find an investor for the package, considering the income it generates.
“He’s looking to make a quick sale,” he said of the owner.
Atienza said the likeliest buyer will be an experienced investor who wants a turn-key income-generating operation.
“I think it’s likely that it will be someone who’s local or close enough to be able to manage the properties, if they’re going to be their own manager,” he said. “If it’s someone further outside of the city or out of state, it will be someone who will want to hire a property manager.”
He’s had numerous inquiries already.
“For multi-unit investment properties, if they’re priced right, they sell really quickly,” he said.
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