Courtesy / North Country Investments
Spenser Ouelette and Macie Laplante.
August 24, 2020
Investor eyes Augusta’s multi-unit market for short-term rental possibilities
Courtesy / The Boulos Co.
The 29-unit apartment building at 33 Stone St. in Augusta sold for $1.625 million.
Traveling medical personnel and construction workers are prime candidates for the short-term, multi-unit rental market in Augusta, a Maine investor says.
Catering to that market, North Country Investments bought a 14,200-square-foot, 29-unit apartment building at 33 Stone St. in Augusta from Jedi LLC for $1.625 million.
Nick Lucas of the Boulos Co. and Spenser Ouelette with the Bean Group brokered the deal, which closed June 18.
Ouelette is the owner of North Country Investments. As an investor, he owns multiple apartment buildings around central Maine. He purchased the building as an investment and will continue to operate it as an apartment building.
The property was on the market for only 17 days before Ouelette scooped it up.
Recently renovated
Built in 1939, the two-story building is on 1.24 acres. It was completely renovated in 2019. Common areas include a leasing office, TV lounge, full kitchen, sitting areas, laundry room and bathrooms. All units and common areas are accessed via interior hallways, stairwells and a central elevator. The location is next to Hannaford and near downtown dining and entertainment.
Ouelette is a former auditor for the state of Maine. He started North Country Investments in 2012, while he was still working for the state.
“I didn’t want to rent anymore, so I bought a four-unit building,” he explained.
He went on to invest in several Maine restaurants, including Burger Boy in Caribou.
He got out of the restaurant business, but continued to invest in multi-families and commercial units. He’s also renovated and flipped several houses. His wife Macie Laplante helps run the company. Today, they own 49 residential units and one commercial building. Most of the units are in Augusta and Winslow; a three-unit residential building is in Bangor.
When seeking potential investments, he looks at the property’s potential for cash flow.
“I look for good value, a solid structure, and maybe it just needs some improvement,” he said. “I like to go in and update buildings, put in new floors, new kitchens, new bathrooms.”
He came across the 33 Stone St. listing online. The building started life as an office building and was added onto over the years, he said. Today it consists of 14 apartments along with boarding rooms.
The units are offered as weekly rental rooms and apartments, for rates that range from $200 for a single occupancy room to $300 for a studio apartment.
“Normally when we’re not dealing with COVID-19, we go after traveling doctors and nurses, people looking for long- or short-term stays, maybe they’re here on business for a couple of weeks, maybe construction workers,” he said.
The building was fully renovated in 2019 and has all new rooms, kitchens, floors and operating systems. An older architectural feature includes a circular staircase.
Courtesy / North Country Investments
The 81-year-old building features a circular staircase.
The investment is a cash flow opportunity, he said. The plan over the next five years includes putting on a new roof, but otherwise sticking with regular maintenance.
“The interior is immaculate,” he said.
The units are fully occupied and demand is high.
“We’re getting calls every day from people looking for units,” he said. “There’s a shortage of apartments in Augusta.”
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