Ledgeview Apartments at 113 High St., in Bath sold in July for $2.05 million, more than a half-million dollars that the 24-unit apartment complex sold for a year ago. Darcie Moore / The Times Record
BATH — Ledgeview Apartments, a 24-unit apartment complex in south Bath, has sold for the second time in two years, this time for $2 million.
Thomas Gadbois of F.O. Bailey Real Estate confirmed Tuesday that Whitebark Properties, LLC purchased the apartment complex at 113 High St. from MSP Properties 1 Ledgeview Lane, LLC in early July.
F.O. Bailey Real Estate also brokered the private sale of the apartment complex a year ago. MSP Properties purchased the apartment complex in July of 2019 for $1.475 million, according to the city assessing website.
Gadbois said the property had only been listed about a week before the most recent sale in July. In that time he estimated he fielded about 50 calls inquiring about the property, which sold for the full asking price.
“It was a good price for that area for sure,” he said. “The property was just in excellent condition. It was turnkey for the new owner.”
The same buildings in the Portland market would likely sell for more than double the $2.05 million sale, Gadbois said. Investors are now looking at areas outside of Portland where the market is currently very expensive, in order to find deals with bigger profit returns.
Ledgeview Apartments, which has two buildings, has 12 single-bedroom apartments and 12 two-bedroom apartments, according to Gadbois. Constructed in the 1990s on 3.5 acres, the buildings are newer than a lot of the properties available in the Lewiston, Portland, Biddeford and Brunswick, Gadbois said.
Bath assessor Brenda Cummings said there haven’t been many sales of commercial apartment buildings of this size in the last few years. However out of about 10 similar sales within the city in the last 10 years, the Ledgeview Apartments sale amount is in line with that of other commercial apartment buildings with a large number of units.
One of the most recent Cummings noted was four, six-unit apartment buildings in Hyde Park that sold for $1.1 million in March 2019 in central Bath. Those are units built around 1940.
“People are in the market for mutli-unit housing still see there’s a demand in Bath,” she said.
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