Approved Residential Condominium Development

Vacant Land for Sale
Catylist Listing ID: 30765688
Property Subtypes: Residential (Single Family)
Gross Land Area: 40.76 Acres
Sale Price: $1,800,000
Unit Price: $44,160 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/7/2021

Overview / Comments

For complete Offering Memorandum please sign and email the attached non-disclosure agreement.

The Village at Great Brook is an appealing 55+ condominium community in Eliot, ME, presently finishing its first three phases of construction. Phase 3 is scheduled to be completed by February of 2022. The project is in a desirable location within 10 miles of Portsmouth, NH, and the unit sales are very strong. The project consists of 91 units of both free standing single family homes and duplexes. 43 units have been sold or are under agreement and 48 units remain to be built. The Seller is conveying Phase 4, the undeveloped portion of a condominium site and its entitlements. Entitlement package expected to be complete by December 2021. This offering does not include units located on Pheasant Lane or units constructed in earlier project phases on Village Drive.
Eliot is a charming, friendly community with safe neighborhoods located on the north shore of the Piscataqua River. The State of Maine has the oldest population in the nation, according to the U.S. Census Bureau, with a median age of 45.1 years, and a large demographic in the 55+ category. The demand for 55+ housing in the Eliot submarket is evidenced by strong sale prices with units going under agreement before they are even constructed.
Great location less than 5 minutes from I-95 and the Piscataqua River, and close proximity to the gourmet alley food markets, York Hospital in Kittery, renowned outlet shopping and outdoor recreation.

2020 real estate taxes are $4,861.

Additional Details

Nearest MSA: Portland-South Portland
County: York
Submarket/Township: Kittery/York/Eliot
Submarket Type: Suburban
Tax ID/APN: Map 17 Lot 29
Zoning: COMMERCIAL INDUSTRIAL DISTRICT
Site Description: Gently sloping site with approved development carefully crafted around attractive wetland areas.
Lot Frontage: 240' on Bolt Hill Rd. & 59' on Rt. 236
Zoning Description: The parcel is located in the Commercial Industrial District. There is a small portion of the parcel along Bolt Hill Road which is located in the Suburban District, however this area has already been developed so this District should not affect future development.
Development Name: The Village at Great Brook
Topography: Gently Sloping
Available Utilities: Electric, Water, Gas, Sewer, Storm Drain, Cable, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,900 18,720 45,385
Median Age: 44.35 42.07 42.87
Households: 806 8,316 20,435

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