Mixed Use Investment Property for Sale, Knightville Neighborhood

Retail-Commercial for Sale
Catylist Listing ID: 30701789
Property Subtypes: Mixed Use
Building Size (RSF): 7,224 SF
Gross Building Area: See Agent
Sale Price: $2,295,000
Unit Price: $317.69 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 3/4/2021

Overview / Comments

Attention investors and restaurant/hospitality operators! Newly built property (2019) located on a corner lot in the popular Knightville neighborhood with frontage on both Ocean and C Streets and 8 off-street parking spaces. This 7,224+/- SF turn-key property offers street level restaurant space and second floor hospitality area that can be used as a boutique hotel. The restaurant is currently configured at 75 seats and will nicely accommodate a band for live music. With a pure restaurant focus, seating could be substantially expanded. The restaurant space includes basement storage/prep area, full kitchen, bar, dining room, and stage area. There is also patio space for outdoor dining in warmer months. The second level features a 6-unit boutique hotel as approved by the city of South Portland with a lobby area, a one-bedroom suite with fully-equipped kitchen and private balcony, plus five additional ensuite bedrooms with large windows and abundant natural light. The second floor has a large community balcony and can be accessed via stairs or elevator/chair lift. The building has been previously approved to expand an additional 3 stories to make it a 5-story building. Furnishings and restaurant equipment are included in the sale.

Additional Details

Nearest MSA: Portland-South Portland
County: Cumberland
Tax ID/APN: 15/102
Zoning: VC- VILLAGE COMMERCIAL
Property Visibility: Excellent
Feet of Frontage: 145
Traffic/Vehicle Count: 2,110
Number of Stories: 2
Typical SF / Floor: 7,224 SF
Year Built: 2019
Roof Type: Flat
Construction/Siding: Wood Frame
Total Parking Spaces: 8
Parking Description: 8 off-street spaces and additional public on-street parking available
Passenger Elevators: 1
Heat Type: Electricity
Air Conditioning: Other
Lot Frontage: 145
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,358 68,178 110,448
Median Age: 38.86 38.46 39.32
Households: 8,991 32,026 49,619

Contact

Photograph of Listing Agent

Kirk A Butterfield

Keller Williams Commercial
NECPE Member
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