Washington @ Park
Office
for Sale
| Catylist Listing ID: |
30745914 |
| Property Subtypes: |
Business Park, Executive Suites, Governmental, Medical, Mixed Use, Flex Space, Office Building, Other
|
| Building Size (RSF): |
92,078 SF
|
| Gross Building Area: |
93,903 SF |
| Gross Land Area: |
7.30 Acres
|
| Sale Price: |
$7,775,000 |
| Unit Price: |
$84.44 PSF |
| Property Use Type: |
Investment, Business |
| Building Name: |
Washington @ Park |
| Class of Space: |
Class B |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
6.5% |
| Average Occupancy Rate: |
95 |
| Last Updated: |
3/10/2023 |
Overview / Comments
|
Introducing, Washington @ Park Building which was originally, the Bath City Hospital, city owned until 2013 and then sold to a private company that repurposed the building into a mix of residential apartments and commercial uses. In 2017, Washington @ Park was purchased by the current owners who continued with the development and repurposing of the building. Currently, the building is at 98% capacity for commercial leases. Providing another avenue of revenue, are 30 fully furnished, efficiency apartment units, consisting of: 14 one bedroom, 12 two bedroom and 4 three bedroom apartments. The owners have made many improvements: replaced sections of the roof, installed energy efficient LED lights in all parking lots, security system on doors and surveillance, replaced main sewer line, updated and run annual system checks to fire alarm and sprinkler system. For an investor, all you need is the right property manager to run the daily business.
|
Financials
| Finance Data Year |
2020 |
| Real Estate Taxes - Annual($) |
$47,852 (Annual) |
| Tax Value Land |
$464,900 |
| Assessed Value - Total($) |
$2,392,600 (Annual) |
| Actual or Proforma Year |
Actual |
Additional Details
| Nearest MSA: |
Portland-South Portland |
| County: |
Sagadahoc |
| Taxing Authority: |
Bath |
| Tax ID/APN: |
14-096-000 |
| Zoning: |
R2 |
| Property Visibility: |
Excellent |
| Highway Access: |
US-1 2.6 miles, 10 miles to I 295 |
| Airports: |
Brunswick Executive Airport 10 miles, PWM 38 miles |
| Area Description: |
Surrounding area consists of residential and medical facilities. |
| Total Number of Buildings: |
1 |
| Number of Stories: |
3 |
| Year Built: |
1910 |
| Roof Type: |
Flat |
| Construction/Siding: |
Brick |
| Parking Type: |
Surface |
| Parking Description: |
Multiple parking lots |
| Passenger Elevators: |
2 |
| Sprinklers: |
Wet |
| Heat Type: |
Propane, Oil |
| Heat Source: |
Other |
| Air Conditioning: |
Engineered System |
| Internet Access: |
Cable, T1/T3 |
| Water Service: |
Municipal |
| Sewer Type: |
Municipal |
| Easements: |
Other |
| Easements Description: |
Review Deed |
| Land Ownership: |
Owned |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
1,618 |
9,695 |
18,425 |
| Median Age: |
48.31 |
41.5 |
43.07 |
| Households: |
724 |
4,446 |
8,068 |
|
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The information presented herein is provided as is, without warranty of any kind.
Neither New England Commercial Property Exchange nor
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|
