Catylist ID: #30773437
123 Darling Ave, South Portland
Office for Sale
|Catylist Listing ID:||30773437|
|Property Subtypes:||Business Park, Coworking, Flex Space, Office Building|
|Building Size (RSF):||58,902 SF|
|Gross Land Area:||3.72 SF|
|Unit Price:||$229.19 PSF|
|In Opportunity Zone?||Yes|
|Property Use Type:||Investment|
|Class of Space:||Class A|
|Sale Terms:||Cash to Seller|
Overview / Comments
The Boulos Company is pleased to bring to market a Class A office facility in South Portland Maine. The property is located less than 2 miles from the Portland International Airport (KPWM) and is ideally situated between exits off I-95 and I-295, providing access to downtown Portland in 10 minutes.
This two-story office building of 58,902± SF is a single-tenant net leased property with WEX, Inc. as the tenant. WEX, Inc. has been in the facility for approximately five years and invested considerably in the build-out when the property was renovated on their behalf. Previously, the property was owned and fully occupied by UNUM, a life insurance company, also with a significant presence in Greater Portland.
The property benefits from very efficient floor plates, recent renovations which include a full service commercial kitchen and cafeteria, a small fitness facility and the building and grounds have been professionally managed since the property was renovated.
This is a prime opportunity to purchase a Class A office with high-quality tenant in greater Portland. The office market has historically had single digit vacancy and continues to see strong rent growth and tenant demand.
Excellent location just minutes to I-95 and I-295, Portland International Airport (PWM) and numerous amenities including over 2 million square feet of retail and restaurant space in the adjacent “Maine Mall” area.
3.72± acre parcel provides ample tenant parking.
100% fully-leased to Wex, Inc. (NYSE: WEX)
Stabilized NOI of $1,096,069.00
CAP Rate: 8.12%
SALE PRICE: $13,500,000
Attachments & Media
|Finance Data Year||2021|
|Real Estate Taxes - Annual($)||$123,004 (Annual)|
|Net Operating Income||$1,096,069 (Annual)|
|Nearest MSA:||Portland-South Portland|
|Highway Access:||I-295 & I-95|
|Total Number of Buildings:||1|
|Number of Stories:||2|
|Parking Description:||300 on-site parking spaces. 245 spaces are feed simple. 55 spaces are leased from CMP. See broker for details.|
|Total Parking Spaces:||300|
|Proximity:||1 mile||3 miles||5 miles|
Drew Sigfridson, SIORThe Boulos Company NECPE Member
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