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
Sale Price: $13,500,000
Unit Price: $229.19 PSF
In Opportunity Zone? Yes
Property Use Type: Investment
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: 8.12%
Last Updated: 11/23/2021

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


Finance Data Year 2021
Real Estate Taxes - Annual($) $123,004 (Annual)
Net Operating Income $1,096,069 (Annual)

Additional Details

Nearest MSA: Portland-South Portland
County: Cumberland
Tax ID/APN: 05220_48-13A
Zoning: CCR
Property Visibility: Excellent
Highway Access: I-295 & I-95
Airports: PWM
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1984
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
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,882 54,317 123,168
Median Age: 32.76 37.9 39.09
Households: 1,594 24,275 54,691


Photograph of Listing Agent

Drew Sigfridson, SIOR

The Boulos Company NECPE Member
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