Development Opportunity Forest Ave Portland 343 MF Units By Right

Vacant Land for Sale
Catylist Listing ID: 30854036
Property Subtypes: Retail, Retail-Pad
Gross Land Area: 3.43 Acres
Sale Price: $2,190,000
Unit Price: $638,483 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/18/2024

Overview / Comments

Presenting a prime development opportunity, Strategically positioned along the bustling US-302, also known as Forest Ave, with a high traffic flow of 20,950 vehicles per day. Situated within the Riverton Neighborhood on the western end of Portland, Maine's most populous city.

The property spans over 697 feet of road frontage within a B2 zoning area. All of this is set against the backdrop of 3.43 acres of prime land and the added advantage of two curb cuts. The building itself encompasses 8,771 square feet with a restaurant on the first floor and 2–3-bedroom apartment on the second floor, a convenient lower-level loading dock.

Financials

Finance Data Year 2023
Real Estate Taxes - Annual($) $1 (Annual)

Additional Details

Nearest MSA: Portland-South Portland
County: Cumberland
Tax ID/APN: 05170_327A A004
Zoning: B2 BUSINESS COMMUNITY
Property Visibility: Excellent
Feet of Frontage: 698
Traffic/Vehicle Count: 20,950
Highway Access: I-95
Airports: Portland International Airport
Site Description: This 3.43 acres of land and three story 8,700 SF building is strategically located on heavily trafficked US-302 AKA Forest Ave (20,950 VPD) and right off the I-95 Highway. The parcel abuts Hannaford's and is strategically located withing several new commercial and residential developments. Portland is the most populous city in Maine and the seat of Cumberland County. Portland's population was 66,215 as of 2019. Portland is 50 Minutes north of Portsmouth NH, and 2 hours north of Boston MA.
Lot Frontage: 698
Zoning Description: To provide neighborhood and community retail, business and service establishments that are oriented to and built close to the street. The B-2b zone is appropriate in areas where a more compact urban development pattern exists or where a neighborhood-compatible commercial district is established which exhibits a pedestrian scale and character. Such locations may include the peninsula and other arterials and intersections with an existing urban or neighborhood oriented building pattern. The B-2b should provide locations for moderate to high-density housing in urban neighborhoods along arterials.
Topography: Gently Sloping
Available Utilities: Electric, Water, Gas, Sewer, Cable, Broadband
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,578 62,936 111,323
Median Age: 33.44 38.46 38.37
Households: 2,165 27,280 49,861
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