Catylist ID:
#30868903
| Catylist Listing ID: | 30868903 |
| Property Subtypes: | Convenience Store, Free-Standing Building, Restaurant, Retail-Pad, Street Retail, Tavern/Bar/Nightclub, Other |
| Building Size (RSF): | 11,865 SF |
| Gross Building Area: | See Agent |
| Sale Price: | $2,250,000 |
| Unit Price: | $189.63 PSF |
| In Opportunity Zone? | Yes |
| Property Use Type: | Net Leased Investment (NNN) |
| Building Name: | Cascade Place |
| Sale Terms: | Cash to Seller |
| Cap Rate: | 7.24% |
| Average Occupancy Rate: | 100 |
| Last Updated: | 4/3/2024 |
Overview / Comments
|
Overview: Located at 937 Portland Road in Saco, Maine, this prime retail property presents an exceptional investment opportunity. With a total building size of 11,865 square feet and frontage on US-1, the property boasts high visibility and exposure, with a traffic count of 16,180 vehicles per day. Description: Featuring three long-term tenants, this property offers stability and consistent rental income. Currently leased at an average rate of only $13.74 per square foot, approximately 25% below market value, there exists significant potential for increased rental income upon lease renewal or renegotiation. Key Features: Strategic location on US-1 with high visibility. Three long-term tenants providing stable rental income. Opportunity to increase rental income by adjusting lease rates to market value. Potential for value enhancement through property improvements and management strategies. Market Information: Saco, Maine enjoys a robust retail market supported by a strong local economy and growing population. The property's location on a major thoroughfare ensures consistent foot traffic and visibility, making it an attractive investment opportunity. |
Attachments & Media
Financials
| Finance Data Year | 2024 |
|---|---|
| Real Estate Taxes - Annual($) | $18,910 (Annual) |
Current Tenants
| Tenant Business Name | Seacoast Flooring |
| Tenant Business Name | Bridge Support Services |
| Tenant Business Name | Beach Beverage |
Additional Details
| Nearest MSA: | Portland-South Portland |
| County: | York |
| Tax ID/APN: | 31220_062001003000 |
| Zoning: | BUSINESS |
| Retail Clientele: | General, Family, Business, Traveler, Tourist, Recreation, Convention, Other |
| Airports: | PWM |
| Tenancy: | Multiple Tenants |
| Total Number of Buildings: | 1 |
| Number of Stories: | 1 |
| Typical SF / Floor: | 11,865 SF |
| Property Condition: | Excellent |
| Year Built: | 2019 |
| Construction/Siding: | Stucco |
| Parking Type: | Surface |
| Heat Type: | Electricity |
| Lot Frontage: | 200' |
Demographic Statistics
| Proximity: | 3 miles | 5 miles |
|---|---|---|
| Total Population: | 20,981 | 49,333 |
| Median Age: | 44.78 | 42.22 |
| Households: | 9,243 | 21,391 |
Contact
Josh Soley, SIOR, CCIMMaine Realty AdvisorsNECPE Member |
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