Auburn Prime Commercial Investment

Retail-Commercial for Sale
Catylist Listing ID: 30870390
Property Subtypes: Free-Standing Building, Restaurant, Street Retail
Building Size (RSF): 3,707 SF
Gross Building Area: See Agent
Sale Price: $995,000
Unit Price: $268.41 PSF
Property Use Type: Net Leased Investment (NNN)
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/9/2024

Overview / Comments

Prime Auburn, Maine Center Street location. Property comprises 3707 sf with two tenants.
D'Angelos Sub Shop and Tam Nguyen Nail Salon. D'Angelos will lease back for one year at $3000/month NNN. Nail Salon is on its Second five year renewal. The site is nearly 1/2 acre located on one of Lewiston-Auburn's major commercial highways. Great opportunity to replace D'Angelos which occupies 1800+ sf with another restaurant/ retail/ service tenant.

Current Tenants

Tenant Business Name D'Angelos
Contact Name Jerry Howland
Contact Title Manager/Owner
Industry Type Accommodation and Food Services
Is Renting? Yes
Annual Revenue $36,000 (Annual)
Suite Number 1
SF of Space Occupied 1,800 SF
Current Rent $3,000 PSF (Annual)
Tenant Notes D'Angelos will leaseback the space for one year and then vacate.
Tenant Business Name Tam Nguyen Nail Salon
Contact Name Tam Nguyen
Industry Type Other Services
Is Renting? Yes
Year Founded 2015
Suite Number 2
SF of Space Occupied 1,700 SF
Current Rent $27,242 PSF (Annual)
Lease Expiration 5/0031
Escalations Tenant has right to extend lease for additional five year terms. Outlined herein;First Option Term (if Exercised): Second Option Term (if Exercised): 9/1/2015 - 5/31/2016: 6/1/2016 - 5/31/2017: 6/1/2017 - 5/31/2018: 6/1/2018 - 5/31/2019: 6/1/2019 - 5/31/2020: 6/1/2020 - 5/31/2021: 6/1/2021 - 5/31/2022: 6/1/2022- 5/31/2023: 6/1/2023 - 5/31/2024: 6/1/2024 - 5/31/2025: 6/1/2025 - 5/31/2026: 6/1/2026 - 5/31/2027: 6/1/2027 - 5/31/2028: 6/1/2028- 5/31/2029: 6/1/2029 - 5/31/2030:
Options See above

Additional Details

Nearest MSA: Lewiston-Auburn
County: Androscoggin
Tax ID/APN: 261-048
Zoning: BUSINESS COMMERCIAL
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation
Property Visibility: Excellent
Largest Nearby Street: Center Street
Feet of Frontage: 176
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 3,707 SF
Property Condition: Average
Year Built: 1981
Roof Type: Gable
Construction/Siding: Vinyl Siding
Parking Type: Surface
Parking Description: nearly 1/2 acre site significant parking./
Heat Type: Natural Gas
Air Conditioning: Package Unit
Internet Access: Cable
Interior Description: Two tenants. Nail Salon approximately 1700 sf, D'Angelos 1800 sf+/-
Zoning Description: General Busiiness
Lot Frontage: 176
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,327 45,364 59,530
Median Age: 32.75 36.99 38.35
Households: 5,343 19,413 25,186

Contact

Photograph of Listing Agent

Robert Baldacci

FO Bailey Real Estate
NECPE Member
Photograph of Listing Agent

David J Jones

F.O. Bailey Real Estate
NECPE Member
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