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: $12,500,000
Unit Price: $212.22 PSF
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: 8.15%
Last Updated: 9/30/2022

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 (PWM) 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 six 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 Tenant has recently physically vacated the property and is offering the building for sublease, making it an interesting opportunity for future re-tenanting and/or owner/user opportunity.

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $124,502 (Annual)
Net Operating Income $1,100,436 (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
Zoning Description: CCR (Central and Regional Commercial District)
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

Contact

Photograph of Listing Agent

Drew Sigfridson, SIOR

The Boulos Company NECPE Member
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