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: |
$212.22 PSF |
| In Opportunity Zone? |
Yes |
| Property Use Type: |
Investment, Vacant/Owner-User |
| Class of Space: |
Class A |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
8.15% |
| Last Updated: |
5/12/2023 |
Overview / Comments
Pleased to bring to market a Class A office facility in South Portland Maine. The property is located less than 2 miles from the Portland International Airport (PWM) and is ideally situated between exits off I-95 and I-295, providing access to downtown Portland in 10 minutes.
This two-story office building of 58,902± SF is a single-tenant net leased property with WEX, Inc. as the tenant. WEX, Inc. has been in the facility for approximately six years and invested considerably in the build-out when the property was renovated on their behalf. Previously, the property was owned and fully occupied by UNUM, a life insurance company, also with a significant presence in Greater Portland.
The property benefits from very efficient floor plates, recent renovations which include a full service commercial kitchen and cafeteria, a small fitness facility and the building and grounds have been professionally managed since the property was renovated.
This is a prime opportunity to purchase a Class A office with high-quality tenant in greater Portland. The Tenant has recently physically vacated the property and is offering the building for sublease, making it an interesting opportunity for future re-tenanting and/or owner/user opportunity.
|
Financials
| Finance Data Year |
2021 |
| Real Estate Taxes - Annual($) |
$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 |
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 |
|
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