Wormell Farm
Vacant Land
for Sale
Sale Pending/Contingent
| Catylist Listing ID: |
29934292 |
| Property Subtypes: |
Agricultural, Multi-Family, Residential (Single Family), Other
|
| Status: |
Pending/Contingent |
| Gross Land Area: |
111 Acres
|
| Sale Price: |
$2,900,000 |
| Unit Price: |
$26,126 Per Acre |
| Land Splits Available: |
Yes |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
Undisclosed |
| Last Updated: |
2/18/2019 |
Overview / Comments
At 111 acres, Wormell Farm is the largest available development site in Greater Portland and located just across Presumpscot River from Portland's Riverside Golf Course. Seller has two conceptual plans: 1) 308 multi-family units; and 2) 192 multi-family units and 75 single-family lots. Plan shows 40 +/- acres of green space and access to 2,210' +/- along Presumpscot River. Conceptual plan requires no change in zoning. Can't get a better location so close to Portland yet retaining its country appeal.
With HUD forecasting Greater Portland’s demand for 4,000 dwelling units through fall 2018, Wormell Farm’s size, layout, features and location make it appealing to developers seeking economies of scale and the option for phased development.
|
Additional Details
| Nearest MSA: |
Portland-South Portland |
| County: |
Cumberland |
| Tax ID/APN: |
019-029 |
| Zoning: |
RGA-2 |
| Largest Nearby Street: |
Riverside Street |
| Traffic/Vehicle Count: |
16,080 |
| Site Description: |
Former Wormell Farm has rolling hills, meadows, brook and 2,210' +/- frontage along Presumpscot River. |
| Lot Frontage: |
3000 |
| Zoning Description: |
Residential Growth Area 2 |
| Part of Planned Development?: |
Yes |
| Development Name: |
Wormell Farm |
| In Flood Plain?: |
Yes |
| Topography: |
Rolling |
| Easements: |
Pipelines, Electric Lines, Utilities |
Demographic Statistics
| Proximity: |
3 miles |
5 miles |
| Total Population: |
46,655 |
109,188 |
| Median Age: |
40.11 |
38.35 |
| Households: |
19,957 |
48,325 |
|
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