Land Only - Approved Self Storage Development

Vacant Land for Sale
Catylist Listing ID: 30871862
Property Subtypes: Self Storage, Other
Gross Land Area: 40 Acres
Sale Price: $1,150,000
Unit Price: $28,750 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/7/2024

Overview / Comments

This well-positioned (and fully approved) development project offers a prime location with great visibility from I-95. With the demand for self storage solutions on the rise, this development presents an ideal chance to capitalize on the market potential and secure long-term financial returns. The current owners are open to both a sale of land and development of the permitted self storage. The project boasts a fully approved project, allowing for the construction of a state-of-the-art facility with 40,000 Gross SF and 333 units and space for future uses and/or expansion. The plan also allows for truck rental on-site and additional revenue stream. This prime location adjacent to the Walmart and near the retail hub of Newport- guarantees a steady stream of potential customers, including residential and commercial clients seeking reliable storage solutions. The sellers are experienced developers that specializes in successful self storage developments in and around Maine as well as offer third-party management; providing an investors with an option to purchase a turkey solution. There are 3 additional lots with frontage on Route 2 to develop income producing opportunities. Don't miss this self storage and mixed used development opportunity!

Additional Details

Nearest MSA: Bangor
County: Somerset
Tax ID/APN: 005-077-001,005-077-002,005-077-003, 005-077-004
Property Visibility: Excellent
Feet of Frontage: 600
Traffic/Vehicle Count: 9,152
Highway Access: Newport Exit of I-95
Site Description: Self Storage and Mixed Use Development Opportunity
Lot Frontage: 600
Part of Planned Development?: Yes

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 2,433 8,660
Median Age: 41.19 42.53
Households: 1,056 3,575


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