Catylist ID:
#30770157
| Catylist Listing ID: | 30770157 |
| Property Subtypes: | Convention Center, Hotel, Inn |
| Number of Units: | 116 Units |
| Building Size (RSF): | See Agent |
| Gross Building Area: | See Agent |
| Gross Land Area: | 9.46 Acres |
| Sale Price: | $8,600,000 |
| Unit Price: | $74,137.93 Per Unit |
| Property Use Type: | Investment, Vacant/Owner-User |
| Sale Terms: | Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 11/26/2021 |
Overview / Comments
|
We are pleased to present the opportunity to acquire a two-hotel portfolio in the charming college town of Orono, Maine. Conveniently located within a mile of the University of Maine (one off of I-95, and one near downtown), the turn-key independent hotels offer 116 total guest rooms and are strong, consistent revenue generators with no deferred maintenance. There is immediate upside potential by adding a franchise (currently independent), as well as well as for further development at 4 Godfrey Drive with plans for 68 additional guest rooms and utility connections in place. 5 College Avenue is comprised of 48 guest rooms, and amenities include a heated outdoor pool with bar service, fitness center, breakfast area, water pavilion for wedding receptions and other events, dock with canoes and kayaks, and walking trails on the 4.35 acres of wooded and riverfront land. 4 Godfrey Drive offers 68 guest rooms, and amenities include 7,560 sq. ft. of event/meeting space, a fitness center, breakfast area, guest laundry, and ample parking on the 5.11 acre parcel. The properties are well located providing easy access to provides easy access to the area's demand generators, including downtown Bangor, Hollywood Casino, and the summer concerts at Darling's Waterfront Pavilion (10.5 mi), and Acadia National Park (54 mi) – one of America's most popular national parks. |
Additional Details
| Nearest MSA: | Bangor |
| County: | Penobscot |
| Tax ID/APN: | 11-00-057 |
| Zoning: | COMMERCIAL |
| Total Number of Buildings: | 2 |
| Property Condition: | Good |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 3,921 | 17,418 | 23,175 |
| Median Age: | 25.31 | 30.25 | 33.63 |
| Households: | 436 | 5,899 | 8,338 |
Contact
Nicholas FarrellKW Commercial - Keller Williams RealtyNECPE Member |
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