Maine College Town Hotel

Hospitality for Sale
Catylist Listing ID: 30770157
Property Subtypes: Convention Center, Hotel
Number of Units: 68 Units
Building Size (RSF): See Agent
Gross Building Area: See Agent
Gross Land Area: 5.11 Acres
Sale Price: $5,675,000
Unit Price: $83,455.88 Per Unit
Property Use Type: Investment, Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: 9.82%
Last Updated: 5/6/2022

Overview / Comments

We are pleased to present the opportunity to acquire a 68-unit hotel in the charming college town of Orono, Maine. Conveniently located off I-95 within minutes of the University of Maine, the turn-key independent hotels offers a strong, consistent revenue generator in good condition.

There is immediate upside potential by adding a franchise (currently independent), as well as well as for further development with plans for 68 additional guest rooms and utility connections in place.

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 property is 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: 1
Property Condition: Good
Water Service: Municipal
Sewer Type: Municipal

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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

Photograph of Listing Agent

Nicholas Farrell

Farrell & Doak - Keller Williams Realty
NECPE Member
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