35 Main Street

Retail-Commercial for Sale
Catylist Listing ID: 30631971
Property Subtypes: Street Retail
Building Size (RSF): 37,663 SF
Gross Building Area: 38,090 SF
Gross Land Area: 0.46 Acres
Sale Price: $5,950,000
Unit Price: $157.98 PSF
Property Use Type: Net Leased Investment (NNN)
Building Name: Gap & American Eagle Building
Usable Size (USF): 37,663 SF
Sale Terms: Cash to Seller
Cap Rate: 10.0%
Last Updated: 10/5/2020

Overview / Comments

Porta & Company is pleased to offer for sale the Gap & American Eagle building located at 35 Main Street in downtown Freeport, Maine.

The property consists of a premier two-story retail building totaling in 37,663± RSF located on 0.46± acres with ample parking triple net leased to Gap, guaranteed by Gap, Inc, and American Eagle Outfitters, guaranteed by American Eagle Outfitters, Inc.

In 2019, the property produced a NOI of over $1,000,000. Due to the pandemic, ownership and Gap, Inc. executed a gross sales memorandum. Therefore, NOI will be reduced for a period of time and then revert back to a triple net lease.

There is a vacant space between Gap and American Eagle that provides for a value add opportunity to investors.

The property is an incredible asset for an investor looking to place capital in an established and renowned shopping district with over 3 million visitors annually and home to the L.L. Bean flag ship store.

Please contact broker for a tour, financial, and lease details.

Current Tenants

Tenant Business Name American Eagle Outfitters
Tenant Business Name Gap
Website URL https://www.gapinc.com/en-us/about
Is Renting? Yes

Additional Details

Nearest MSA: Portland-South Portland
County: Cumberland
Tax ID/APN: 05080_011022000000
Zoning: VILLAGE CENTER - 1
Retail Clientele: General, Family, Business, Traveler, Tourist
Property Visibility: Excellent
Largest Nearby Street: Route 1
Traffic/Vehicle Count: 15,000
Highway Access: Prominently located right off Interstate 295
Area Description: The building is located in a premier outlet shopping destination which fills a geographic void for outlet shopping between Kittery, Portland and Augusta.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 2
Property Condition: Excellent
Year Built: 1990
Year Renovated: 2012
Roof Type: Flat
Parking Description: Free public parking lots directly behind and adjacent to the space
Sprinklers: Wet
Heat Type: Natural Gas
Lot Frontage: 75
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,485 8,530 15,907
Median Age: 42.12 43.77 44.89
Households: 710 3,536 6,578

Contact

Photograph of Listing Agent

Mackenzie Simpson

Porta & Company NECPE Member
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