Cascade Road 20 Acre Mixed-Use Development Site

Vacant Land for Sale
Catylist Listing ID: 30320860
Property Subtypes: Multi-Family, Office, Other
Gross Land Area: 20 Acres
Sale Price: $800,000
Unit Price: $40,000 Per Acre
In Opportunity Zone? Yes
Land Splits Available: Yes
Adjacent Parcels Available: Yes
Sale Terms: Cash to Seller
Last Updated: 10/19/2020

Overview / Comments

This parcel has 1,375 +/- feet of frontage on Cascade Road approximately 1/4 mile from the intersection of Route 1 and Cascade Road. It is part of a larger 25 acre lot. The zoning allows for a wide variety of uses including retail, office, hospitality, and residential uses, The eastern portion of the parcel is also zoned with a Mobile Home Park overlay. It also appears possible to obtain a revised zoning designation which would allow for a wider variety of multi-family development. Zoning is currently under review by the City of Saco.

This a prime location near rapidly developing area along Portland Road.
At the same, the immediate surroundings are quiet and somewhat secluded, with tree growth and the adjacent Cascade Brook.

The property is in a Federal Tax Opportunity Zone (see attachment) which provides several NEW and VERY VALUABLE tax advantages for developing land.

The property is located within 500 ft +/- of public sewer and water. The land is largely covered with trees with certain areas selectively cut. It also abuts a 13+/- acre parcel to the west (Map 47, Lot 4) that is for sale by same Seller

The lot is part of a larger 24 acre parcel that inlcudes 4-5 acres on the northeast side of Cascade Brook This 4-5 acres is being marketed separately in connection to the lot on the corner of Cascade Road and Portlnd Road.

Note also the assessors map shows a one acre lot wholly enclosed by thie subject parcel. This lot (Map 48, Lot 6) is merged with and is included withthe subject

The intersection of U.S. Route One and Cascade Road is already serviced by traffic lights and turning lanes in all directions. The adjacent lot on the corner of Portland Rd. and Cascade Rd. is under contract to become a convnience/gas store.

Additional Details

Nearest MSA: Portland-South Portland
County: York
Taxing Authority: City of Saco
Tax ID/APN: Map 48 Lot 5
Property Located Between: Near intersection of U.S. Route One and Cascade Road
Property Visibility: Good
Legal Description: Book 15267 Page 0421
Largest Nearby Street: U.S. Route One
Feet of Frontage: 1,375
Highway Access: 1,200 +/- feet from U.S. Route One (Portland Road), 4 miles to I-95 Saco, and 6 miles to I-95 Scarborough.
Airports: PWM
Site Description: Wooded, mostly flat land. 1,375 +/- feet of street frontage. Northern edge of parcel fronts on Cascade Brook. Areas of property have been selectively cut for ease of access. Suitable for sub-division. Vernal pool ispection shows NO vernal pools.
Area Description: This and the adjacent 14 acre lot are located on the south corner of U.S. Route 1 & Cascade Road in Saco on the northern end of Saco's "Miracle Mile" of Roue 1 commercial development. the near-by area is rapidly developing with both new housing and retail. Route 1 is heavily traveled with over 16,000 VPD. Cascade Road is a primary access road to Old Orchard Beach, Dunegrass Country Club, and several areas of growing residential development. The Old Orchard Beach area attracts over 2 million visitors annually from the North East States and Canada. The Portland commercial core area and waterfront is a 15 minute drive north along with access to the jetport. Greater Portland, including the Maine Mall and downtown Portland, are the largest shopping and job location areas north of Boston. An extra advantage of this location is it has been designated as a "Opportunity Zone" under the 2018 Federal Tax Act. which allows for substantial tax benefit for new development including rollover of capital gains.
Lot Frontage: 1,375 +/-
Lot Depth: 280+/- avg
Zoning Description: B-2a permitted uses include residential single family, multi-family, retail, hospitality, professional and business offices, gasoline sales accessory to a retail use, indoor recreation, financial institutions, private schools, nursery schools, radio tower, and many other business uses. Southeast portion of property is included in a Mobile Home Park overlay zone.
Topography: Gently Sloping
Easements Description: Approx. 3 acre portion of parcel that is cleared area along Cascade Rd. is not inlcude in offer but could be added. This is sepated from the 20 acre section by Cascade Brook
Soil Type: Mixed
Available Utilities: Electric, Water, Sewer, Cable, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 20,669 49,333
Median Age: 44.82 42.22
Households: 9,553 21,391


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