Day Care Facility, Mixed Use, Restaurant, Retail-Pad, Other
Building Size (RSF):
15,164 SF
Gross Building Area:
See Agent
Gross Land Area:
2.54 Acres
Sale Price:
$2,100,000
Unit Price:
$138.49 PSF
Property Use Type:
Investment, Business
Sale Terms:
Cash to Seller, Other
Cap Rate:
Undisclosed
Last Updated:
9/17/2024
Overview / Comments
Diversified Income Property With Income Expansion Availability ! Two large buildings 'fully sprinklered' on 2.54 acres with parking for 42 cars. The front building consists of four levels of commercial or residential space or both offering 6,900 SF above grade & 2,640 SF of a partially finished basement with a full walk out stairway on each end of the building. The front tenant pays the heat & electricity. The rear building consists of 5,936 SF, two levels of living space offering Four-3 bedroom ''loft style'' apartments & a one car garage. The electricity & heat are included in the rear buildings monthly rent. The front building is currently being leased as a daycare mainly occupying the 1st level & the outside playground. The 2nd floor, 3rd floor & basement levels have room for future ''major income expansion'' after the lease terminates. All the current leases are below market rate. The front building has a floor plan for 6 apartments. Zoning will allow for 10 apartments total. This property would also make a great 10 unit condo conversion offering very large loft style units, or an office building, restaurant or a combination of uses. 3 minute drive to Kennebunkport's Dock Square & Beaches. Many different options for the creative investor. Great existing tenants. Very nice property & well maintained. Terrific location. Well worth previewing! Seller will contribute towards buyers closing costs.
From Kennebunkport, North Street to left on Arundel Road. Property will be on the right. From Route 1 in Arundel, Log Cabin Road to right on Arundel Road. Property will be on the right.
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