642-650 Main Street

Vacant Land for Sale
Catylist Listing ID: 30662898
Property Subtypes: Hospitality, Industrial, Multi-Family, Office, Residential (Single Family), Retail, Retail-Pad, Self Storage, Other
Gross Land Area: 19.58 Acres
Sale Price: $3,500,000
Unit Price: $178,753 Per Acre
In Opportunity Zone? Yes
Sale Terms: Cash to Seller, Owner Financing
Cap Rate: Undisclosed
Last Updated: 1/17/2022

Overview / Comments

Redevelopment opportunity for 19.58 +/- acres with 543' +/- frontage on Route 1 southbound with daily traffic count approaching 20,000. Its proximity to I195 ramp, 1/4 mile to the south is appealing. The dearth of available land in this section of Route 1, part of Saco's expanding central business district, makes this site even more inviting.

New Portland Road District zoning ordinance became effective in April 2021. It improved the development viability for the subject property. Residential use density is 7,500 SF, but elderly/disable use density is 1,000 SF, thereby making the site appealing to a large scale development project, ideally in units 3 and 6, respectively.

A master plan with varied uses including retail, drive-thru, automobile dealership, commercial, residential (multi-family, townhouse & senior) and storage would be well received by the market and the town. Qualifies for Opportunity Zone Federal Investment Program.

Nearby businesses include Sea Salt restaurant (next door), Southern Maine Health, Camden National Bank (next door), Norway Savings Bank, Aroma Joe's and the New Gorham Bike & Ski, across the street, among others. Hannaford's, Starbucks, McDonald's, Wendy's and VIP, et al., are just south.

Currently, there is a single-story 10,550 SF building and several vacant buildings that are tear-downs. Smaller lots are available, see the six listings.

Additional Details

Nearest MSA: Portland-South Portland
County: York
Tax ID/APN: L0021R, F1677R, L0023R
Property Visibility: Excellent
Site Description: Level site in the front that slopes to the rear.
Lot Frontage: 543

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,735 35,074 51,700
Median Age: 38.19 41.41 41.84
Households: 1,733 15,834 22,045


Photograph of Listing Agent

Michael Rogers

Bean Group NECPE Member
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