Catylist ID:
#30662898
| 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. |
Attachments & Media
Additional Details
| Nearest MSA: | Portland-South Portland |
| County: | York |
| Tax ID/APN: | L0021R, F1677R, L0023R |
| Zoning: | PORTLAND ROAD |
| Property Visibility: | Excellent |
| Site Description: | Level site in the front that slopes to the rear. |
| Lot Frontage: | 543 |
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 |
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