Washington @ Park

Office for Sale
Catylist Listing ID: 30745914
Property Subtypes: Business Park, Governmental, Mixed Use, Office Building
Building Size (RSF): 92,078 SF
Gross Building Area: 93,903 SF
Gross Land Area: 7.30 Acres
Sale Price: $10,466,510
Unit Price: $113.67 PSF
Property Use Type: Investment, Business
Building Name: Washington @ Park
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 6.0%
Average Occupancy Rate: 95
Last Updated: 7/28/2021

Overview / Comments

Introducing, Washington @ Park Building which was originally, the Bath City Hospital, city owned until 2013 and then sold to a private company that repurposed the building into a mix of residential apartments and commercial uses. In 2017, Washington @ Park was purchased by the current owners who continued with the development and repurposing of the building. Currently, the building is at 98% capacity for commercial leases. Providing another avenue of revenue, are 30 fully furnished, efficiency apartment units, consisting of: 14 one bedroom, 12 two bedroom and 4 three bedroom apartments. The owners have made many improvements: replaced sections of the roof, installed energy efficient LED lights in all parking lots, security system on doors and surveillance, replaced main sewer line, updated and run annual system checks to fire alarm and sprinkler system. For an investor, all you need is the right property manager to run the daily business.

Attachments & Media

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $47,852 (Annual)
Tax Value Land $464,900
Assessed Value - Total($) $2,392,600 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Portland-South Portland
County: Sagadahoc
Taxing Authority: Bath
Tax ID/APN: 14-096-000
Zoning: R2
Property Visibility: Excellent
Highway Access: US-1 2.6 miles, 10 miles to I 295
Airports: Brunswick Executive Airport 10 miles, PWM 38 miles
Area Description: Surrounding area consists of residential and medical facilities.
Total Number of Buildings: 1
Number of Stories: 3
Year Built: 1910
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Surface
Parking Description: Multiple parking lots
Passenger Elevators: 2
Sprinklers: Wet
Heat Type: Propane, Oil
Heat Source: Other
Air Conditioning: Engineered System
Internet Access: Cable, T1/T3
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Easements Description: Review Deed
Land Ownership: Owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,618 9,695 18,425
Median Age: 48.31 41.5 43.07
Households: 724 4,446 8,068
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