Unique 55 Acre Development Parcel - Opportunity Zone

Vacant Land for Sale
Catylist Listing ID: 30404694
Property Subtypes: Multi-Family, Residential (Single Family)
Gross Land Area: 55 Acres
Sale Price: $2,200,000
Unit Price: $40,000 Per Acre
In Opportunity Zone? Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/12/2019

Overview / Comments

We are pleased to present this excellent 55 +/- Acre development parcel located in an "Opportunity Zone" near downtown Bangor for sale. This is a totally unique large expanse of land located in an upscale neighborhood that is close to Northern Light Eastern Maine Medical hospital with easy access to downtown businesses, the Bangor Mall area, and I-95. The property has public sewer access in place already, running North-South. The wooded characteristics of the parcel provide opportunities for buffers and attractive open space.

The property has 126 feet of frontage on Mt. Hope Ave, 311 feet on Garland Street, and 60 feet on Bellevue Street.

Given the size of the property, 4 units/acre per current zoning would allow for over 200 units of housing because of the size of the parcel. Broker has discussed the property with City officials and believes it is possible to get multi-family development approved as a way of concentrating a large number of units with more open space.

Additional Details

Nearest MSA: Bangor
County: Penobscot
Tax ID/APN: Map R63 Lot006
Zoning: URD1
Property Visibility: Good
Largest Nearby Street: State Street & Hogan Rd
Traffic/Vehicle Count: 13,000
Highway Access: I-95
Site Description: The site is primarily accessible from Mt. Hope Ave, but has frontage on Garland Street and Belleve Street. Abuts Saxl Park on East side of parcel. Site is wooded with small trees and there are two seasonal stream beds running North/South across the property. These may create topographical issues related to development, however single or multi-family units could still be configured on the property.
Lot Frontage: 495
Zoning Description: Urban Residential District 1 Permitted uses: single family dwellings (density 4 units/acre), home occupations or professions, small day-care center. Conditional uses: places of worship, nursing homes.
Easements: Utilities
Easements Description: Public Sewer 12'' gravity fed running across the property from Mt Hope Avenue to Garland Street.
Available Utilities: Electric, Water, Gas, Sewer, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,295 36,840 51,466
Median Age: 38.93 39.11 38.74
Households: 3,279 16,686 22,472

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