Brown's Mill Historic Rehab Opportunity

Special Purpose for Sale
Also listed as Multi-Family
Catylist Listing ID: 30856227
Building Status: Under Construction
Building Size (RSF): 63,000 SF
Sale Price: $1,660,000
Ceiling: 12 ft.
Property Use Type: Vacant/Owner-User
Usable Size (USF): 63,000 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 2/1/2024

Overview / Comments

This is a uniquely sited and scenic historic mill building. Of its 5 floors, the top 4 floors are likely best suited for "affordable housing" assisted by federal LIHTC tax credits. The lower floor would be suited for community space or storage space. The building has received most of the approvals needed for eligibility for federal and State historic tax credits.

In order to make the project feasible, the Town has indicated an interest in providing Tax Increment Financing ( a TIF) to reimburse annual property taxes by 75% to 90%.

Moreover, there appears to be eligibility for a greatly reduced electric rate due to the co-location of as functioning hydro-power generator in part of the lower level.
(The major portion of the dam facility is on the adjacent property.)

The main structure is remarkably well maintained. The rubber roof is about 15 years old and in excellent condition. All of the re-use area on 5 floors have been sandblasted. The windows and doors are intact. There is a functioning dry sprinkler system.

A re-use study was conducted by Archetype Architects in Portland, which has great experience with mill structures and residential rehabilitation. The result of their spatial analysis, condition assessment is available. (See attached pdf floor plans)

A Phase One environmental assessment has been completed and Phase Two is underway.

Initial discussions with state regulators indicates that the there is no problem with shoreline zoning except that the first floor might be restricted from residential use.

Attachments & Media

Financials

Finance Data Year 2023
Real Estate Taxes - Annual($) $4,625 (Annual)

Additional Details

Nearest MSA: Bangor
County: Piscataquis
Submarket/Township: ME-Other
Submarket Type: Historic District
Taxing Authority: Town of Dover-Foxcroft
Tax ID/APN: Lot 034, Lot 088
Zoning: VILLAGE
Property Located Between: Vaughn Road and Essex Street
Property Visibility: Excellent
Largest Nearby Street: Vaughn Road
Feet of Frontage: 400
Highway Access: Vaughn Rd leads to the nearby bridge on Essex Street, which leads to East Main Street and the Center of Town about 1/2 mile from the site. East Main Street connects to South Street which becomes the Dexter Road. I 95 is approximately 40 miles south on the Dexter Road (Route 7)
Airports: Bangor 40 minutes north, Portland 2.3 hours outh, Augusta 1.25 hours south
Site Description: The site on the southeast edge of the Village Center of Dover-Foxcroft. It is on the east edge of the Piscataquis River at a scenic waterfall and the site of a small functioning hydro-electric dam (under separate ownership). It is zoned "Village" which allows for many uses including multi-family residential. There is a nearby bridge at Essex Street (scheduled to be replaced) leading from this residential area to the downtown Village area. The mill building is on the edge of the River, and provides scenic views for occupants, but is not adversely impacted by it. The Piscataquis River is a fishable area from the river bank or canoe, and includes salmon. The site is also adjacent to a 36 acre public park on the south side of the site which is along side the River. There is a dilapidated set of structures that are not part of the main structure on the south side. The Brownfield Report will cover these structures and it is likely that they will have to be removed. This would provide parking for the re-use of the subject structure. The site is on the edge of the River, but, based on discussions with Sate regulators, should have no trouble being redeveloped from a Shortland Zoning standpoint. The lower floor might however be limited non-residential use.
Area Description: Dover Foxcroft is approximately 42 miles north of Newport on Route 7 where I-95 crosses through the region. It is on the preferred route to Greenville and the Moosehead Lake Region from both Portland/Augusta and Waterville to the south and Bangor to the northeast. Dover Foxcroft is the home of the Foxcroft Academy which is both a regional high school and a private academy. (Approximately 325 public students and 75 private students) The Town has recently been the recipient of public and private grants allowing for the construction of both a two acre indoor sports arena and and a separate state-of-the-art indoor hockey rink. These facilities are unparalleled in the state of Maine for pre-college sports Dover Foxcroft is a sub regional center with a local hospital Part of three Northern Light Health systems, a shopping center, including a Hannaford's grocery store, fast food outlets, and numerous other retail outlets and services. There is a community center with an indoor swimming pool.
Total Number of Buildings: 1
Number of Stories: 5
Typical SF / Floor: 10,700 SF
Property Condition: Average
Year Built: 1846
Year Renovated: 1912
Roof Type: Other
Construction/Siding: Brick
Exterior Description: Brick
Parking Ratio: 1.2 (per 1000 SF)
Parking Type: Surface
Parking Description: Being designed to fit on the south side area
Freight Elevators: 1
Sprinklers: Dry
Heat Type: Space Heaters
Heat Source: Other
Internet Access: Cable
Interior Description: The 5 floors are wide spanned wood framed areas. Some have additional steel support remaining from use as a mill.
Zoning Description: Village
Lot Frontage: 200
Lot Depth: 150
Water Service: Municipal
Sewer Type: Municipal
Easements: Water Rights
Easements Description: For hydro power facility
Land Ownership: Fee simple
Legal Description: Attached

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 967 4,862
Median Age: 44.19 45.66
Households: 424 2,079

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