Catylist ID:
#30856227
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: | $1,660,000 |
| Ceiling: | 12 ft. |
| Property Use Type: | Vacant/Owner-User |
| Usable Size (USF): | 63,000 SF |
| Sale Terms: | Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 7/23/2024 |
Overview / Comments
|
This is a uniquely sited and scenic historic mill building. Of its 5 floors, the top 4 floors are likely best suited for "affordable housing" assisted by federal LIHTC tax credits. The lower floor would be suited for community space or storage space. The building has received most of the approvals needed for eligibility for federal and State historic tax credits. In order to make the project feasible, the Town has indicated an interest in providing Tax Increment Financing ( a TIF) to reimburse annual property taxes by 75% to 90%. Moreover, there appears to be eligibility for a greatly reduced electric rate due to the co-location of as functioning hydro-power generator in part of the lower level. (The major portion of the dam facility is on the adjacent property.) The main structure is remarkably well maintained. The rubber roof is about 15 years old and in excellent condition. All of the re-use area on 5 floors have been sandblasted. The windows and doors are intact. There is a functioning dry sprinkler system. A re-use study was conducted by Archetype Architects in Portland, which has great experience with mill structures and residential rehabilitation. The result of their spatial analysis, condition assessment is available. (See attached pdf floor plans) A Phase One environmental assessment has been completed and Phase Two is underway. Initial discussions with state regulators indicates that the there is no problem with shoreline zoning except that the first floor might be restricted from residential use. |
Attachments & Media
Financials
| Finance Data Year | 2023 |
|---|---|
| Real Estate Taxes - Annual($) | $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 |
Demographic Statistics
| Proximity: | 3 miles | 5 miles |
|---|---|---|
| Total Population: | 967 | 4,862 |
| Median Age: | 44.19 | 45.66 |
| Households: | 424 | 2,079 |
| © Copyright 2024 Moody's. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither New England Commercial Property Exchange nor Moody's assume any liability for errors or omissions. |
