Mixed Use Investment Property For Sale

Retail-Commercial for Sale
Catylist Listing ID: 30827606
Property Subtypes: Mixed Use
Building Size (RSF): 6,475 SF
Gross Building Area: See Agent
Gross Land Area: 0.11 Acres
Sale Price: $1,475,000
Unit Price: $227.80 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 2/3/2023

Overview / Comments

Mixed use investment property located in the heart of downtown Old Orchard Beach within walking distance to the beach. The building consists of two 1,200+/- SF street retail spaces, two large, easily rentable apartments on the second floor, and owner’s residence on the third floor. This is an excellent location that benefits from plenty of foot traffic in the busier months. The current owner has voluntarily chosen to keep units vacant to allow for the greatest amount of flexibility for a new owner to come in and redevelop the property. There is a substantial “value add” opportunity for the owner by working with the Town on the approval of more units.

Financials

Finance Data Year 2022
Real Estate Taxes - Annual($) $6,229 (Annual)

Additional Details

Nearest MSA: Portland-South Portland
County: York
Tax ID/APN: 205/3/6
Zoning: DD-1
Retail Clientele: General, Family, Business, Traveler, Tourist
Property Visibility: Excellent
Feet of Frontage: 50
Traffic/Vehicle Count: 4,390
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 3
Property Condition: Good
Year Built: 1910
Year Renovated: 2019
Parking Type: Other
Parking Description: Public parking on-street and nearby
Heat Type: Oil
Lot Frontage: 50
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,016 19,283 52,179
Median Age: 46.91 46.04 42.4
Households: 2,051 8,810 22,281
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