Multi-Family Redevelopment - Seton Project

Multi-Family for Sale
Catylist Listing ID: 30667066
Property Subtypes: Government Subsidized, Mid-Rise, Mixed Use, Other
Number of Units: 68 Units
Building Size (RSF): 119,771 SF
Gross Building Area: See Agent
Gross Land Area: 26 Acres
Sale Price: $2,300,000
Unit Price: $33,823.53 Per Unit
Property Use Type: Vacant/Owner-User
Building Name: Former Seton Hospital
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/23/2021

Overview / Comments

The Seton Project consists of a former hospital to be redeveloped as a multi-family complex with as few as 56 units and as many as 68 units, along with approximately 35,000 sf of commercial space.​

The Seton redevelopment project is now being offered for sale with extensive due diligence material, including construction drawings, feasibility studies, federal and state tax credits, and complete environmental due diligence.​

⬢ Subject property consists of 26± acres improved with a 6-story, 119,771± sf (per City Assessor) building, located at 30 Chase Avenue in Waterville, ME.
⬢ Plans for the project exist showing potential for 56 to 68 units plus 35,000± sf of office and commercial space.
⬢ Construction drawings, feasibility studies, environmental reports all completed for HUD application, as well as LIHTC consideration.
⬢ Tax credits in place with State of Maine for 25% of the renovation cost, and a Federal credit of 20% of qualified costs, as well as a TIF from the City of Waterville.
⬢ Sale Price: $2,300,000

Additional Details

Nearest MSA: Augusta-Waterville
County: Kennebec
Taxing Authority: City of Waterville
Tax ID/APN: Map 42, Lot 69
Zoning: SMU
Property Located Between: Chase Ave is off of Lincoln Street
Highway Access: Maine Turnpike
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 6
Year Built: 1965
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Surface
Heat Type: Steam
Heat Source: Central
Fuel: Oil
Air Conditioning: Engineered System
Zoning Description: Suburban Mixed-Use
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,767 24,967 32,910
Median Age: 43.33 39.55 40.81
Households: 2,492 10,398 13,649


Photograph of Listing Agent

Daniel Greenstein

The Boulos Company NECPE Member
Photograph of Listing Agent

Christopher Paszyc, CCIM, SIOR

The Boulos Company NECPE Member
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