Approved Self Storage Development

Vacant Land for Sale
Catylist Listing ID: 30872299
Property Subtypes: Self Storage, Other
Gross Land Area: 40 Acres
Sale Price: $3,875,000
Unit Price: $96,875 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/12/2024

Overview / Comments

SVN The Masiello Group and SVN | C.M. Neville & Associates, Inc. have been engaged by the Developer to exclusively offer this investment opportunity in Palmyra, Maine. This development opportunity offers 40+/- acres with 3 lots with 600+/-ft frontage on Route 2 and 1 back lot approvals for 40,000SF self storage. The property is offers highly visible from 1-95 and adjacent to Walmart and close to Newport, Maine retail hub- Tractor Supply, Dollar Store, Pizza Hut, Dunkin' Donuts, Hannaford's and recent additions of Aroma Joes and Taco Bell. The Newport I-95 exit is heavily accessed for commuters, regional and local traffic headed retail, restaurants, Sebasticook and Moosehead Lakes, Sugarloaf Ski resort and other popular recreation (RV/Camp/ATV/Snowmobile) destinations.

This development project presents an ideal chance to capitalize on the market potential and secure long-term financial returns by bringing a superior self storage product to the market. The Seller/Developer will deliver a fully approved, permitted and built 40,000 Gross SF drive-up self storage facility on Lot 3. Lot 3 is 12.51+/- acres with excellent visibility from 195 and is also approved for truck rentals and if allowed by town possible future uses. This seller also provides an opportunity for a truly turn-key operation with the option to engage their 3rd-party management company to maximize on local expertise for lease up and stabilization of self storage facility.

This parcel of land is adjacent to Walmart, the south side of the parcel offers excellent visibility from I-95 with 9152 VPD and the north side of the parcel located on Route 2 with 6,705 VPD. Route 2 is the main travel route to Newport center with a traffic count 17,347. Currently this market offers 4.68 SF/per capita of self storage 3 mile radius.

*Traffic count as per Maine DOT August 2023

Palmyra/Newport area Self-Storage Development Opportunity
- 6300+ People in 5 miles
- 4.68 SF/per capita storage in 3 Mile
- Property Adjacent to Walmart and Newport, Maine Townline
- Price for Land Acres (4 lots) & Site Plan Approvals and Permits in Hand: $1,1500,000
- Price for 4 Lots Mixed Use and build-out of 40,000SF Self Storage: $3,875,000
- Estimated Certificate of Occupancy Value for Self Storage: $3,475,000
- Front 3 Lots 600+/-frontage and Back Lot Highly Visible from I-95
- 330 Units plus approved for truck rentals

Additional Details

Nearest MSA: Bangor
County: Somerset
Tax ID/APN: 005-077-001,005-077-002,005-077-003, 005-077-004
Property Visibility: Excellent
Feet of Frontage: 600
Traffic/Vehicle Count: 9,152
Highway Access: Newport Exit of I-95
Site Description: Self Storage and Mixed Use Development Opportunity
Lot Frontage: 600
Part of Planned Development?: Yes
Topography: Gently Sloping
Easements: Electric Lines
Easements Description: Utility Easement

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 2,433 8,660
Median Age: 41.19 42.53
Households: 1,056 3,575


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